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

The employer’s obligation to award severance pay is mandatory The Netherlands Antilles Severance Ordinance obliges the employer to award an employee whose employment terminates, a single payment (article 3 Paragraph 1). This single payment is a ‘statutory payment’ as distinct from compensation for e.g. early termination of an employment agreement, usually also called a severance… Continue reading SEVERANCE PAYMENTS UNDER THE LAWS OF THE NETHERLANDS ANTILLES

23 October 06: Interview with EU internal market commissioner Charlie McCreevy for German magazine “Der Spiegel” on the „Lotto war“ between the EU and Germany: “Same right applies to all” Spiegel: “Still in this year the German (federal) Prime Ministers are planning to sign a new lottery state treaty and by doing that cementing the… Continue reading CHARLIE McCREEVY SHOWS HIS TEETH: GAMING WAR CONTINUES

The law protects creditors In general, Netherlands Antilles law does not prohibit transfers for no consideration. However, it should be pointed out that under Netherlands Antilles law statutory provisions exist which see to it that no transactions are done for no other reason than to disadvantage creditors or making recourse of creditors impossible. For example,… Continue reading TRANSFERS FOR NO CONSIDERATION UNDER THE LAWS OF THE NETHERLANDS ANTILLES

Several measures available to the Central Bank The Netherlands Antilles Ordinance on the Supervision of Banks and Credit Institutions 1994 provides for several measures that may be implemented with respect to a credit institution, including in view of liquidity or solvency concerns. The legal provisions with respect to a moratorium under the Bankruptcy Act do… Continue reading EMERGENCY MEASURES IN RESPECT OF NETHERLANDS ANTILLES BANKS

100,000 members milestone for Ecademy Today, Ecademy has reached the milestone of 100,000 members. Ecademy is a business and social networking site founded by Penny and Thomas Power.     I’m using Ecademy for business networking. Why? Ecademy provides business people around the world with: Trusted business introductions and referrals Advertising for your business across… Continue reading CENTURION – 100,000 ECADEMISTS

Registration of aircrafts In accordance with article 2 of the Netherlands Antilles Aviation Ordinance (P.B. 2001, no. 151) it is prohibited to fly with an aircraft which is (a) not provided with a valid proof of registration, (b) not provided with a nationality mark and a registration mark, (c)  not provided with a valid proof… Continue reading NETHERLANDS ANTILLES AVIATION LAWS

No derivate suit If the assets of a company are impaired by a third party in a way that cannot be accepted by the law, e.g. an act of tort, and as a result of which the value of the shares in principle decreased, it is only the company that is authorized and entitled to… Continue reading CAN A SHAREHOLDER CLAIM COMPENSATION FOR HARM DONE TO THE COMPANY UNDER THE LAWS OF THE NETHERLANDS ANTILLES?

The bankruptcy trustee has exclusive powers In a bankruptcy, the rights and powers to which the bankrupt company is entitled (for example the challenge of a claim) may only be exercised by the bankruptcy trustee. Also, only the bankruptcy trustee may exercise significant rights to which every individual creditor is entitled outside of the bankruptcy.… Continue reading THE BANKRUPTCY TRUSTEE VERSUS INDIVIDUAL CREDITORS OF A BANKRUPT UNDER THE LAWS OF THE NETHERLANDS ANTILLES