Next to Malaysia is the Sultanate of Brunei. It is an attractive business jurisdiction. Brunei has international trade agreements. To find out, where it’s best to register a company in Brunei, study the subtleties of the districts (daers) into which the jurisdiction is divided:
- Belait. It is interesting to register a company in Brunei in this daer based on oil profits, since Belait is the Brunei oil capital, almost the entire population works in this industry. There is also a developed resort area.
- Brunei Moire. It is appropriate to open a travel company in Brunei Moire. Sights and forest parks are concentrated here.
- Temburong is separated from the previous Daer by part of the territory of Malaysia (also of interest to business activities). The tourism sector is of interest. Here are the Jungle Park and the Kuala Belalong Research Center, several more parks and recreation areas.
- Tutong. In addition to recreation areas, a historical park and the beach, there is a traditional crafts market. Thus, this daer is suitable to start a business in Brunei in the field of souvenirs, services, tourism.
* Each district is washed by the waters of the South China Sea.
The table below shows the requirements for registering a business in Brunei. Renting an office in Brunei is always possible.
|
A resident LLC |
An offshore company |
A corporation in Brunei |
A company branch |
A representation |
|
|
The best use of the company |
A local trade |
Factories/ Logistics |
A holding/ trade |
A trade trustee |
A marketing/ research |
|
The company is legally taxed exempt? |
No |
Yes |
No |
No |
Yes |
|
Which bank can I open a corporate account in Brunei? |
HSBC Brunei |
SCB Brunei |
HSBC Brunei |
Citibank Brunei |
SCB Brunei |
|
An ability to open an account in Brunei remotely |
Yes |
Yes |
Yes |
Yes |
Yes |
|
Is it possible to provide a trade finance? |
Yes |
Yes |
Yes |
Yes |
No |
|
Is it possible to open a Limited Liability Company in Brunei? |
Yes |
Yes |
Yes |
No |
No |
|
Is VAT paid on local sales? |
No |
No |
No |
No |
N/A |
|
Withholding tax on payments to foreign shareholders |
No |
No |
No |
No |
N/A |
|
A period |
21 weeks |
20 weeks |
21 weeks |
25 weeks |
14 weeks |
|
Can it easily transform into a local corporation? |
Yes |
Yes |
Yes |
No |
No |
|
Can there be preferred shareholders? |
Yes |
Yes |
Yes |
No |
No |
|
A minimum number of shareholders/partners |
2 |
2 |
7 |
A parent company |
A parent company |
|
A minimum number of directors/managers |
2 |
1 |
2 |
1 |
1 |
|
A minimum payment of capital |
1 $ |
1 $ |
1 $ |
- |
- |
|
Can I set up an existing companies in Brunei? |
Yes |
No |
No |
No |
No |
|
Time to register a new legal entity in Brunei |
12 weeks |
12 weeks |
12 weeks |
12 weeks |
12 weeks |
If you plan to open a company in Brunei, you need to consider, that the director must be a resident.
* A list of directors and shareholders should be published.
For more details ask for personal legal advice on the registration process in Brunei from YB Case specialists, using the contacts listed on our website.
