VBC Lunch Lecture Held Wednesday, December 14, 2011 According to Eric Garcia (CEO Girobank) “we need to be honest and acknowledge the fact that we are simply not ready for independence. Neither financially nor politically. Instead of continuously focusing on independence, our government should deal with the many macro-economic challenges our country is facing at… Continue reading ERIC GARCIA: CURACAO NOT READY FOR INDEPENDENCE
Tag: government
INSURANCE BUSINESS IN ARUBA (II)
Different insurance contracts According to the SOSIB a “life insurance agreement” is an insurance contract concerning the payment of cash benefits related to the life or death of man, and a “general insurance contract” is an insurance contract, other than a life insurance contract. Generally, an insurance contract is understood to be an agreement whereby… Continue reading INSURANCE BUSINESS IN ARUBA (II)
INSURANCE BUSINESS IN ARUBA (I)
The Central Bank of Aruba is the regulator The Central Bank of Aruba supervises insurers incorporated in Aruba and the branches and agencies in Aruba of insurers incorporated outside Aruba based on the State Ordinance on the Supervision of the Insurance Business (SOSIB). The SOSIB, effective since 2001, stipulates that life and non-life insurance business… Continue reading INSURANCE BUSINESS IN ARUBA (I)
CREDIT INSTITUTIONS IN ARUBA
A license is required According to Section 4 of the Aruba State Ordinance on the Supervision of the Credit System 1998 (SOSC), no enterprise or institution established in Aruba shall pursue the business of a credit institution unless it has obtained authorization to that end from the Central Bank. No enterprise or institution established outside… Continue reading CREDIT INSTITUTIONS IN ARUBA
THE CURACAO MEMBER-MANAGED COMPANY
The right form for small businesses Until March 1, 2004 only manager managed companies were known. According to the current Curacao Civil Code, the articles of a company may provide that such company be a member managed company, which is a company without a board of directors. The shareholders (members) are then in charge of… Continue reading THE CURACAO MEMBER-MANAGED COMPANY
THE CURACAO PRIVATE FOUNDATION
A Private Foundation can be used for tax planning and asset protection The Curacao Private Foundation was introduced by 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 Curacao Civil Code. The Private Foundation possesses corporate personality but does… Continue reading THE CURACAO PRIVATE FOUNDATION
THE ENFORCEMENT OF A JUDGEMENT BY THE COURTS IN CURACAO
Judgments are immediately enforceable most of the time According to Article 55, par. 1 of the Curacao Code of Civil Procedure, opposition (in the case of a default judgment) or appeal (in the event of adversarial proceedings) prevent the enforcement (execution) of a judgment unless the decision is ‘enforceable notwithstanding opposition or appeal’ a.k.a. a… Continue reading THE ENFORCEMENT OF A JUDGEMENT BY THE COURTS IN CURACAO
THE DUTCH CARIBBEAN JUDICIAL SYSTEM
A well developed system The judicial system of the various islands in the Dutch Caribbean (Aruba, Bonaire, Curacao, St. Maarten, Saba and St. Eustatius) is independent, has a long history, and is well developed. It is capable of resolving complex commercial disputes in a just and efficient manner. The judges in the Dutch Caribbean are… Continue reading THE DUTCH CARIBBEAN JUDICIAL SYSTEM
U.S. JUDGMENTS AND CURACAO
The recognition and enforceability of foreign judgments in the absence of a treaty In the absence of an applicable treaty between foreign countries (for example the U.S.) and Curacao, a judgment rendered by a U.S. court will not be enforced by Curacaoan courts. In order to obtain a judgment which is enforceable in Curacao the… Continue reading U.S. JUDGMENTS AND CURACAO
SECURITIZATION IN CURACAO
Curacaoan special purpose vehicles are commonly used in cross–border financing transactions Curacaoan special purpose vehicles (SPVs) are commonly used in both cross–border financing transactions as well as in Curacao domestic financing transactions. As far as cross–border transactions are concerned, (synthetic and cash) securitizations, repackagings, collateralized debt obligations (CDOs), collateralized loan obligations (CLOs), leasing transactions, MTN… Continue reading SECURITIZATION IN CURACAO
THE ANNUAL ACCOUNTS OF A LARGE CURACAO COMPANY
Stricter rules for large companies Under Curacao law the annual accounts of limited liability companies which do not qualify as so called large companies, need to be prepared in accordance with generally accepted standards and shall provide sufficient insight as to enable a sound judgment to be formed regarding the assets and the results and,… Continue reading THE ANNUAL ACCOUNTS OF A LARGE CURACAO COMPANY
SUMMARY PROCEEDINGS IN ARUBA, BONAIRE, CURACAO AND SAINT MAARTEN
Preliminary relief within several weeks, sometimes within days or hours In all matters for which an immediate injunction, measure, or decision is required, the parties may address themselves to the Courts. If the matter does not require immediate resolution, the Court will deny the relief sought and refer the parties to the normal procedure. These… Continue reading SUMMARY PROCEEDINGS IN ARUBA, BONAIRE, CURACAO AND SAINT MAARTEN