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Brunei is the 3rd largest oil producer in the
southeast Asia and the 4th largest producer of
liquefies natural gas in the world. For many years, Brunei
has been a significant player in the ASEN region. Its very
strong ties with the United kingdom, Singapore and regional
countries have led to the build-up of considerable
commercial activity. Traveling time is between 1.5to 3 hours
from major Asia financial centers such as Hong Kong, Jakarta,
Kuala Lumpar, Manila, Singapore and shanghai to Brunei
Darussalam. Direct international flights to other locations
in Australia, Europe, middle East and New Zealand are also
available.
There are nine banks providing full banking services in the
country. Eight are commercial banks and one is a development
bank. Two of these are locally incorporated. International
banks such as HSBC, Standard Chartered, and Citibank have
been operated in the country for decades. Other banks
include baiduri bank Berhad, Development bank of Brunei Bhd.,
Islamic bank of Brunei, Malayan banking berhad, oversea
union bank Ltd and United Malaysia Banking corporation
Berhad. All major accounting firms have significant
presences, and there are some twenty law firms.
The Brunei international Financial Centre (BICF) was
established in 2000 to promote the country as a regional
financial hub and a comprehensive set of legislation was
passed during 2000 to 2002.incorporation of an IBC is
governed by international business companies Order,2000(¡°IBCO¡±),which
contains provision for tax-free facilities at highly
competitive cost levels. Brunei is more concerned with
attracting a critical mass of good business than a fee-based
income stream at a high cost to the end-users.
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