Brunei

General Information

Introduction

Brunei is the 3rd largest oil producer in the Southeast Asia and the 4th largest producer of liquefies 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. Travelling time is between 1.5 to 3 hours from major Asian financial centres such as Hong Kong, Jakarta, Kuala Lumpar, Manila, Singapore and Shanghai to Brunei Darussalam. Direct international flights to other locations in Australia, Europe, 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 operated in the country for decades. Other banks include Baiduri Bank Berhad, Development Bank of Brunei Bhd., Islamic Bank of Brunei, Malayan Banking Berhad, Overseas Union Bank Ltd and United Malayan Banking Corporation Berhad. All major accounting firms have significant presences, and there are some twenty law firms.

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 2000 to 2002. Incorporation of an international business company (“IBC”) is governed by International Business Companies Order, 2000, which contains provision 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