On 20 March 2017, the Authoriti Monetari Brunei Darussalam (the “AMBD”) released a notice confirming that all International Business Companies incorporated in Brunei Darussalam (“IBCs”) must either be wound up or migrated to an alternative jurisdiction by 24 December 2017. The AMDB have recently released an amended notice extending the deadline for compulsory migration or winding-up of IBCs to 30 June 2018.
Pinel Advocates routinely assists clients with both in-bound and out-bound company migrations and would be very pleased to provide help to clients wishing to relocate IBCs from Brunei to Jersey. Whilst we understand that the extension of the migration deadline has alleviated some of the pressure that financial services licensees in Brunei are facing to deal with the changes, owners and directors of IBCs are advised to promptly take steps to deal with their relevant entities well before the deadline.
For more information please contact David Yetman.