Brunei offshore company
Healy Consultants will assist our Clients with incorporating the optimal corporate structure for their company. Our Clients are often interested to setup an offshore company in Brunei, as such business entity is tax-exempt in Brunei and boasts simple registration procedures.
What is an offshore company?
- An offshore company is a Brunei company i) registered with the Brunei International Business Center ii) with a registered address and a company secretary in the Sultanate but iii) considered as a non-resident business in Brunei not allowed to pursue commercial and productive activities with Brunei’s territory;
- Also known as ” Brunei IBC companies”, offshore companies are therefore mainly used by businessmen to:
- Hold equity and other securities and assets owned outside of Brunei;
- Sign contracts corresponding to operations executed outside of Brunei and receive related revenue;
- Minimize taxation and protect the privacy of our Client’s net wealth and revenue.
- An IBC company in Brunei can be incorporated with only i) US$1 of share capital ii) one shareholder and iii) one director, which both can be of any nationality and do not need to be Brunei residents. The authorities will still require i) a registered address in Brunei and ii) a company secretary, which both can be provided by Healy Consultants to our Clients if needed.
Table of comparison between a Brunei offshore company and a Brunei onshore LLC
The 9 steps to Brunei offshore company incorporation
- Prior to incorporation of a non-resident Brunei company, our Client i) settles Healy Consultants’ fees ii) signs and returns our Client Engagement Letter and iii) provide us all the required due diligence documents;
- Healy Consultants then i) checks company name availability with the Brunei Registrar of Companies on your Firm’s behalf and ii) notify the Brunei International Business Center of the will of our Client to incorporate an offshore company in Brunei;
- Healy Consultants drafts a detailed engagement project plan for our Client detailing all procedures and timelines for the incorporation of the Brunei International Business Center company (Brunei IBC), including corporate bank account opening steps. This project plan maps out by week each step to establishment of the Brunei IBC, optimizing transparency and setting Client expectations;
- As a Brunei address is required to start a Brunei offshore business, Healy Consultants provides our Client a Brunei registered address for registration purposes only;
- After the corporate structure is agreed with our Client, Healy Consultants will prepare incorporation forms for Client signature and courier return;
- Thereafter Healy Consultants register our Client’s company with the Brunei International Business Center Registrar and pay the registration fee on our Client’s behalf;
- When registration is approved, Healy Consultants immediately i) emails to our Client the profile for the company and its certificate of incorporation and ii) obtain a seal for the company;
- After Brunei company set up, Healy Consultants assists our Client with opening a corporate bank account. The majority of our Clients choose either a Singapore or a Malaysia corporate bank account to support their company, for either i) tax and transfer efficiency reasons ii) because both jurisdictions are major global financial centers and iii) banks in Singapore and Malaysia offer multi-currency accounts and world-class Internet banking facilities;
- Following engagement completion, Healy Consultants couriers a full company kit to our Client, including original Brunei corporate documents, unopened bank correspondence, and a Client feedback survey to assess the assistance provided by our Firm in Brunei for offshore business incorporation.
Brunei offshore company formation fees and timelines
Offshore business setup in Brunei amounts to US$8,800 in year 1 and annual company costs in year 2 and thereafter amount to US$2,650. These average engagement fees include i) Brunei offshore business formation ii) corporate bank account iii) provision of a registered address and iv) estimate of government-induced fees.
The average offshore company registration period is 11 weeks as outlined below:
|1||Engagement planning||2 weeks|
|2||Company incorporation period||3 weeks|
|3||Bank account approval||4 weeks|
|4||Internet banking approval||1 week|
|5||Incorporation completion||1 week|
|Total engagement period||11 weeks|