10 years is mandatory Pursuant to article 42 of the National Ordinance on the supervision of banking and credit institutions 1994 (‘Landsverordening toezicht bank- en kredietwezen’), a credit institution is obliged to, during at least 10 years, keep all letters, records, and data carriers in respect of its business activities and the movements in all… Continue reading KEEPING FINANCIAL DATA BY CREDIT INSTITUTIONS UNDER THE LAWS OF THE NETHERLANDS ANTILLES

A valid certificate of airworthiness is required Pursuant to section 8 of the Curaçao Aviation Decree (‘Curacaosch Luchtvaartbesluit 1935’), no aviation may be exercised if: – there is no valid certificate of airworthiness for the aircraft carrier issued by the authority in the jurisdiction of registration of the aircraft carrier; – the crew of the aircraft carries… Continue reading AVIATION LAWS IN THE NETHERLANDS ANTILLES

The liquidator takes control over the company Below you will find an outline of certain steps to be taken in order to accomplish the dissolution (‘ontbinding’) and liquidation (‘vereffening’) of a Netherlands Antilles company Steps to be taken to liquidation: 1. Resolution of the shareholders meeting to: (i) dissolute the company; (ii) appoint a liquidator; and (if they… Continue reading THE VOLUNTARY LIQUIDATION OF A NETHERLANDS ANTILLES COMPANY

Court termination for a serious cause Each party may request the competent Court to terminate the employment agreement on the basis of a serious cause. A serious cause may be an urgent cause that has not previously been invoked to terminate the employment agreement immediately, or a change in the circumstances of such a nature… Continue reading NETHERLANDS ANTILLES LABOR LAW (VII)

Termination during the trial period The parties to an employment agreement may at the start of their relationship agree to a trial period. The maximum duration of the trial period is two months and does not depend on the length of the employment agreement. During this trial period, either party may terminate the employment agreement… Continue reading NETHERLANDS ANTILLES LABOR LAW (VI)

Termination for urgent cause A party to an employment agreement may be confronted with an urgent situation in which he cannot reasonably be expected to continue the employment. If this situation is caused by the employee, the employer is entitled to terminate the employment agreement without notice and with immediate effect. No DDLA permit is… Continue reading NETHERLANDS ANTILLES LABOR LAW (V)

Termination by mutual consent An employment agreement may be terminated by mutual consent. It is recommended that a termination by mutual consent is confirmed explicitly in a written document signed by both parties. It is essential to ascertain that the employee understood what he was doing and acted freely. Case law shows that the employer… Continue reading NETHERLANDS ANTILLES LABOR LAW (IV)

Notice of termination of an employment agreement for an indefinite period Notice by the employer requires a permit from the the Director of the Directorate of Labor Affairs (“DDLA”; “Directeur van Directie Arbeidszaken”). Until this DDLA permit is obtained, any notice is null and void and does not terminate the employment. In the application for… Continue reading NETHERLANDS ANTILLES LABOR LAW (III)

Employment agreements for a definite period It is not unusual to conclude an employment agreement for a definite period in order to avoid the difficulties relating to the termination of an employment agreement for an indefinite period. The agreement for a definite period terminates automatically on the expiration of the agreed period, unless agreed otherwise.… Continue reading NETHERLANDS ANTILLES LABOR LAW (II)

Termination Although the termination of an employment agreement is basically a matter between the employer and the employee, it must comply with certain statutory rules. These rules provide for rather extensive job protection. A distinction has to be made between an employment agreement for a definite period of time and an employment agreement for an… Continue reading NETHERLANDS ANTILLES LABOR LAW (I)

The ultimate vehicle for tax- and estate-planning Introduction The Netherlands Antilles Private Foundation has been introduced in the Netherlands Antilles Law through the National Ordinance Regarding Foundations as published on October 31, 1998. Since March 1st, 2004, these rules are laid down in Book 2 of the Civil Code. The Private Foundation possesses corporate personality… Continue reading PRIVATE FOUNDATIONS UNDER THE LAWS OF THE NETHERLANDS ANTILLES

Shareholders have the freedom to organize the company the way they want A limited liability company has shares. If a certain right does not comprise a voting right nor a right to share in distributions of the company’s income (dividends) it is not deemed to be a share. Concepts like registered, subscribed and contributed capital… Continue reading THE CAPITAL OF A NETHERLANDS ANTILLES LIMITED LIABILITY COMPANY