Month: November 2006

A license is required The insurance business in the Netherlands Antilles is regulated by the National Ordinance on the supervision of the Insurance Business Insurance companies (i.e., entities which make it their business to offer insurance products) established in the Netherlands Antilles and insurance companies with a statutory seat outside the Netherlands Antilles which have… Continue reading REGULATORY ASPECTS OF NETHERLANDS ANTILLES INSURANCE BUSINESS

A majority voted against ratification of the agreement with The Netherlands, which agreement would have given Curacao an autonomous status within the Kingdom of The Netherlands On 28 November 2006, a majority of the Curacao politicians voted against the agreement (‘slotverklaring’) with The Netherlands which was entered into on 2 November 2006. A historical mistake!… Continue reading WHAT HAVE THE CURACAO POLITICIANS DONE TO THE PEOPLE?

Cover for actual damage as a result of an uncertain event According to article 315 of the ‘Wetboek van Koophandel Nederlandse Antillen’ (Netherlands Antilles Commercial Code) “Insurance is the agreement whereby an insurer commits itself to the insured, against receipt of a premium, to compensate the latter for a loss, damage or loss of expected… Continue reading WHAT IS AN INSURANCE AGREEMENT UNDER NETHERLANDS ANTILLES LAW?

Only to licensed credit institutions Any Notes (including rights representing an interest in a Note in global form) that are offered as part of their initial distribution or by way of re-offering in the Netherlands Antilles, shall, in order to comply with the Netherlands Antilles National Ordinance on the supervision of banking and credit institutions… Continue reading THE OFFERING OF NOTES IN THE NETHERLANDS ANTILLES

How should we adapt to cope with this? Offering traditional funds and structures is no longer attractive. The industry should more focus on, e.g., Asia. Areas to be addressed are tax, costs, asset classes, performance, regulatory issues and local or regional requirements. The Netherlands Antilles (especially Curacao) provides a favorable tax, legal and regulatory climate… Continue reading HEDGE FUND INDUSTRY IS STILL GROWING RAPIDLY

Should blogs be promoted? For some (legal) bloggers it is still lonely ‘out there’ (in cyberspace). What can we do to help and support each other? Should we exchange content? Should we link to each other? Can we help each other with referrals? You undoubtedly have heard or read about search engine optimization, blog submission,… Continue reading HOW TO PROMOTE YOUR LEGAL BLOG?

Why would one blog anyway? Why should lawyers blog? Does it help growing their network? Are there any disadvantages? Have we any idea how many legal bloggers there are? How many ‘success stories’ do we know about? Is it a great time to start a legal blog? What is the future of legal blogging? Will… Continue reading WHAT IS THE FUTURE OF LEGAL BLOGGING?

Historic agreement The Netherlands Antilles consist of five islands: Bonaire and Curaçao (together with Aruba constituting the so-called ABC Islands, or Leeward Antilles, located in the South western Caribbean, near Venezuela). Curaçao is the largest island of the Netherlands Antilles; and Saba, St. Eustatius and St. Maarten (together constituting the three S’s, or Windward Islands,… Continue reading THE NETHERLANDS ANTILLES WILL CEASE TO EXIST

Changes per 1st January 2006 Up to January 1, 2006 an Aruba Tax Exempt company had only a few limitations in what activities the company wanted to contemplate. However, as of January 1, 2006 the Aruba government has changed the law under pressure of the OECD and the EU. The Aruba Exempt Company is now… Continue reading THE ARUBA TAX EXEMPT COMPANY

Approval Central Bank required The (indirect) transfer of shares in a Netherlands Antilles credit institution (bank), a so-called change of control, is subject to the prior written approval of the Central Bank of the Netherlands Antilles. For this approval the Central Bank evaluates the identity, financial position and the antecedents of the prospective (indirect) shareholders.… Continue reading TRANSFERING SHARES IN A NETHERLANDS ANTILLES BANK

At least one local director or representative required Under Netherlands Antilles law, no specific requirements exist regarding the purchase of shares in a Netherlands Antilles offshore company by a foreign company. According to Netherlands Antilles corporate law, in principle shares are transferable. However, there is one exception. The articles of association may exclude or limit… Continue reading ACQUIRING A NETHERLANDS ANTILLES OFFSHORE COMPANY