Economic Overview & Business Opportunities
A Guide to Doing Business in Brunei
A reputation for being an easy country in ASEAN, the economic overview and business opportunities in Brunei looks favourable from an investment standpoint.
Brunei is a well-to-do nation that is home to approximately 400,000 people. It’s rich and vibrant economy is a lively mix of both domestic and foreign entrepreneurship. Based on the economic overview and business opportunities in the country, investing in Brunei certainly looks like a promising prospect.
The development of small and medium enterprises is essential to the development of the country. Brunei’s vision for 2035 is to become a country with a dynamic and sustainable economy. Brunei aims to have a per capital GDP that is amongst the top 10 in the world. To spur this development, Brunei has embarked on an ambitious reform agenda. This agenda is meant to make it easier to do business.
Here are some of the reasons why 3E Accounting believes Brunei is a great investment option to consider.
Rich Natural Resources
Despite being the country in ASEAN with the smallest population, Brunei’s per capita income in second only to Singapore. The optimistic economic overview and business opportunities in Brunei stem from its rich natural resources. Natural gas and crude oil alone account for 60% of the country’s GDP.
English Speaking Population
Being under British rule until 1984 has worked in its favour, as Brunei now boasts a largely English-speaking and well-education population. Using English as the universal business language makes foreign investment in the country easy.
Excellent and Modern Infrastructure
With a government that is intent on boosting foreign investment and creating a more diverse economy, Brunei is home to excellent and modern day infrastructure. Everything that you need to operate a successful business.
Strategic Location and Stable Environment
Located centrally in Southeast Asia, its strong economic overview and potential for business opportunities is thanks to its stable and sound political environment. When doing business abroad, having a country that is safe and secure politically is a priority to ensure your business stands the greatest chance of success.
Favourable Tax Policies
Locals in Brunei don’t need to pay any personal income taxes, which means the locals have higher levels of disposal income. As for foreign investors, well, they can look forward to a favourable tax regime. All part of the government’s initiatives to attract investors to its shores.
Ready to Invest in Brunei?
3E Accounting is well-versed in helping entrepreneurs incorporate companies abroad. Our highly experienced staff will customise our solutions to meet the needs of your business. Take the uncertainty out of incorporating abroad by letting us do it for you. For more information about 3E Accounting’s company incorporation services, contact us today.
- Brunei Company Setup
- Company Formation
- Fiduciary Services
- Client Accounting
- Corporate Services
- Full Management
- Serviced Office Facility
- Managed Trust Company
- Trademark Registration
Khairul A. Khairuddin is director of HMR Konsultan and he was instrumental behind the Company’s set up, promoting business diversification for the parent company (previously a licensed trust company in Brunei Darussalam) to venture into the domestic market. Khairul co-founded HMR Trust in Nov 2000 and he is currently the managing director of the parent company. He holds LL B (Hons) from Staffordshire University, UK and a member of Society of Trusts and Estate Practitioners (STEP) since 2006.
Khairul is also acting as Executive Director and an approved Trust Officer of our sister company, HMR Konsultan (Labuan) Ltd., a licensed trust company regulated by the Labuan FSA since its inception in 2017.
An avid sailor holding an ASA certification, he loves sailing and takes out his little yacht “SV Embun Pagi” Maxi 7.7 out with family around the Brunei coastal sea almost every weekend.
Sukor Ashak is director of the Company and he is primarily responsible for the business development and advisory work. He has been working in the international financial services industry since 2000, including a 7-year stint with one of the largest trust companies in Labuan. Sukor also heads the business development department in HMR Trust. He holds a Diploma in Banking and BA (Hons) Business Administration from UiTM, Malaysia. He is a STEP member (Malaysian chapter) since 2016.
Sukor is our Managing Director and an approved Trust Officer of HMR Konsultan (Labuan) Ltd. He is now primarily based in Labuan, tasked for the Labuan’s outfit’s overall operations.
Passionate about rugby, he dedicates his spare time coaching teams and refereeing rugby tournaments in the country as well as in regional competitions.
Belinda Yeo is based in HMR Konsultan’s Brunei office where she is our General Manager and spearheads the Company’s corporate services department. Belinda has experience in international business companies’ products and services, having skilled handling a portfolio of international companies registered in Brunei, Labuan, the BVI and Seychelles for direct clients and intermediaries.
Prior to joining HMR Konsultan’s parent company (she is now fully engaged under HMR Konsultan) in 2012, Belinda trained at an international accounting firm in Singapore and qualified as auditor. She studied Accounting and Finance at Curtin University and is a member of CPA Australia.
Whilst busy being a mother of a cute baby girl, she considers herself as a go-getter in her career and at the same time continues enjoying her passion for travelling around the region when opportunity comes.
Belinda sits as Executive Director of HMR Konsultan (Labuan) Ltd. since 2017.