Foreign investment in rail transport services is limited to 49% of equity ownership.
"ANNEX I - SCHEDULE OF BRUNEI DARUSSALAM
Sector: Transport Services
Sub-sector: Rail transport services
Obligations Concerned: National Treatment (Article 9.4), Performance Requirements (Article 9.10), Senior Management and Boards of Directors (Article 9.11), 
Market Access (Article 10.5), Local Presence (Article 10.6)
Measures: Administrative Measures and Guidelines
Description: Investment
Foreign nationals and enterprises may not provide rail transport services in Brunei Darussalam, unless:
(a) through an enterprise established in Brunei Darussalam that is a joint venture, where the foreign national or enterprise does not own more than 49 per cent equity shareholding in the joint venture; (b) they comply with any performance requirements imposed, including requirements to transfer a particular technology or other roprietary knowledge as long as such requirement to transfer technology or other proprietary knowledge does not unreasonably prejudice the legitimate interests of the owner of technology or proprietary knowledge and is not for the purposes of commercial exploitation by Brunei Darussalam; or (c) a majority of the senior managers in the joint venture are Brunei nationals.” (ANNEX I - SCHEDULE OF BRUNEI DARUSSALAM, Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)) 
ANNEX I - SCHEDULE OF BRUNEI DARUSSALAM, Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
[<a href="https://www.mfat.govt.nz/assets/Trade-agreements/TPP/Annexes-ENGLISH/Annex-I.-Brunei.pdf">CPTPP</a>]