Brunei Offshore Company
Brunei offshore company legislation was endorsed in 2000 as a part of initiatives to expand the Brunei International financial Centre (BIFC). The BIFC offshore company was not the only entity introduced; international trusts and International Limited
Partnerships were also introduced in an effort to increase revenues for maintenance of different sectors in the country, to improve the financial sector, increase job opportunities among other reasons. The Brunei offshore company law is based on English Common law.
Brunei offshore company laws allows for the following type of offshore companies to be incorporated in the jurisdiction; companies limited by shares, guarantee, shares and guarantee, Foreign International Companies and Dedicated Cell Companies.
To register the Brunei offshore company a registered agent is required. The agent must prepare the Memorandum of Association and Articles of Association which is filed as required by the offshore company regulation. The registered agent must also file a Certificate stating that all compliance regulations were followed. Due diligence is carried out on all individuals (beneficial owners) wishing to undertake incorporation of an offshore company in Brunei. Source of funds must also be provided by the beneficial owner.
The requirements for Brunei offshore company formation as listed below;
- The name of the offshore company
- The name of the shareholder
- The name of the director
- Authorized share capital
- Name and address of the company secretary( at least one secretary must be a resident of Brunei)
- The types of shares to be issued
- The number of shares which will be issued
- By-laws of the company
Brunei company laws permit the incorporation of an offshore company with up to seven (7) directors but the company can be incorporated with one shareholder and one director of any nationality. Appointment of a company secretary is mandatory by law. Directors and secretaries of an offshore company incorporated in Brunei can a corporate entity.
Brunei offshore companies are free from local taxes in the jurisdiction. The offshore companies will pay local registration fees and annual license fees for the offshore company. The offshore company is not required by regulations to file its financial statements and audits with the local authorities however company records should be maintained.
Offshore company in Brunei takes at least five (5) days for completion and there is no need for the beneficial owner to travel to the jurisdiction to complete this process. Brunei offshore company can be used for all types of legal business activities outside of the jurisdiction.