Location – Brunei Darussalam is situated in northwestern Borneo. It is bordered on the north by the South China Sea and on the south by the Malaysian State of Sarawak.
Capital –Bandar Seri Begawan
Population –About 380,000
Languages – Malay (Official), English and Chinese
Legal System – English Common Law
Currency – Brunei dollar (approx. USD 1 : BND 1.45)
Exchange – None
Economy – Crude oil and natural gas production account for nearly half of its GDP
Time Zone – GMT +8
International Banks – Citibank NA , HSBC, Standard Chartered Bank
Principal Corporate Legislation – International Business Companies Order, 2000
Brunei is the third-largest oil producer in Southeast Asia and the fourth-largest producer of liquefied natural gas in the world. For many years, Brunei has been a significant player in the ASEAN region. Its very strong ties with the United Kingdom, Singapore and regional countries have led to the build-up of considerable commercial activity. Flying time is between 1.5 and 3 hours from major Asian financial centers such as Hong Kong, Jakarta, Kuala Lumpur, Manila, Singapore and Shanghai. Custom essay on any topic. Direct international flights to other locations in Australia, Europe, the Middle East and New Zealand are also available.
There are nine banks providing full banking services in the country. Eight are commercial banks and one is a development bank. Two of these are locally incorporated. International banks such as HSBC, Standard Chartered and Citibank have been operating in the country for decades.
Other banks include Baiduri Bank Berhad, Development Bank of Brunei Berhad, Islamic Bank of Brunei, Malayan Banking Berhad, Overseas Union Bank Ltd. and United Malayan Banking Corporation Berhad.
All major accounting firms have a significant presence, and there are approximately 20 law firms operating in Brunei. The Brunei International Financial Centre was established in 2000 to promote the country as a regional financial hub, and a comprehensive set of legislation was passed during the period 2000-2002. Incorporation of an international business company (“IBC”) is governed by the International Business Companies Order, 2000, which contains provisions for tax-free facilities at highly competitive cost levels. Brunei is more concerned with attracting a critical mass of good business than a fee-based income stream at a high cost to end-users.
FEATURES AND BENEFITS
IBC provides a zero-tax regime.
No extra government fees for issuing high authorised share capital.
Not subject to exchange controls.
Director and shareholder information is not publicly accessible.
Corporate directors are allowed to ensure the confidentiality of beneficiaries
Same time zone as other major Asian countries
No information exchange treaties with other major countries
Audited financial statements are not mandatory
Stable economy currency,with a sophisticated financial infrastructure