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Brunei

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Thanks to oil and natural gas, a small country on the island of Borneo has become a fairytale paradise. Bruneians pay no income taxes, enjoy free education, and the state provides them with extremely favorable housing loans. With free healthcare, an education system and a real Sultan, it has a lot to offer foreign investors and entrepreneurs. Introducing Brunei, a tax haven on earth.

Brunei is a specific economic environment financed by revenues from oil and gas extraction. Therefore, he does not know most of the taxes known from other countries. These are zero export, sales, production and payroll taxes. Individuals – natural persons, not reporting their income. Likewise, sole proprietors and business partners do not have to pay taxes on their income. The current macroeconomic difficulties caused by fluctuations in world prices lead to considerations about the possible introduction of some taxes, especially VAT.

Only companies, i.e. legal entities registered in Brunei, have to tax their income at 20%. Companies that do not have a permanent establishment in Brunei pay taxes only on income earned in the country, i.e. foreign income not remitted in Brunei, not subject to tax.

Why you should think about starting a business in Brunei

Brunei can be the perfect destination for an offshore company that is owned and controlled by foreign persons. There is only one condition – the local secretary. This means you don't need to be a local to set up a company in Brunei. You get a local secretary from us and your business can start working.

Brunei now offers companies a better name than in the past, having been removed from the OECD blacklist.
As an offshore Bruneian company, you are completely exempt from paying corporate income tax and from taxation on capital gains or dividend payments.

The Sultan does not exercise any currency control, so it is easy to bring in profits from abroad. Yes, you heard that right, Sultan. When establishing a company, a so-called Due Diligence certificate must be filled out, containing a commitment about the trustworthiness of the company.

A big advantage is the fact that foreign companies are not subject to audit, do not have to file tax returns or keep accounts. So less paperwork for you!

The register of companies in Brunei is not publicly accessible, but for a greater degree of anonymity we recommend using nominee services. Nominees can help you with many important points in your business.

DOES IT STILL SEEM NOT ENOUGH TO YOU?

  • Privacy Protection
  • Reduction of the tax burden
  • Less administrative burden
  • Time savings

CAN YOU IMAGINE A BETTER START FOR YOUR BUSINESS?

The tax system is, in a word, a beauty – 0% tax (the fee to the government is $400). The legal form of an offshore company is an International Business Company (IBC), which is regulated by the International Business Companies Act of 2000. According to it, only one shareholder and one director are required to establish a company (they do not have to be citizens of Brunei, unlike the secretary). Brunei has 9 agreements on the exchange of tax information.

In our opinion, Brunei, with its stable environment and economic maturity, is a suitable environment for registering an offshore company.

Basic information

  • Legal entity type: SDN BHD
  • Establishment time: approx. 2 weeks
  • Minimum number of shareholders: 1, Can be FO or company
  • Minimum capital: From $1
  • Bearer shares are not allowed
  • Local registered company address required
  • Minimum number of directors: 1
  • At least one of the directors must be a local resident

Taxation

  • The corporate income tax rate for local business is 18.5%
  • License fees: 10%
  • No VAT
  • ASEAN Free Trade Agreements
  • Double taxation agreements signed with 13 countries
  • Accounting is required
  • Audit is not required
  • Anonymity – no public register of shareholders and directors

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