Home Grown
Sustainable Living
Brunei Offshore Review Jurisdiction
Brunei Darussalam is a fiercely independent nation full of honor and pride. Privacy is sacred and must. For this sacred the country issues a double taxation agreements known as DTA. The tax information exchange agreements or TIEA is must for all kind of business. There is no way to avoid this judicial rule.
Plus point:
• Brunei is not an overlooked offshore jurisdiction.
No personal income taxes:
Brunei Darussalam stands in a rock-solid economy. They have some strict banking secrecy. But a well-educated and standard life maintained population who can speaks English very well. Brunei have a powerful offshore jurisdiction.
Negative aspects:
The Brunei’s offshore companies sector is not that much mature. The incorporation costs are significantly higher than other international business company or incorporation and offshore business by the IBC jurisdictions.
Starting a new or incorporating a new offshore company in Brunei can take several weeks. But sometimes it can be done as quickly as a week.
Brunei International Business Company or IBC:
The Brunei International Business Company or IBC have some differences from the regular popular IBC jurisdictions such as Seychelles, Belize, BVI, etc. Brunei Darussalam have a fixed annual fee for all authorized per share capital. But in other hand regular IBC jurisdictions charge a much higher annual fee for an authorized share capital. As an example more than $50,000 Belize or higher than $100,000 Seychelles USD. This makes Brunei superb for fund raising or other types of businesses especially for Offshore Companies that have a large number of shareholders.
Banking:
Banking in Brunei is improving all the time. It still has a long way to go to reach the likes of Singapore and Hong Kong, but it's now so good that I would recommend that a Brunei IBC open a bank account in Brunei. HSBC, Standard Chartered, and the local Baiduri Bank are the banks that are the most open to IBCs. Accounts can be opened remotely by using an introducer.
Key Corporate Features:
• General Information
• Company Information
• Compliance
• Related Resources
• How to Proceed
Brunei Landmarks in Business and economy:
• Highest human development index in the Islamic world (Human Development Report 2009)
• Highest macroeconomic stability in the world (Global Competitiveness Report 2009-2010)
• 2nd highest per capita income in ASEAN (Global Competitiveness Report 2009-2010)
• 2nd highest quality of life in ASEAN (Human Development Report 2009)
• 3rd most favorable tax regime in Asia (Global Competitiveness Report 2009-2010)
• 4th largest oil producer in ASEAN (World Trade Organization, 2008)
• 9th largest LNG exporter in the world (World Trade Organization, 2008)
• One of the lowest inflation rates in the world – 2.7% (Global Competitiveness Report 2009-2010)
• One of the highest literacy rates in the world – 94.9% (Human Development Report 2009)
• One of the best healthcare systems in Asia (World Health Organization)
Brunei and its International Business:
Incorporate process:
Incorporation process starts by submission of the Memorandum and Articles. The Association and a Certificate from the Registered Agent confirm the incorporation process with a note of compliance with the requirements of the Order.
Trading:
There are some restriction for trading Brunei.
• Cannot trade or own real estate within Brunei Darussalam.
• Cannot undertake banking, insurance, investment advice or management of mutual fund businesses unless licensed to do so under appropriate Orders.
• Cannot invite investments from public unless the Registrar has given prior written consent.
The most important thing is that each and every offshore company Brunei is obelized the offshore jurisdiction for the better future and for the prosperity of the company.
