Brunei

General Information

Introduction

Brunei is the third-largest oil producer in Southeast Asia and the fourth-largest producer of liquefied natural gas in the world. For many years, Brunei has been a significant player in the ASEAN region. Its very strong ties with the United Kingdom, Singapore and regional countries have led to the build-up of considerable commercial activity. Flying time is between 1.5 and 3 hours from major Asian financial centres such as Hong Kong, Jakarta, Kuala Lumpur, Manila, Singapore and Shanghai. Direct international flights to other locations in Australia, Europe, the Middle East and New Zealand are also available.

There are nine banks providing full banking services in the country. Eight are commercial banks and one is a development bank. Two of these are locally incorporated. International banks such as HSBC, Standard Chartered and Citibank have been operating in the country for decades. Other banks include Baiduri Bank Berhad, Development Bank of Brunei Berhad, Islamic Bank of Brunei, Malayan Banking Berhad, Overseas Union Bank Ltd. and United Malayan Banking Corporation Berhad. All major accounting firms have a significant presence, and there are approximately 20 law firms operating in Brunei.

The Brunei International Financial Centre was established in 2000 to promote the country as a regional financial hub, and a comprehensive set of legislation was passed during the period 2000-2002. Incorporation of an international business company (“IBC”) is governed by the International Business Companies Order, 2000, which contains provisions for tax-free facilities at highly competitive cost levels. Brunei is more concerned with attracting a critical mass of good business than a fee-based income stream at a high cost to end-users.

Current Features & Benefits

• IBC provides zero-tax regime
• No extra government fees for issuing high authorised share capital
• Not subject to exchange controls
• Director and shareholder information is not publicly accessible
• Corporate directors are allowed to ensure confidentiality of beneficiaries
• Same time zone with other major Asian countries
• No information exchange treaties with other major countries  
• Audited financial statements are not mandatory
• Stable economy and currency with sophisticated financial infrastructure