I have done so much posts on how to run a business or how to improve it. But I have received some emails before asking about how would I set up a business legally. I went to Bandaran and the Magistrate Court the other day to find out. First, I asked about the processes it takes to set up a business offline.
For that, you are going to need to register your company name, trademark, copyrights on your products or services, and then get a approved by the Magistrate Court. Then you're going to need to go to Bandaran (Town Hall) to get a license for your business. Lastly, go to BINA, to get a place approved to run your business properly. And all this would count as much as around B$500 just to set up your business legally and this will be your annual fee. Which I find very troublesome to do but necessary for those who are planning to set up shop offline.
But here's the difference in setting up an online business. You don't need to overly pay all that. If at most, around B$50 to pay for registering your company name, trademark and copyright. You won't need a place to set it up since Internet is not owned by any Government (or anyone else for that matter).
However, whatever businesses you might be thinking about running a business either offline and online, be sure that you do proper research and see if the returns on investment is worth it. Considering the hundreds of dollars and time spent to do so should be able to give you the feeling of how important to handle these tasks to run a business.
Best of luck!
-Let the power of wealth be with you~
6 comments:
About online business. So, the only thing that i wanna have it approved was magistrate court only?
Nope. If you're going to set up a business online, you need to register a company name and address. That can be done via Magistrate Court and only needed if you are located in Brunei. However, for trademark, copyrights and security over your domain name, you're gonna need to go to the World Intellectual Property Organization (WIPO). Their site is here--> http://www.wipo.int.
BTW, thanks for the comment.
WIPO? Does small time freelancers need to register their business with the Magistrate Court? tecnically its not really a company.
Freelancers don't need to register their businesses with the Magistrate Court. Since freelancers move from one service to the other. However, if you're thinking about being a full-time freelancer in 1 or a couple of fields, then to improve your credibility with other companies or employers, it's best to register yourself as a small freelancing service company.
Thank you for the info. I was thinking of setting up a team of freelancers for a while now but it's really hard to find a talented locals. Anyways, really like your blog.. keep it coming..
BD, very useful info, TY. Jimi, if you happen to read this i'm interested to become a freelancer but I'm not sure if I have the criteria that you're looking for.
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