Brunei: Country and Foreign Investment
In 2000, Brunei instituted a tax-privileged International Financial Centre.
Prior to formal establishment of the IFC in July, 2000, Brunei was already a busy commercial centre, as witnessed by the existing active presences in the banking sector of HSBC, Standard Chartered, Citibank, Overseas Union Bank, RHB, Maybank, Baiduri Bank, Islamic Bank of Brunei Berhad, Islamic Development Bank of Brunei and The Brunei Islamic Trust Fund.
Brunei announced its intention to deploy its sovereignty, wealth and human resources in a conservative but assertive manner. Brunei IFC offers a range of international legislation carefully crafted to permit flexible, cost effective capabilities which are right up-to-date.
Accordingly, it was announced, Brunei would be a "dual jurisdiction", whereby the international legislation offered "offshore" facilities, alongside the usual range of "domestic" legislation drawn from that of England and Wales. The jurisdictional distinction is thus jurisprudential rather than physical and the judicial system will be common to both domestic and international law.