Register Company in Brunei - Block3 Finance
To register a company in Brunei is hassle-free with Block3 Finance’s assistance. Situated on the island of Borneo in Southeast Asia, Brunei is home to a large reserve of oil and natural gas, making it one of the wealthiest countries in the world.
Recognizing their dependence on these exports and their resultant vulnerabilities to oil shocks, and in recognition of their Vision 2035 aim of attaining a dynamic and sustainable economy, the local government has been trying to attract new foreign investment for key sectors such as life sciences, agri-business, info-communication and technology, and services. This vision is supported in terms of legislation by the Economic Development Act 2003.
Our service package includes
Company registration with the Registry of Companies and Business Names
Local company secretary and registered address
Nominee director
Corporate bank account opening
Financial license applications
Annual accounting and tax services
How Long to Register a Company in Brunei and Open a Corporate Bank Account?
Block3 Finance will complete your Brunei company registration within 2 weeks. After receiving the due diligence documents of the directors and shareholders, we will proceed to check on the availability of your preferred company name and prepare the necessary incorporation documents.
Throughout the registration process, we will offer non-travel solutions. After the setup is completed, we will courier the documents of your new company to your preferred address. The documents will include the Certificate of Incorporation as well as the Memorandum and Articles of Association.
Upon company registration, Block3 Finance will open a corporate bank account for you within 4 weeks. We will seek to provide you with non-travel banking solutions. Within 6 weeks from our engagement, you can expect your company to be fully set up and ready for business.
Can a Foreigner Register a Company in Brunei?
The Brunei government views foreign direct investment as a key driver of its envisioned dynamic, sustainable economy and thus allows for 100% foreign ownership. Incentives and support to do so are offered through multiple channels, including the FDI Action and Support Centre, Economic Development Board, and Ministry of Foreign Affairs and Trade. However, foreign firms will still need at least one of the directors to be a citizen, permanent resident, or residing in Brunei.
How to Register a Company in Brunei?
Block3 Finance advises you to read through this guide to fully understand the steps needed to incorporate a company and set up a bank account in Brunei.
1. Choosing a Suitable Business Entity to Register a Company in Brunei: After understanding your business goals and activities, our team of dedicated consultants will recommend the most suitable entity for you to carry out your business. Prior to incorporating the company, you will be advised on the optimum paid-up share capital, business structure, legislations, and whether there is a need to apply for any licenses to operate.
2. Reservation of Company Name: Block3 Finance will reserve your preferred company name with the Registrar of Companies.
3. Preparation of Supporting Documents to Register a Company in Brunei: Before Block3 Finance can incorporate your company, you are required to provide a list of mandatory KYC documents. Some of these documents include the names of directors and identification proof. Upon receiving all the necessary documents, Block3 Finance will proceed to draft and notarize the company’s Memorandum and Articles of Association. As Brunei recognizes English as an official language in the field of business and education, these documents will not need to be translated into Malay by a certified translator. However, if required, we will provide you with a certified translator to translate these documents. According to the business activity and corporate structure, Block3 Finance will also draft articles of incorporation, business plans, and other incorporation documents.
4. Filing to Register a Company in Brunei: A registered office is also required under local laws and will be provided by our team. In some cases, a registered agent may be required as well. For those special cases, we will allocate a registered agent to assist in your incorporation. We will then proceed to file for registration with the Registry of Companies and Business Names. After receiving approval, Block3 Finance will courier the Certificate of Incorporation, Memorandum and Articles of Association, and other documents to your preferred address. The official documents will be in English. You will also receive a company registration number.
5. Corporate Bank Account Opening: After registration, Block3 Finance will assist you in opening a corporate bank account. Our team has established partnerships with multiple reputable banks in Brunei. We will present your business to each relationship manager and compliance team. Typically, the bank account opening will take roughly four weeks. In most cases, the directors and shareholders are not required to travel. However, if travel is required, we will have a representative accompany you to the bank meeting. Alternatively, our team will negotiate with the banks to conduct a conference call instead or to request for a waiver. Once your account has been successfully opened, Block3 Finance will courier the internet banking token and access codes to your preferred address. Some of the reputable banks we work with include Baiduri Bank, RHB Bank, Maybank, and Standard Chartered. By engaging our services, you can leverage our full portfolio of banking partners.
6. Financial Reporting and Taxation Obligations: Following the setup of your new company, Block3 Finance will continue to provide you with the necessary accounting and tax services to ensure that you can continue to legally conduct business while staying compliant with regulatory obligations. Our team of dedicated consultants will prepare your firm’s financial statements, corporate tax returns, and manage bookkeeping on your behalf. Generally, corporate income tax is charged at 18.5%. For non-resident companies, you will be mainly taxed on income sourced in Brunei or on profits earned through business operating locally. Companies are required to submit annual financial statements by 30 June of the year of assessment. Our team of dedicated consultants will continue to clarify any doubts you may have with regards to your company’s obligations.
Types of Business Entities in Brunei
There are many types of business structures in Brunei, each with distinct levels of personal liability protection, tax ramifications, ownership and management flexibility, as well as compliance requirements. Companies in Brunei can be either a public company or a private company, differentiated by the number of shareholders and share transfer capabilities. Both a public company and private company in the country are governed by the same Companies Act.
Sole Proprietorship
Partnership
International Limited Partnership
Corporations
Brunei Free Trade Zone Company
Branch Office
Accounting and Tax Obligations
Accounting Obligations maintain detailed books of accounts for all financial transactions. Ensure proper records of all types of receipts and payments.
Tax Obligations
Corporate Income Tax: Corporate income tax for companies in Brunei is charged at the standard rate of 18.5%.
VAT: Companies are required to file VAT returns on a monthly basis. The standard VAT rate is 15%.
Withholding Taxes: The company must withhold 10% tax from any payments for interest, royalties, and fees for technical or professional services.
Is Brunei a Good Place to Start a Business?
Political: Brunei has strong political and economic ties to other economies such as Japan, Hong Kong, and Australia, featuring competitive trade agreements and benefits that can be leveraged, making it an attractive jurisdiction to conduct business in.
Economic: Owning extensive resources of oil and gas, Brunei’s economy is one of the strongest in the world, with the oil and gas sector contributing about two-thirds of GDP. The local halal industry is part of the nation’s diversification efforts, making the industry attractive to many foreign investors.
Social: While the official language in Brunei is Malay, all educated people are proficient in English. This is beneficial for international business dealings.
Technological: Brunei is rapidly moving towards a digital economy, with the government prioritizing the development of its ICT infrastructure.
Looking to Register a Company in Brunei?
Contact us to find out more about how to register a company in Brunei. Our team of experts will revert within the next 24 hours.
