The economy of Brunei is primarily based on oil exports. Crude oil, petroleum products, and natural gas constitute more than 99% of Brunei's export value. Most food products and other consumer goods come from Singapore, Japan and Malaysia. Most of Brunei's beef is supplied by a government-owned cattle ranch in Australia which is larger than Brunei itself.
Though foreign investment is encouraged, the government is making efforts to increase local participation in industry and commerce. All companies must be incorporated locally or registered as a branch of a foreign company. At least half of the directors of any company must be residents of Brunei. Public companies are required to have at least seven shareholders and private companies must have between two and 50 shareholders. There is no personal income tax or capital gains tax in Brunei.