A contractual arrangement may limit the board’s powers Shareholders of a Dutch Caribbean NV or BV may choose between the English/American one-board system and the traditional continental European two-tier system. In a two-tier system there is a management board (parallel to the inside directors on a one-tier board) and a separate supervisory board (parallel to… Continue reading MANAGING A COMPANY WHICH BELONGS TO A FOREIGN OWNER
Tag: curacao
EMERGENCY MEASURES FOR CREDIT INSTITUTIONS IN THE DUTCH CARIBBEAN
The Central Bank has certain regulatory powers Not all banks perform well. Sometimes things go wrong. In the Netherlands Antilles the Central Bank has certain powers to take over control, if necessary. The Central Bank may request the Court of First Instance to subject a bank (credit institution) to the emergency measure pursuant to Article… Continue reading EMERGENCY MEASURES FOR CREDIT INSTITUTIONS IN THE DUTCH CARIBBEAN
STATUTORY MERGERS UNDER THE LAWS OF THE DUTCH CARIBBEAN
Mergers mostly within a group of companies A statutory merger involves at least two legal entities. The law uses the terms acquiring and disappearing legal entity. The law specifies that only legal entities having the same legal form may merge, specifying that a BV (closed limited liability company) and a NV (public limited liability company)… Continue reading STATUTORY MERGERS UNDER THE LAWS OF THE DUTCH CARIBBEAN
INVESTMENT COMPANY REGULATIONS IN THE DUTCH CARIBBEAN
Holding companies are not investing An investment company (NV or BV) is a company that raises or obtains pecuniary means or other property to be used for collective investment with the objective of allowing the participants to benefit from the revenues of those investments. The Netherlands Antilles National Ordinance on the Supervision of Investment Institutions… Continue reading INVESTMENT COMPANY REGULATIONS IN THE DUTCH CARIBBEAN
HARRY POTTER AND THE BATTLE OVER COPYRIGHT LAWS
Can the author come up with a legal spell to prevent the publishing of a HP encyclopedia? J.K. Rowling is the renowned author of the famous fantasy books about the life of wizardry student Harry Potter. Since the release of the first book in 1997, the series have gained huge popularity worldwide. The books have… Continue reading HARRY POTTER AND THE BATTLE OVER COPYRIGHT LAWS
TRUST COMPANIES IN THE DUTCH CARIBBEAN
Rendering trust services without a license is prohibited Many international group structures include one or more Dutch Caribbean legal entities or partnerships. The main reasons for this are the internationally competitive conditions for business development in the area of corporate law, the tax system, and the well-developed professional financial services industry of the Netherlands Antilles.… Continue reading TRUST COMPANIES IN THE DUTCH CARIBBEAN
ELECTRONIC TRANSACTIONS IN THE DUTCH CARIBBEAN
A digital signature has the same legal effect as a hand-written signature The Ordinance on agreements concluded electronically (‘Landsverordening overeenkomsten langs elektronische weg’) became effective on 1 January 2001. Trade, financial services and other commercial activities are being conducted electronically at a rapidly growing rate. The Netherlands Antilles was ahead of many countries in developing… Continue reading ELECTRONIC TRANSACTIONS IN THE DUTCH CARIBBEAN
COMPLIANCE IN THE DUTCH CARIBBEAN
Curacao considers how the US deals with compliance Compliance is essentially about systems and procedures at corporations, banks, funds, trust offices, insurance companies and the like, to ensure that their officers and employees are aware of and take steps to comply with the relevant laws and regulations. It is also referred to as ‘regulatory compliance’.… Continue reading COMPLIANCE IN THE DUTCH CARIBBEAN
FILING FOR BANKRUPTCY IN THE DUTCH CARIBBEAN
The ultimate recourse against a person not paying his debts The bankruptcy order can be applied for either by the debtor or by one or more of its creditors. If the debtor is a company then, pursuant to Article 2:8 par. 4 of the Civil Code, the managing directors do not have the authority to… Continue reading FILING FOR BANKRUPTCY IN THE DUTCH CARIBBEAN
DUTCH CARIBBEAN BUSINESS LICENSES
Citizens versus non-citizens According to the Netherlands Antilles Ordinance on the Establishment of Businesses (‘Landsverordening betreffende vestiging van ondernemingen’, PB 1946 nr. 43) a license is required to establish a company (‘vestigingsvergunning’). A further license is required to operate one as an individual director if one is not a citizen of the Netherlands Antilles (‘directievergunning’).… Continue reading DUTCH CARIBBEAN BUSINESS LICENSES
PROTECTING ONES ASSETS IN A TAX FRIENDLY ENVIRONMENT
Dutch Caribbean as the jurisdiction of choice There are millions of people around the world who can be called wealthy. Many of them want to protect their wealth, against political instability, for example. To do so they can choose among various jurisdictions. The Netherlands Antilles (a.k.a. the Dutch Caribbean) is a jurisdiction of choice one… Continue reading PROTECTING ONES ASSETS IN A TAX FRIENDLY ENVIRONMENT
ORDINARY VERSUS SUMMARY PROCEEDINGS IN THE DUTCH CARIBBEAN
Interlocutory or summary proceedings provide for immediate relief Article 110 of the Netherlands Antilles and Aruba Code of Civil Procedure (‘the Code’) provides that all adversarial proceedings shall be initiated by means of a petition to the court of first instance. Proceedings so initiated are ordinary proceedings a.k.a. proceedings on the merits. A petitioner may… Continue reading ORDINARY VERSUS SUMMARY PROCEEDINGS IN THE DUTCH CARIBBEAN