Propelling local business development with fast-tracked and affordable financing
OVERVIEW
This programme is designed to offer financial support for the current and future local contractors of Brunei Shell Petroleum (BSP), enabling them to achieve their full potential.
Key Features & Benefits
Corporate Business Credit Card for easy expense management
Discounted processing fee and waiver of selected charges
Minimum deposit of BND500 for opening of company account
Have a verifiable registered address of business, or place of business in Brunei
Existing contractor of BSP or have just been awarded a contract with BSP
Other Program criteria apply
Required Documents
Required Documents
Letter of Award / Contract Agreement
Copy of Certificate of Incorporation or Certificate of Registration (Section 16)
Copy of Form X, Particulars of Directors or Managers, or Business Registration (Section 17)
Copy of IC/Passport of all directors/shareholders/partners/sole proprietor
Directors Resolution (for limited company only)
Letter of Consent to BSP to disclose to the Bank certain Qualified BSP Contractors’ information in respect of the Contract and the performance of contractual obligations
Letter of Consent to the Bank to disclose to BSP details of financing for the awarded contract of the contractor
Assignment of contract payment to the Bank
Terms & Conditions
Terms & Conditions
Credit maturity may not exceed the term of the Contract.
The Qualified BSP Contractor must satisfy specific credit criteria as determined by the Bank.
Under this Credit Facility Programme, the revenues under the Contract will be domiciled at the Qualified BSP Contractor’s account with the Bank, and the Bank will have security over the principal and interest.
The Qualified BSP Contractor will not be able to change the bank and domicile the revenues under the respective Contract in a different bank, without consent of the Bank.
Key condition of the Credit Facility Programme is assignment of proceeds by Qualified BSP Contractor to the Bank. Assignment of proceeds will apply between Qualified BSP Contractor and the Bank in respect of the payment(s) due to the Qualified BSP Contractor from BSP under the Contract, in respect of which Credit Facility Programme applies. BSP will be notified of the assignment of proceeds by the Bank in each case, and the Bank will confirm to BSP the account(s) with the Bank, where the payments under the Contract in question have to be made by BSP.
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