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INVESTMENT POTENTIAL
BUSINESS AND INVESTMENT INCENTIVES
Brunei, through its Vision 2035 has set out the
direction of its economic goals with an emphasis
on attracting foreign direct investments (FDIs)
as a driver of growth.
It focusses mainly on economic activities
that attract new industries, knowledge,
technologies, markets and businesses as well
as employment opportunities.
Through an open economy policy favourable
to foreign trade and FDIs, the government
continues its economic diversification efforts
to limit its long reliance on oil and gas exports.
This is part of the government’s reform agenda
to ensure a pro-business and conducive
investment climate.
Thanks to a slew of investment incentives,
political stability and peaceful environment in
the country, the last few years saw the country
accelerating its pace on bringing in more FDIs.
The various investment incentives are offered by
the Ministry of Energy, Manpower and Industry
(MEMI) and through activities conducted by
the Ministry of Foreign Affairs (MoFA) and the
Brunei Economic Development Board (BEDB).
Brunei has also made some crucial amendments
and streamlining of its laws to make it easier
and quicker for entrepreneurs and investors to
establish businesses.
One of the initiatives includes the amendment of
the Business License Act (Amendment) of 2016
that exempts several business activities from
needing to obtain a business license. Another
is the Miscellaneous License Act (Amendment)
of 2015 that reduces the wait times for new
business registrants to start operations, with
low-risk businesses like eateries and shops able
to start operations immediately.