Brunei (Brunei Darussalam) is a small state (sultanate) in Southeast Asia with great potential for opening and running a business. It is one of the richest countries in the world. In the sultanate, the main economic spheres are the oil and timber industries, as well as agriculture.
But telecommunications and e-commerce are considered the most profitable spheres of investment. In addition, the government, represented by the Sultan, supports foreign investment, promotes its attraction and expansion.
The sultanate’s economy is structured in such a way that Brunei becomes the center of the offshore business. However, the registration of a company has its own nuances, which are familiar to the Eternity Law International specialists.
Eternity Law International assistance
Eternity Law International is one of the leaders in providing highly professional advice and impeccable assistance when registering or buying a ready-made company under the jurisdiction of Brunei Darussalam. With such support, setting up a business in Brunei will not be difficult.
EL International experts will help with the following issues:
- execution of all documentation;
- business registration;
- notarization and apostille of documents;
- providing an address (registration, legal);
- solving accounting issues (accounting, audit, reports, etc.);
- provision of secretarial services;
- opening bank accounts;
- a wide range of additional services.
Turning to Eternity Law International for help, you will need to pay for registration of a legal address, state registration fees, courier and registration agent services, as well as annual maintenance.
Business conditions in the Sultanate of Brunei
Brunei is an ideal place for registering and developing a business because the state offers comfortable conditions for both local businessmen and non-resident investors. In addition, the country’s currency is reliable and stable.
In Brunei Darussalam, as elsewhere, there are four organizational and legal forms of doing business. But there are certain restrictions for foreign investors. So, a business persons from another country is not allowed to engage in private business in Brunei.
Other forms (partnership, open and closed joint stock companies, a branch of a foreign company) do not have such prohibitions. To create a partnership, non-citizens of the Sultanate must obtain a special permit from the Department of Immigration, Economic Planning and Development, as well as from the Ministry of Labor.
All companies are required to regularly submit financial statements, and an audit need not be performed. At the same time, there is no currency control. The tax system is also very attractive to foreign investors. The following payments are not charged:
- duty;
- income tax;
- corporate tax;
- stamp duty tax;
- capital gains tax.
However, the income tax reaches 30%. But even here there are some nuances, for example, resident firms pay tax on all profits (received within and outside the country), and foreign organizations – only on profits received within the jurisdiction.
Among the main conditions for registering an international business in Brunei are an office and a resident agent registered in the sultanate, closed access to reporting (data secrecy), an indication of the organizational form in the name, a ban on the payment of the authorized capital in local currency (Brunei dollar), the presence of a secretary (named after must be a citizen of Brunei).
But the director does not have to be a resident of the sultanate. Meetings can be held in any country. One more condition – the name of the organization should not contain Cyrillic. It is worth noting that the authorities of Brunei Darussalam have signed an agreement on the avoidance of double taxation with 12 countries.
Thus, Brunei is a paradise for international business. It is true only in case you turn to experienced lawyers who will help you register your company correctly. Contact us and get qualified assistance.