Investment Incentives Order, 2001 · As enacted · Part XIV
105. (1)
Official textFrom Attorney General's Chambers, unchanged
Any company, incorporated and resident in Brunei Darussalam, desirous of investing in an overseas company which is developing or using a new technology in relation to a product, process or service may make an application in the prescribed form to the Minister to be approved as a technology investment company.
company
"company" means any company incorporated or registered in accordance with the provisions of any written law relating to companies; 1307 26th.
Where the Minister is satisfied in respect of any application under subsection (1) that the technology, if introduced in Brunei Darussalam would promote or enhance the economic or technological development of Brunei
Minister
"Minister" means the Minister charged with the responsibility for industrial development;
Darussalam, he may approve the company as a technology investment company and issue a certificate to the company subject to such terms and conditions as he may impose.
technology investment company
"technology investment company" means a company approved as a technology investment company under subsection !2) of section 105; 11Venture company" means a company approved as a venture company under subsection (2) of section 104;
1365
13)
Any company, incorporated and resident in Brunei Darussalam, desirous of investing in an overseas company for the purpose of acquiring for use in Brunei Darussalam any technology from the overseas company or for the purpose of gaining access to any overseas market for its eligible holding company or any subsidiary thereof, may make an application in the prescribed form to the
eligible holding company
"eligible holding company", in relation to a technology company, means a company incorporated in Brunei Darussalam - {a} which is resident in Brunei Darussalam; {b} which holds shares in the technology company; and {c} in respect of which not less than 30o/o of the paid-up capital is beneficially owned by citizens or person~ to whom a Resident Permit has been granted under regulations made under the Immigration Act throughout the whole of the qualifying period of the technology company, unless the Minister otherwise decides;
Minister to be approved as an overseas investment company.
overseas investment company
"overseas investment company" means a company approved as an overseas investment company under subsection j4} of section 105;
14)
Where the Minister is satisfi.ed in respect of any application under subsection 13) that the technology acquired, if introduced in Brunei Darussalam or the access which would be gained to any overseas market, would promote or enhance the technological or economic development of Brunei Darussalam, he may approve the company as an overseas investment company and issue a certifi.cate to the company subject to such terms and conditions as he may impose.
Deduction of losses allowable to eligible holding company.
Terms defined in this Act
company
Defined · s 3"company" means any company incorporated or registered in accordance with the provisions of any written law relating to companies; 1307 26th.
eligible holding company
Defined · s 98"eligible holding company", in relation to a technology company, means a company incorporated in Brunei Darussalam - {a} which is resident in Brunei Darussalam; {b} which holds shares in the technology company; and {c} in respect of which not less than 30o/o of the paid-up capital is beneficially owned by citizens or person~ to whom a Resident Permit has been granted under regulations made under the Immigration Act throughout the whole of the qualifying period of the technology company, unless the Minister otherwise decides;
Minister
Defined · s 3"Minister" means the Minister charged with the responsibility for industrial development;
overseas investment company
Defined · s 103"overseas investment company" means a company approved as an overseas investment company under subsection j4} of section 105;
technology investment company
Defined · s 103"technology investment company" means a company approved as a technology investment company under subsection !2) of section 105; 11Venture company" means a company approved as a venture company under subsection (2) of section 104;