Brunei is located on the north coast of the island of Borneo, facing the South China Sea, surrounded by East Malaysia. The monarchy gained its independence from the United Kingdom in 1984, the head of state is the Sultan of Brunei. The country has the lowest population in the ASEAN (ca. 450.000), though with one of the highest per-capita GDP level in the region. Brunei has abundant natural resources, therefore offshore oil-drilling is the base of the economy, providing 60% of the GDP and 90% of export revenue. Brunei has a low tariff regime and no personal income tax. Company tax is 55 per cent for the two oil and gas companies (Brunei Shell and Jasra Elf) and 30 per cent for other companies.