Only under exceptional circumstances In terms of “piercing the corporate veil” and shareholders’ liability, the laws of the Netherlands and Aruba are nearly identical. As far as a tort matter concerns the laws of Aruba, Dutch case-law and Dutch legal literature should be considered as well. In exceptional cases shareholders of an Aruba company can… Continue reading LIFTING THE CORPORATE VEIL IN ARUBA
Author: Karel Frielink
REGULATORY LAWS IN THE BES ISLANDS
There are three regulators According to the Dutch Central Bank (“DCB”), financial institutions must be sound, reliable and stable to ensure confidence among businesses, consumers and others. DCB states on its website: “In addition to making certain their customers are properly informed about their products and services, these institutions also have a duty of care… Continue reading REGULATORY LAWS IN THE BES ISLANDS
ELECTRONIC MONEY INSTITUTIONS IN ARUBA
A license is required The European Central Bank defines e-money as follows (a non-legal definition): “E-money can be defined as any amount of monetary value represented by a claim issued on a prepaid basis, stored in an electronic medium (for example, a card or computer) and accepted as a means of payment by undertakings other… Continue reading ELECTRONIC MONEY INSTITUTIONS IN ARUBA
AMERICA MOVIL ABANDONS BID FOR KPN
Must KPN remain in Dutch hands? On NU.nl I read the report that the Mexican telecom company América Móvil, owned by the billionaire Carlos Slim, is abandoning a bid for the Dutch company KPN. The report reads: “The company refers in a statement to the Mexican stock exchange authorities to the barrier that the Stichting… Continue reading AMERICA MOVIL ABANDONS BID FOR KPN
AMERICA MOVIL ZIET AF VAN BOD OP KPN
Moet KPN in Nederlandse handen blijven? Op NU.nl las ik het bericht dat het Mexicaanse telecombedrijf América Móvil, het concern van de miljardair Carlos Slim, afziet van een bod op het Nederlandse bedrijf KPN. In het bericht staat: “Het bedrijf wijst in een melding aan de Mexicaanse beursautoriteiten op de beschermingswal die de Stichting Preferente… Continue reading AMERICA MOVIL ZIET AF VAN BOD OP KPN
CHINA OPENT CONSULAAT IN CURACAO
China en Curacao kiezen voor economische samenwerking De consul-generaal van de Volksrepubliek China, mevrouw Chen Qiman, en de Chinese consul de heer Huixun Zhang, hebben op 15 oktober 2013 een kennismakingsbezoek gebracht aan Karel Frielink, de honorair-consul van Duitsland in Curaçao, St. Maarten en de BES-eilanden. Mevrouw Chen Qiman is de eerste consul-generaal van de… Continue reading CHINA OPENT CONSULAAT IN CURACAO
THE ARTICLES OF ASSOCIATION OF A CURAÇAO COMPANY (III)
Controlling minority? Such a situation (i.e. example 2) is possibly less desirable from the company’s perspective, certainly where the more essential decision-making is concerned. Although decisions should be taken on the basis of a discussion of content and it will not always be possible to predict how the meeting of shareholders will vote, the possibility… Continue reading THE ARTICLES OF ASSOCIATION OF A CURAÇAO COMPANY (III)
THE ARTICLES OF ASSOCIATION OF A CURAÇAO COMPANY (II)
Articles determine the nature of the company A company’s articles of association determine the nature of the company (take for example the description of the purpose), regulate the internal competences (e.g. dismissal and appointment), limit the powers (e.g. decisions requiring approval), determine the internal responsibilities (e.g. drawing up the annual report and accounts), regulate the… Continue reading THE ARTICLES OF ASSOCIATION OF A CURAÇAO COMPANY (II)
THE ARTICLES OF ASSOCIATION OF A CURAÇAO COMPANY (I)
Comparable with a constitution The articles of association of a Curaçao company (a public [NV] or private [BV] limited liability company) are somewhat comparable with a constitution or state regulations: the articles of association comprise – like the law, but also additionally to the law and, where permitted, unlike the law – the rules of… Continue reading THE ARTICLES OF ASSOCIATION OF A CURAÇAO COMPANY (I)
VALIDLY REPRESENTING A CURACAO COMPANY
Extract and Articles are of importance Limited liability companies like the Curaçao NV or BV are legal entities. Whether or not a managing director has the authority to validly represent a company can be derived from the extract from the Trade Register of the Chamber of Commerce of Curaçao together with the articles of association… Continue reading VALIDLY REPRESENTING A CURACAO COMPANY
DE FUN FACTOR
Over plezier en vertrouwen Geen enkele cliënt zal zijn advocaat willen betalen voor het maken van grappen. En als advocaat hoef je ook helemaal niet grappig te zijn. En als een zaak ernstig van aard is dan mag je zelfs niet grappig zijn. Maar omdat zaken doorgaans meer dan enkele uren of dagen duren, is… Continue reading DE FUN FACTOR
ANTI-MONEY LAUNDERING LAWS IN CURACAO
Money laundering is prohibited Title XXXI of the Penal Code of Curaçao basically prohibits any type of money laundering. The National Ordinance on the Reporting of Unusual Transactions (NORUT) obliges service providers acting in the course of a business or profession, to report unusual transactions. The National Ordinance on Identification of clients when Rendering Services (NOIS)… Continue reading ANTI-MONEY LAUNDERING LAWS IN CURACAO