Companies that wish to operate in Brunei must be registered with the Ministry of Finance and Economy. Registration is required to receive business licenses, pay government fees, and operate in Brunei. There are two types of business licenses: Class I and Class II. Class I licensees must pay a registration fee of BND$100 (US$62), and a monthly license fee of BND$72 (US$46). However, Class I licensees must also pay BND$40 (US$25) per business day as well as administrative fees. Class II licensees must pay a registration fee of BND$1000 (US$620), and a monthly license fee of BND$81 (US$51). However, Class II licensees must also pay BND$72 (US$46) per business day as well as administrative fees.
Permits are required for business in Brunei. Businesses must have a permit to operate within the country. To obtain a permit, businesses must first contact and obtain approval from the Ministry of Education. After permission has been granted, businesses must submit an application to the Ministry of Finance and Economy. A copy of the application must be sent to the Ministry of Education. Once a permit is approved, a copy must be sent to the Ministry of Finance and Economy. The business must be registered with the Ministry of Finance and Economy.
Brunei's main trading partners are Indonesia, Japan, the Philippines, Singapore, South Korea, Taiwan, Thailand, Europe, the United States, Malaysia, and Hong Kong. Brunei's main export partners are the United States, Singapore, Malaysia, Thailand, Hong Kong, and Japan. The majority of the exports to the US are rice (worth US$2.6m) and palm oil (worth US$1.8m). Brunei's main import partners are Thailand (worth US$3.1m), Malaysia (worth US$1.9m), Japan (worth US$1.3m), Singapore (worth US$1.1m), Hong Kong (worth US$840,000), South Korea (worth US$700,000), and Taiwan (worth US$650,000). Brunei is a member of the Association of Southeast Asian Nations (ASEAN), and the Association of Southeast Asian Nations-Brunei Darussalam Free Trade Agreement (ASEAN-Brunei FTA) has been signed and is currently being ratified.
Brunei has an English-speaking market, but the language of business is Bahasa. There are a limited number of Americans who speak fluent English, so most American companies need to find a local agent. All companies should have a local agent in Brunei and, at a minimum, at least one local agent who is fluent in English.
There are several options for doing business in Brunei. The following brief information should serve as a general guide. For additional information on available options for doing business in Brunei, contact the U.S. Embassy at the address above.
Attorneys and accountants can earn commission from companies that use ICPs. The commissions are paid through 20% of the fees received from the companies. The Ministry of Finance and Economy of Brunei is authorized to collect the 20% fee on behalf of the attorney. They are also authorized to deduct an additional 10% administrative fee. Attorney and accountancy services are charged at an hourly rate. 827ec27edc