Brunei has five priority areas for business and investment in the Sultanate: Halal industry, technology and creative industry, business services, tourism, and downstream oil and gas.
The Halal industry is focussed on food and beverages, pharmaceuticals and cosmetics. An industrial site known as the Bio Innovation Corridor (BIC) has been assigned. Documentations on standards and guidelines pertinent to the Halal industry have been published to guide investors keen in venturing into the Halal industry. Brunei’s Halal certi cation mark is backed by several Acts and Orders, ensuring the integrity of the certi cation mark.
The technology and creative industry saw notable foreign direct investment (FDI) in recent years. CAE Brunei MPTC Sdn Bhd, one of Southeast Asia’s largest ight simulator training centres, provides training in defence, emergency and crisis management, and healthcare. To develop the technology and creative industry, the Sultanate has established two industrial parks: the Digital Junction and Anggerek Desa Technology Park.
Brunei is ideal for FDI due to its strategic location at the heart of Southeast Asia, important trade routes including the Maritime Silk Road, access to raw materials from Brunei – Indonesia – Malaysia – Philippines East ASEAN Growth Area (BIMP-EAGA), and key markets in Asia Paci c and Oceania through various potential to be a processing hub for Halal meat with their stringent and government-backed Halal certi cation process.
Tourism offers various business and investment opportunities for local and international companies. The Sultanate welcomes international companies to become partners in developing the following projects:
• To strengthen Brunei’s primary products: the Ulu Temburong National Park, Kampong Ayer (Water Village) and Bandar Seri Begawan.
• To develop emerging products and destinations: bird watching, diving, summer schools, secretariat building, Islamic tourism, medical tourism and cultural tourism.
• To increase the quality of tourism services by stakeholders such as travel agencies, airlines, transport services and accommodation providers.
With nearly 90 years of experience in the oil and gas sector, Brunei has developed expertise in upstream and lique ed natural gas (LNG). In May 2010, a methanol plant was commissioned and began exporting its products within the region. Future plans include developing downstream industries to generate economic growth, create employment for locals and promote other spinoff industries.
A nal investment decision (FID) has been announced to build a fertiliser plant, slated to be completed in 2021. Construction of an integrated re nery and petrochemical complex at Pulau Muara Besar (PMB) is ongoing and production is expected to start in July 2019.
The facility will produce re ned petroleum products such as gasoline, diesel, jet fuel, and downstream petrochemicals such as benzene and paraxylene.
To develop downstream industries, two industrial sites have been allocated and reserved: Sungai Liang Industrial Park (SPARK) and Pulau Muara Besar (PMB) Industrial Park. These sites provide new projects with proximity to existing and future petrochemical plants to achieve cross-industry synergy and optimise logistical ef ciency.
To start a business, one must learn the legal structures available and decide which is most suitable.
An applicant may set up an account at www.roc.gov.bn and complete a form. The form is for either of the following: incorporation of a company at BND300 (establishing a Sendirian Berhad), or registration of a business name at BND30 (establishing a sole proprietorship or partnership).
After completing the online form, the applicant must upload required documents. Registration fee is paid before submitting the application online. Once the application is approved, the applicant will receive the Company Incorporation Certi cate or Business Registration Certi cate via email.
Employers can register with JobCentre Brunei at www.jobcentrebrunei.gov.bn to advertise their vacancies. Companies may review job applicants and request for talent pool from JobCentre Brunei for a more speci c requirement such as experience or area of study.
For each job application, companies will have 30 days to review applications, conduct interviews and select a candidate.
If locals do not apply within two weeks, companies can apply for a clearance letter from JobCentre. Companies can proceed to the Department of Labour to apply for a Foreign Worker License and seek a foreign candidate.
Copyright 2019 Borneo Bulletin Yearbook 2019 All rights reserved.
