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Compulsory migration or winding up of international businesses in Brunei
May 3, 2017
According to Notice RIBC/N-2/2016/ (2) issued by the Brunei Registry on the 22 December 2016 and as amended on the 20 March 2017, the Brunei International Business Companies (IBC) and the Brunei Offshore Companies related landscape is winding down and is projected to be fully closed by the 24 December 2017.
http://www.ambd.gov.bn/Lists/Announcements/DisplayItem.aspx?ID=52
This means that IBCs are, to either:
a) migrate to another jurisdiction pursuant to section 156 of the Business Companies 0rder, 2000 (IBCO) or
b) wind-up pursuant to section 156 of the IBCO.
According to the same Notice, annual renewal fees for 2017 and most filing fees are waived for these procedures.
Should you require further information regarding the above please contact your Registered Agent and/or Service Provider.
