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The Islamic Sultanate of Brunei Darussalam is situated on
the northwest coast of the island of Borneo and on the
coastline of the South China Sea with its boundary attached
to the Malaysian State of Sarawak. The total land area is
about 5,700 sq km and the capital is Bandar Seri Begawan.
The climate is equatorial with temperature around 23-32
Islam is the Official religion of Brunei Darussalam and plays a central role
in the life of every Muslim in Brunei Darussalam. Other religions include
Christianity and Buddhism.
The population of Brunei was estimated to be about
357,000 in 2004, the communities include mainly Malay,
Tutong, Murut with a minority of Chinese and other races.
From the 14th to the 16th centuries Brunei Darussalam was
the seat of a powerful sultanate extending over Sabah,
Sarawak and the lower Philippines. By the 19 th Century, the
Brunei Darussalam Empire had been whittled away by wars,
piracy and the colonial expansion of European powers. In
1888 it became a British protectorate. Britain retained
responsibility for the state’s defence and foreign affairs
until 1984, when the sultanate became fully independent.
Brunei Darussalam’s political system is based on the country’s written
Constitution and the tradition of the Malay Islamic Monarchy. Supreme executive
authority vests with His Majesty the Sultan. The Prime Minister, who must be a
Brunei Malay professing the Muslim religion belonging to the Shafeite sect,
remains with The Sultan. The Ministers, including the Prime Minister, are
appointed by The Sultan to hold office at the pleasure of His Majesty. Today
they constitute the Council of Cabinet Ministers presided over by His Majesty
The travelling time is between 1.5 hours and 3 hours from major Asian
financial centers such as Hong Kong, Jakarta, Kuala Lumpar, Manila, Shanghai and
Singapore to Brunei Darussalam. There are also direct international flights to
other locations in Australia, Europe, Middle East and New Zealand.
Brunei Darussalam has a small but wealthy economy, which is growing at a slow and steady rate. It has remained stable with an average inflation rate of 1.5% over the past twenty years. The people of Brunei Darussalam enjoy a high quality of life with an estimated US$31,000 per capita income – the second highest in the ASEAN region. Brunei Darussalam’s economy has been dominated by the oil and gas industry for the past 80 years. Hydrocarbon resources account for over 90% of its export and more than 50% of its Gross Domestic Product. Today, Brunei is the fourth largest oil producer in South East Asia and the ninth largest exporter of liquefied natural gas in the world. Other primary resources include rice production, fruit farming, forestry and fisheries.
The official language is Malay. Other languages use include English and
The legal and administrative systems are based on English Common Law and for
Muslims, Islamic Shari'a law supersedes civil law in a number of areas.
International Business Companies Order, 2000.
International Business Company.
Submission of the Memorandum and Articles of Association
and a Certificate from the Registered Agent confirming
compliance with the requirements of the Order.
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.
An IBC has the power to perform all acts and engage in
all activities necessary to the attainment of the objects of
IBC subject to provisions in the Order.
Yes, must be maintained in Brunei Darussalam by its
English. Other languages can be expressed next to the
English name accompanied by a certified translation to the
Any name that is identical or similar to an existing company, or any name
that suggests the patronage of His Majesty the Sultan and Yang Di-Pertuan or
that of a member of the Royal Family, the Government or local authority of
Brunei Darussalam or other country. The word “ Brunei” shall only be used
appearing in brackets.
Names containing the words – Royal, Bank/Banking, Building Society, Insurance, Assurance, Trust Company, Trustee Company, Chamber of Commerce, Chartered, Cooperative, Imperial, Municipal, Hedge/Hedging, Mortgage, Asset Management, Financial, Life Investment, Managers, Venture Management, Bonds, Funds, Forex, Wealth Management, Investment Management, Exchange, Advisors/ Consulting/ Consultants or a word conveying a similar meaning.
Limited, Corporation, Incorporated, Société Anonyme, Sociedad Anónima,
Berhad, Sendirian Berhad, Gesellschaft mit beschrankter Haftung or their
The normal authorised share capital is US$ 1,000,000 with
all of the shares having a par value. There is no additional
fee if a large authorised share capital is adopted. The
minimum issued capital is one share.
Registered shares, preference shares, redeemable shares
and shares with or without voting rights.
An IBC does not pay income tax, capital gains tax, stamp
duty or other direct tax.
Brunei Darussalam has a double tax treaty with Indonesia
and a limited treaty with the United Kingdom, however tax
credits apply to resident companies only. An IBC will not
qualify for tax benefits under these treaties.
First year fee US$ 500 and thereafter US$ 400 per year.
Whilst there is no requirement to file audited accounts
with the authorities, a company should maintain such
accounts and records as the directors consider necessary or
desirable to reflect the financial position of a company.
The accounts of a company shall be kept at its registered
office in Brunei and shall at all times be opened to
inspection by any director.
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