A license is required
According to Section 4 of the Aruba State Ordinance on the Supervision of the Credit System 1998 (SOSC), no enterprise or institution established in Aruba shall pursue the business of a credit institution unless it has obtained authorization to that end from the Central Bank. No enterprise or institution established outside Aruba shall pursue the business of a credit institution through a branch in Aruba, unless it has obtained authorization from the Central Bank to do so (Section 24(1) SOSC).
A “credit institution” under the SOSC means an enterprise or institution, not being an institution established by (an Aruban) State Ordinance, whose business is to receive funds repayable on demand or subject to notice being given, and to grant credits or investments for its own account (Section 1 SOSC). Only companies with an establishment, branch-office or representative office can obtain authorization to pursue the business of a credit institution, i.e. they must have some kind of permanent presence from which the business of a credit institution is pursued.
The SOSC prohibits any natural person or legal entity (other than a registered credit institution) from approaching the public (i) in order to attract funds in the course of his or its occupation or business which funds in total or for each case of separate attraction, respectively, are below an amount to be decided by Ministerial regulation, or (ii) in order to grant credits in the course of his or its occupation or business, or (iii) in order to act as an intermediary in any way in these cases (Section 48(1) SOSC). According to a Ministerial regulation of April 16, 2009, the amount below which it is prohibited to approach the public, either directly or indirectly, for the purpose of attracting funds in the course of one’s occupation or business is Afl. 1 million (approximately US$ 560,000).
Attorney (Lawyer) / Partner
(29 November 2011)