Section 3

(1)

No person shall provide, carry on, or purport to carry on, in from or within Brunei Darussalam, international business services, whether or not such business is carried on or purports to be carried on, within or outside Brunei

Darussalam unless -

(a)

he holds a valid licence granted by the Authority under this Order authorising him to carry on such business;

(b)

he is an exempt person under section 46; or

(c)

the business is an exempt activity under section 46.

(2)

Without prejudice to the generality of subsection (1) and in addition to the prohibition set out there, no person other than a licensee shall, without the written consent of the Authority -

(a)

use any word, either in English or in any other language, in the name, description or title under which such person carries on business in or from within Brunei Darussalam or otherwise that, in the opinion of the Authority, connotes the business of international business services as described in this Order; or

(b)

make or continue to make any representation in any billhead, circular, letter, letterhead, paper, notice, advertisement or in any other manner that is likely to suggest that he is licensed to carry on the bussiness of international business services as described in this

Order.

(3)

(a)

With the written approval of the Authority and notwithstanding subsection 3(1), a licensee may for the purpose of or in connection with the undertaking of its own business as a licensee incorporate and nominate any wholly owned subsidiary company of that licensee to act as a trustee, nominee, secretary or director in respect of international business services.

(b)

Any wholly owned subsidiary company nominated in accordance with subsection (3)(a) -

(i)

may be incorporated under the Companies Act (Chapter 39) or as an IBC;

(ii] shall not be required to be licensed under this Order provided that it remains wholly managed, controlled and owned by a licensee.

(c)

When pursuant to this section any wholly owned subsidiary company of a licensee acts as a trustee, nominee, secretary or director, the licensee and the subsidiary company shall be jointly and severally liable and responsible for the performance of all the subsidiary company's duties and obligations, which duties and 1093

BRUNEI DARUSSALAM GOVERNMENT GAZETTE obligations shall be deemed to include all such statutory duties and obligations as are imposed upon licensees.

Offences for contravention of sections 3(1) and (2).

Report

Read on from s 4

Part IV

Read on from Part IV

Part V

Read on from Part V

Part VI

Read on from Part VI