On the northern coast of Borneo, Brunei Darussalam is a Southeast Asian Sultanate that is wealthy in oil. It was a British protectorate until 1984 and has a population that is highly educated and predominately speaks English. It also has excellent infrastructure and a government that wants to diversify the economy and increase foreign investment. Potential investors will find Brunei’s central location in Southeast Asia, low tax structure, and stable political atmosphere to be quite welcome.
Government regulation, domestic and international enterprise, as well as social welfare programs, all contribute to Brunei’s economy. The country has one of the greatest per capita GDPs in the world, and significant foreign investment revenue supplements income from local hydrocarbon extraction. Citizens of Brunei do not pay personal income taxes, and the government offers free healthcare as well as free education up to the university level. High levels of disposable income result from this.
About 65% of the GDP and 95% of exports are made up of crude oil and natural gas production, with Japan serving as the main destination country. The government of Brunei is taking steps to diversify its economy away from petroleum exports toward other sectors including information and communications technology and halal manufacturing, which is permitted by Islamic law. Following its inclusion in the ASEAN Economic Community and regional economic integration, Brunei’s commerce rose in 2016, 2017, and 2018.
Legal requirements in Brunei Darussalam for starting a business
The numerous legal criteria that must be satisfied make starting a business in Brunei Darussalam a challenging task. Some of the most significant legal prerequisites for launching a business in Brunei Darussalam include the ones listed below:
- A company needs to register with the authorities.
- A limited liability company (LLC) must be registered with the government for a business.
- A company needs to have $50,000 in initial capital.
- A corporation must have a government-registered trademark and a Registrar of Trademarks certificate.
- A company needs to make at least $10,000 in revenue each year.
- A company needs to be legally compliant and registered with at least one local authority.
Cost of establishing a business in Brunei Darussalam
Starting a business is not as challenging as it might seem in Brunei Darussalam. There are many tools available to aid in the launch of new firms, and the government strongly encourages entrepreneurship.
In Brunei Darussalam, there are many ways to start, therefore there is no reason to be hesitant to do so. There are many resources accessible, and the government is always eager to support the expansion of businesses.
The price to launch a business in Brunei Darussalam varies depending on the size and complexity of the venture, the accessibility of funding and other resources, and the state of the market. The government offers a variety of tools and assistance programs to support the growth of enterprises.
In Brunei Darussalam, it typically costs $10,000 to launch a small business. Costs might range from $25,000 to $50,000 for larger businesses. Grants and loans are only two of the support tools the government provides to help businesses succeed.
Advantages of establishing a business in Brunei Darussalam
The advantages of doing business in Brunei Darussalam are numerous. First, companies in the nation can provide a high-quality and reasonably priced good or service. In addition, businesses can provide income for people or families. Lastly, enterprises in Brunei Darussalam might offer a chance to get new knowledge and skills.
Difficulties of starting a business in Brunei Darussalam
In Brunei Darussalam, launching a business is fraught with difficulties. Knowing exactly what you want your firm to accomplish and how you plan to do it is crucial for success. It’s also critical to have a supportive network of family and friends who can assist you in getting started. It might sometimes be challenging to get the assistance and counsel you require from your business community.
