Investment Incentives Order, 2001 · As enacted · Part XIII · Investments in New Technology Companies
Section 99
Official textFrom Attorney General's Chambers, unchanged
Any company incorporated in Brunei Darussalam which is desirous of using in Brunei Darussalam 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 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 that the technology, if introduced in
Minister
"Minister" means the Minister charged with the responsibility for industrial development;
Brunei Darussalam, would promote or enhance the economic or technological development in Brunei Darussalam, he may approve the company as a technology company and issue a certificate to that company subject to such conditions as he thinks fit.
technology company
"technology company" means a company approved as a technology company under subsection (2) of section 99. Application for and issue of certificate to technology company.
Every certificate issued under this section shall specify a percentage, not exceeding 30o/o, of such amount of the paid-up capital of the technology 1361
BRUNEI DARUSSALAM GOVERNMENT GAZETTE company as is held by any eligible holding company for the purpose of determining the deduction under section 100.
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;
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;
technology company
Defined · s 98"technology company" means a company approved as a technology company under subsection (2) of section 99. Application for and issue of certificate to technology company.