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Data Sheet & Brunei Jurisdiction

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Trust, Business Company or IBC

Brunei being formally under British rules is a common law jurisdiction, with an independent English based-legal system offering civil appeals as far as the Privy Council in London.

A tiny but oil-rich Sultanate, Brunei is located on the North East of Borneo. Communication and transportation are excellent with connection by air to major cities in Europe and Asia.

Incorporation in Brunei

Type of company: International Business Company or IBC. An IBC can take the form of company limited by shares, company limited by guarantee, company limited by shares and guarantee, unlimited company and dedicated cell company.

Who can incorporate: Registered Agent and Trust Company licensed pursuant to the Registered Agent and Trust Licensing Order 2000.

Time to incorporate: In most cases including reservation of name, an IBC can be incorporated within 2-3 days. A name once reserved is valid for three months.

Registration fee: US$500.00 regardless of the size of the IBC's authorised capital.

Shelf company availability: Yes. We always have a number of already existing companies for sale. These companies are "clean", that is to say, they have never traded or engaged in any transaction whatsoever.

Taxation: No income tax, capital gains tax, inheritance tax, succession tax, or duties.

Minimum annual government fee: US$400.00 regardless of capital structure. This fee is payable every year the latest on the anniversary of the company

Disclosure of beneficial owner: Brunei adopts money laundering legislation under which all licensed service providers are required to know the identity of their customers before accepting a transaction. Not to do so would be an offence under the legislation. Therefore disclosure of beneficial ownership will be made to trust company, bank, insurers, etc. but not to the Authority.

Bearer shares: Not permitted. All shares must be registered. Shares may either be with par value or with no par.

Standard minimum paid up: None but our standard company comes with a standard paid up of U$1.00.

Standard authorised capital: None but our standard company comes with a standard authorised capital of US$50,000.00. There is no extra capital fee to be paid even if large authorised capital is adopted.

Permitted currency of capital: Any currency although in most cases the US$ is prevalent.

Minimum number of shareholders: One and there is no residency or nationality requirement.

Minimum number of directors: One and there is no residency or nationality requirement.

Corporate directors: Yes.

Local directors: Optional.

Company secretary: Yes and if more than one is appointed at least one must be a resident secretary. Only an officer of a registered agent can be appointed as a resident secretary.

Company seal: Need not adopt a common seal but if one is adopted must be used by the authority of the board of directors or other person so authorised by the board.

Public record of directors & shareholders: No.

Location of directors and shareholders meeting: Anywhere.

Telephone board meeting: Yes.

Access to Double Tax Treaty: Whilst Brunei currently has double tax treaties with Indonesia and a limited one with the United Kingdom it is unlikely that the IBCs will enjoys tax benefits under these treaties.

Requirement to file account: Only to licensed IBCs like bank, insurers, trust companies, etc.

Requirement to keep account: Yes.

Requirement to file annual return: Yes and it is simple.

Change in domicile: Domicile in and out yes. There is a fee of US$250.00 for domicile in.

Local registered office address: An IBC must have at all time a registered office in Brunei Darussalam which shall be maintained there either by the IBC if it has physical presence or in all other cases by it registered agent.

Brunei IBC Corporate Data Sheet - Summary

Type of company

IBC or international business company

Common or civil law jurisdictions

Common law

Shelf company availability

Yes

Time to incorporate

24-48hrs

Min. annual duty or franchise fee

US$400.00 regardless of the size of authorised capital.

Annual return filling fee

Nil

Taxation

Nil

Disclosure of beneficial ownership

To Registered Agent & Trust Company

Bearer shares

Not allowed

Standard minimum paid up capital

None

Standard authorised share capital

None

Permitted currency of capital

Any

Minimum number of shareholders

1

Minimum numbers of directors

1

Corporate directors

Yes

Local directors

No

Company secretary

No

Company seal

Yes

Public record of directors

No

Public record of shareholders

No

Location of directors meeting

Any where

Location of shareholders meeting

Any where

Telephone board meeting

Yes

Access to Double taxation treaty

No but Brunei currently has tax treaty with the UK and Indonesia.

Requirement to file account

No

Requirement to keep account

Yes

Requirement to file annual return

No requirement to file annual return

Change in domicile

Yes (US$250.00) in and out.

Local registered address

Registered Agent's address

Who can incorporate?

Licensed Registered Agent in Brunei

 

 
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