In 2016, Brunei Darussalam conducted a full scope assessment and review on the operations of the International Business Companies (IBCs). Following from that, BDCB undertook the necessary steps to strengthen the legal and regulatory framework administering the activities related to IBCs including the issuance of relevant notices.

To date, 6,292 IBCs have been struck off due to non-compliance to the legislations governing its activities. Additionally, as a result of the issuance of the notices, 11 registered agents have surrendered their licences and ceased their operations, 1,486 IBCs have migrated to other jurisdictions such as Labuan, Seychelles and Belize. There are currently 13 IBCs listed in the registrar and these are IBCs owned or linked to Government entities. The process for repealing the corresponding legislations related to the licensing, regulation and supervision of these activities have commenced.

Moving forward, the remaining 13 IBCs will be phased out to either be registered under Companies Act Cap 39 or migrated to other International Financial Centres.