The Brunei economy consists of domestic as well as foreign entrepreneurship. The financial assistance from the overseas countries helps Brunei in the development and improvement of its domestic production.
Natural gas and crude oil are the two main productions of the country.
Brunei, Economy and Business is well related with each other. The better the economy of a country the more it will help in the expansion of trades in the country. In Brunei, the government of the country offers free education to the pupils along with medical services. The futures plans of the Brunei government consist of increasing employment growth of travel attractions, strengthening of the banking sectors and others.
The export of oil and natural gas are the sources of high revenue generation for the country. The government is now investing more on e-services like E-education, E-commerce and others. There are several trade opportunities in Brunei which help in revenue generation for the country.
The Brunei government has put in a lot of effort to develop Brunei agriculture. Fruit and rice farming, fisheries, livestock and forestry are some of the areas where an extensive work has been done to improve the production. The agricultural products of Brunei are rice, vegetables, and different types of fruits. With the introduction of various modern agricultural methods there has been a huge increase in the rice production of Brunei. The rice fields in Brunei produce approximately 290 tones of rice which account for one percent of the country’s need. In 1978, the Brunei government had launched a project in Kampong Wasan for mechanized rice production. In the year 1975, the government had also launched a fruit farming project to increase fruit production in Brunei. Fruit farming is not practiced in a wide scale, though it supplies more than 14,000 tones of tropical fruit. Vegetable farming is also an important part of Brunei agriculture and is becoming more popular with the people. Cattle farming and animal husbandry also accounts for a considerable share in Brunei agricultural scenario. Apart from these, fisheries and forestry comprise an important part of Brunei agriculture.
The Ministry of Industry and Primary Resources of Brunei regulates all industrial activities of the country. It is the regulatory body of all the Brunei companies. It serves as a One-Stop agency facilitating the work of the business men. You have to deal with the Ministry of industry of the country for setting up your own company. This is only required when government assistance is needed to start the business.
The Ministry does the necessary work on your behalf and all the procedures are completed within a short span of time. Any private organization which does not need government assistance will only require the approval for doing business in Brunei. Certain rules have to be followed by the Brunei companies. A company must enter it name either as foreign company or local with the Registrar of Companies. There should be a total of seven share holders in any public company in Brunei. On the other hand, the private companies of Brunei must have at least two shareholders, if wanted, can go up to fifty. Brunei citizens must constitute half of the board of directors of any company. Brunei Shell Petroleum is one of the largest companies in Brunei. There are several types of companies in Brunei like the following:
- Sole proprietorship
- Branch of Foreign Company
- Partnership companies
- Private Company
- Public Company