CREDIT INSTITUTIONS IN CURACAO AND ST. MAARTEN
A license is required
The National Ordinance on the supervision of banking and credit institutions 1994 (Landsverordening toezicht bank- en kredietwezen, the “NOSB”) of both Curacao and St. Maarten prohibits any one (other than a licensed Credit Institution) from – directly or indirectly – soliciting funds from the public or extending credit to the public (art. 45 NOSB).
It should be noted that the Explanatory Memorandum to the NOSB bestows a wide scope on the term “public”, i.e. anyone other than a licensed Credit Institution. The Central Bank of Curacao and St. Maarten may grant individual exemptions from this prohibition. …
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INVESTMENT INSTITUTIONS IN CURACAO AND ST. MAARTEN
Raising money without a license is prohibited
The National Ordinance on the Supervision of Investment Institutions and Administrators 2002 (Landsverordening toezicht beleggingsinstellingen en administrateurs, a.k.a. “NOSIIA”) of both Curacao and St. Maarten prohibits raising, or obtaining, pecuniary means or other property for the purpose of participating in an investment institution that has not been granted a license by the Central Bank of Curacao and St. Maarten, and prohibits offering participating interests in such an investment institution in or from Curacao or St. Maarten respectively.
Investment institutions may be exempted from this prohibition if the moneys or goods to be exchanged for …
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TRUST SERVICE PROVIDERS IN CURACAO
TSPs are supervised by the Central Bank
Many international group structures include one or more Curacao legal entities or partnerships. The main reasons for this are the internationally competitive conditions for business development in the area of corporate law and the tax system in Curacao, as well as the well-developed professional financial services industry. Trust Service Providers (“TSPs”) are involved in setting up and maintaining such structures. TSPs conduct the management of legal entities and partnerships (“client companies”) on behalf of other enterprises. Management usually involves the TSP acting as manager of the client company and providing a correspondence address …
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