Brunei employment visas
Brunei is a welcoming country for foreign investors. The Sultanate promotes company creation in Brunei outside of the oil and gas industry, so it is easy for entrepreneurs to obtain a brunei working visa for both themselves and their employees if they start a business in Brunei. Healy Consultants will assist our Clients by preparing the visa application and submitting it to the Brunei Immigration and National Registration Department. Our fee for this service is US$3,950.
- Before employers can hire foreigners (following Brunei company formation), they are firstly required to obtain a labor license from the Brunei Labor Department. They are then required to apply for an employment pass (duration of up to 2 years) with the Immigration and National Registration Department on behalf of each foreign employee. Employees of Malaysian and Singaporean citizenship are exempted from visa requirement, although an application must still be filed by their employer;
- Documents to be submitted by the employer include i) a copy of the employment offer ii) a copy of the labor license iii) a passport copy iv) two passport photos v) visa and work pass application forms vi) identification documents for the company and vii) a security bond covering a one-way airfare to the employee’s country of origin;
- The employee will then be required to i) obtain the work permit at the nearest Brunei Consulate or Embassy ii) undergo a health screening test and iii) apply for a smart identity card if employment is to last over 3 months;
- Kindly note that the Brunei employment permit is complex to renew after two years for employees on low-skilled positions.
- These visas are issued for 3 months for the purpose of either tourism or short-term unremunerated business;
- Documents required are i) a valid passport and passport photos ii) a letter of introduction (for business visa only) and iii) a return ticket;
- Our Clients will benefit from a visa waiver, if they are citizens of any one of 52 countries including i) Australia ii) all EU countries iii) Singapore iv) the USA v) Hong Kong vi) the UAE vii) New Zealand and viii) Saudi Arabia.
Brunei corporate banking options
Healy Consultants assists our Clients with opening a corporate bank account in Brunei without travel. Our fee for this service is US$2,950 and within 4 weeks we will provide a corporate bank account number and two weeks later we will activate internet banking on behalf of our Client. Our experienced banking team will prepare all required documentation and submit them to your preferred bank. We will also attend the bank interview on your behalf.
Healy Consultants banking services in Brunei
- Healy Consultants Compliance Team can open an international corporate bank account within 3-4 weeks of Brunei business formation, and there is no need for the Client to travel to Brunei to complete the formalities. Following Brunei businesss bank account approval, the preferred bank will directly and independently email our Clients the corporate bank account number;
- Other services provided by Healy Consultants include assistance with securing corporate finance in the form of a loan, overdraft or simply preferential credit terms are other corporate banking related aspects of doing business in Brunei;
- Brunei banking provides finance to Brunei registered companies provided the following conditions are met i) good business-plan ii) availability of collateral assets iii) experience of business owners iv) last 3 years audited financial statements v) realistic feasibility study and a vi) project strength and weaknesses analysis (SWOT) study;
- To support their new business in Brunei, Healy Consultants assists Clients with trade finance tasks including i) bank guarantees ii) letters of credit iii) finance against trust receipt and iv) document against payment and against acceptance.
Corporate banking options in Brunei
- Brunei banks provide to both Bruneian residents and nonresidents the full range of corporate bank account facilities including multiple currencies accounts, internet banking, telephone banking, checking accounts, savings accounts, debit and credit cards, fixed term deposits, and wealth management services;
- Only six international banks maintain a presence in Brunei, including i) HSBC ii) Maybank iii) Citibank iv) RHB v) UOB and vi) Standard Chartered. To receive the best internet banking and customer service in Brunei, Healy Consultants recommends using the services these banks for all corporate bank account solutions;
- The only three local banks in Brunei are i) Baiduri Bank Berhad ii) Bank Islam Brunei Darussalam Berhad and iii) Perbadanan Tabung Amanah Islam Brunei. We do not recommend them to our Clients, due to their virtually inexistent presence outside of Brunei.
Exchange controls and other regulations
- The Bruneian Dollar is pegged to the Singaporean Dollar at a 1-1 fixed exchange rate. Singaporean dollars can be used without restriction in Brunei, and reversely;
- Brunei Darussalam does not apply exchange controls on investments and profits repatriation from the Sultanate;
- In an effort to re-address its tax-haven reputation, Brunei has implemented since 2012 more stringent anti money laundering regulation including i) mandatory declaration of all assets from both resident and nonresident owners of a Brunei bank account ii) search and seizure powers for the Brunei Financial Intelligence Unit and iii) exchange of information with foreign tax and police authorities.