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Brunei

Brunei

Capital City
Bandar Seri Begawan

Official Language (s)
Malay, English

Language required for filings
English

Currency
Brunei Dollar (BND)

Population
415,717 (2013)

GDP
415,717 (2013)

Corporate tax rate
20%

Brunei's small, wealthy economy is a mixture of foreign and domestic entrepreneurship, government regulation, welfare measures, and village tradition Brunei the fourth-largest producer of oil in Southeast Asia. It also the 9th largest producer of liquified natural gas. Substantial income from overseas investment supplements income from domestic production. Most of these investments are made by the Brunei Investment Agency, an arm of the Ministry of Finance. The government provides for all medical services, and subsidises rice and housing.


Business in Brunei

Business in Brunei
The agency in charge of incorporating companies and business registration is Ministry of Finance via The Registry of Companies and Business Names (ROCBN).
1.0 Types of Business

In its efforts to promote doing business in Brunei, www.business.gov.bn portal has been created to serve that purpose. There are several types of businesses in Brunei

  • Sole Proprietership
  • Partnership
  • Private Company (Sdn. Bhd)
  • Public Conpany (Bhd)
  • Branch of Foreign Company
  • Joint Venture

For more info visit :http://www.mov.gov.bn

1.0 Employment

Department of Labour
The relationship between employers and employees in Brunei is regulated by The Department of Labour under the Ministry of Home Affairs
1.1 Types of Employment

There are several types of employment that is recognized :

  • Full-Time
  • Part-Time
  • Casual (Freelance)
  • Fixed Term/Contract
  • Commission/Project Based
1.2 Mininum Wage

None. Solely based on agreement of employment betweeb employer & employee.

1.3 Annual Leave

The minimum number of annual leaves for employees that has been working for a year is 12 days.

1.4 TAP

All private sector employers and Bruneian employees are required to contribute to a provident fund known as the Employees Trust Fund (Tabung Amanah Pekerja, or TAP) for their local employees (foreign employees are currently exempted). Employees contribute 5% of their wages and employers contribute another 5%. The employer also needs to pay the insurance and medical check-up for the employees.

For more info visit :http://www.labour.gov.bn/

2.0 Taxation
Kementerian Kewangan

The Ministry of Finance Brunei also regulates corporate tax in Brunei.

2.1 Corporate Tax

The tax rate for resident and non-resident companies is 20 percent.

2.2 VAT

There is currently no VAT or equivalent consumption based tax in Brunei Darussalam.

For more info visit :http://www.gst.customs.gov.my