Take Advantage of the Serenity and Ease of Doing Business in Brunei
Brunei is known to be an oil-rich country. In recent years, Brunei is diversifying its economy into information and technology as well as halal manufacturing. The rest comes from foreign and domestic entrepreneurship that is flourishing in the country. Brunei is blessed with warm and humid weather all year round. Thus, making it a spot for various flora and fauna blossoming in the country. The Brunei stable political system is made up of the constitution and the Malay Islamic Monarchy. It also has an English common law and a long history with the United Kingdom. The country is also a Commonwealth member. The Nation of Brunei, Abode of Peace, is very peaceful and amicable. If you are looking to split from the hustle and bustle of hectic city living, then Brunei should be high on your list. While living the relaxed and tranquil lifestyle, venturing into a Brunei company incorporation could be a good idea. Let’s further see what perks come with it.
Brunei For Business
How is Brunei good for business? Plenty of tax relief. Brunei is a tax haven second to Singapore. Its corporate tax rate is 18.5%, and people earning a living pay no income tax. If you intend to be part of oil and gas exploration and production, then your tax rate is 55%. Recently, newly incorporated companies are exempted from tax for three consecutive years for the first 100,000 dollars of profit. This easily translates into building up your company’s strength and wealth in three years. Other tax incentives are a one percent tax for export to encourage export activities. Brunei remarkably does not have value-added tax or any sales tax. To date, Brunei has signed double tax agreements with 18 countries. Here is a list of countries. Companies can incorporate with a minimum of two shareholders and entirely foreign-owned.
Company Incorporation Process
Brunei aims to be a pro-business environment for all. As long as you adhere to the country’s regulation, the government of Brunei will provide its best to companies of all sorts. A Brunei company incorporation is straightforward. The agency responsible for all company incorporation is the Registry of Companies & Business Names (ROCBN). Let’s get started.
Part One: Essentials
- The company name. It has to be unique, not prohibited by Brunei laws and not already registered.
- Business structure. Your options are sole proprietorship, partnership or limited liability company.
- Business address. Make sure you already got this sorted out before incorporating a company.
- Approvals or Licenses or Permits. Depending on your business nature, some may require specific licenses.
Part Two: Documents
- Get your Memorandum and Articles of Association ready
- Fill up Form X (List of Directors)
- Fill up Consent to Act as Director form
- A signed copy of Directors’ valid identification & Passport (foreign directors)
Part Three: Do It Online
- Create an online account with the ROC using a valid email address in the website. Once done, you can now log in.
- Click on Incorporate a Company. Fill up the requirements.
- Pay the required amount.
Part Four: Getting Incorporated
Once your application is approved, it will email an online receipt and the Certificate of Incorporation. The electronic certificate is a valid legal document showing your company’s existence.
Assistance When Needed
If you need more advice on a Brunei company incorporation, you can contact us. Our team of friendly professionals will facilitate every step of the way.