Why Set Up Your Business in Brunei?
Looking for a place to set up your business? Then you should add Brunei in your list.
Brunei, a small country yet enjoys one of the highest standards of living in Asia. Brunei is a sovereign state located on the North Coast of the island of Borneo in Southeast Asia. The country is completely surrounded by Sarawak, a state in Malaysia and bordering South China Sea.
Attractive Reasons to Venture in Brunei
According to the Human Development Report 2009, Brunei has the highest development index in the Islamic world, 2nd highest quality of life in ASEAN, and also one of the highest literacy rates in the world.
Apart from that, according to the Global Competitiveness Report 2009-2010, Brunei has the highest macroeconomic stability in the world, 2nd highest per capita income in ASEAN, 3rd most favourable tax regime in Asia and one of the lowest inflation rates in the world.
Moreover, Brunei is the 4th largest oil producer in ASEAN, 9th largest LNG exporter in the world according to the World Trade Organization in 2008 and one of the best healthcare systems in Asia.
Political
Brunei is a constitutional monarchy country and is ruled by Sultan Hassanal Bolkia Mu’izzaddin. The government has set out a direction for its economic growth with an emphasis on attracting foreign direct investments (FDI) as an important driver of growth, focusing mainly on economic activities that bring new knowledge, industries, technologies, markets as well as new business and employment opportunities for its people through its Wawasan 2035. The stability of the politic and social situation become a great support for foreign investor setting up business in Brunei.
Economy
After gaining independence from United Kingdom, Brunei experienced an economic growth from 1990s to 2000s and transformed into an industrialized country. With Wawasan 2035 that aims for economic growth with emphasis on attracting foreign direct investment will surely further boost the growth of economic in this country.
Being the 3rd largest oil producer in Southeast Asia, averaging about 180,000 barrels per day, as well as the 4th largest producer of liquefied natural gas in the world, allowing its people to live to the wealth of the natural gas and oil.
On top of that, it is also identified as one of the wealthiest countries in Asia, with a nominal GDP per capita of USD 50,300 in year 2010. It also has a very low unemployment rate of 3.7%. Not only that, Brunei plans to diversify into Islamic banking and also the IT sector.
International Events and Organisations Participations
Networking is one of the key to unlock the success in business. You do not have to worry about this when you set up business in Brunei.
Brunei is one of four participants in the Brunei, Indonesia, Malaysia, Philippines, the East ASEAN Growth Area (BIMP-EAGA). The BIMP-EAGA is to secure enhanced growth and development in the last developed sub-regions of ASEAN.
Apart from that, Brunei also participate in Asia Pacific Economic Cooperation (APEC), East Asia Summit (EAS), ASEAN Regional Forum, Asia-Europe Meeting, Forum for East Asia-Latin America Cooperation and the Asia Cooperation Dialogue. Plus, Brunei is also a member of the Organisation of the Islamic Conference, the World Trade Organization (WTO), United Nations (UN) and 2006 Trans-Pacific Strategic Economic Partnership.
How can 3E Accounting Help?
With all these criteria, Brunei would definitely be a good place to venture your business. As we understand the challenges for you to set up business in Brunei, we are here ready to help you. Please do not hesitate to contact us if you require more information and guidance.
