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
Tag: law firm
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 (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
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
IMPACT OF THE LIABILITY TO THE DIRECTOR OF THE DIRECTOR (II)
2nd degree director as director of a foreign corporate director It appears from the 2011 ruling referred to by the Supreme Court that Section 2:11 of the Dutch Civil Code is applicable to the joint and several liability of a director of a Dutch legal entity being a director of another Dutch legal entity. The… Continue reading IMPACT OF THE LIABILITY TO THE DIRECTOR OF THE DIRECTOR (II)
ASSET PROTECTION IN CURACAO
Curaçao: a jurisdiction not to be missed A Curaçao private foundation or a trust is often used for asset protection and privacy purposes. The Curaçao private foundation and the Curaçao trust must be set up by a notarial deed executed before a civil law notary in Curaçao. Both the private foundation and the trust are… Continue reading ASSET PROTECTION IN CURACAO
THE COSTS OF LITIGATION
Parties have to bear their own attorney costs Under the laws of Aruba, Bonaire, Curaçao, St. Maarten, St. Eustatius and Saba, generally speaking, each party has to bear its own attorney costs, except if there is an agreement in place between the parties providing for such compensation. Other costs related to proceedings are for instance… Continue reading THE COSTS OF LITIGATION
SEIZING ASSETS IN THE DUTCH CARIBBEAN
Court approval required, but freezing assets is rather easy Under the laws of Aruba, Bonaire, Curaçao, St. Maarten, St. Eustatius and Saba any party with a prima facie claim may file a petition for a court order granting an attachment, which petitions are generally granted, solely based on the allegations in the petition. Seizing assets… Continue reading SEIZING ASSETS IN THE DUTCH CARIBBEAN
GERARD SPONG SIGNEERT ZIJN BOEK IN CURACAO
De Breuk WILLEMSTAD – Gerard Spong heeft vandaag zijn nieuwste boek ‘De Breuk’ gepresenteerd op Curacao. Spong is strafrechtadvocaat in Amsterdam. Zijn advocatenkantoor Spong Advocaten is geassocieerd met SMS Attorneys at Law te Curacao. Recentelijk heeft Spong zijn veertigjarig jubileum als advocaat gevierd. Van zijn hand verscheen ‘De Breuk’, een juridische thriller gebaseerd op ware… Continue reading GERARD SPONG SIGNEERT ZIJN BOEK IN CURACAO
THE CURACAO TRUST
Can be used as protected or segregated cell company On 1 January 2012, new legislation entered into force according to which it is now possible to set up a trust (Curacao Trust) similar to the trust in Anglo-Saxon common law jurisdictions. The introduction of the Curacao Trust serves as an important instrument which could be… Continue reading THE CURACAO TRUST
DE ADVOCAAT (VIII)
De utopische advocaat Van de ideale advocaat moet een hoge mate van beschaving worden verwacht, alsook een hoge mate van geleerdheid en kundigheid. Een praktische instelling, taalvaardigheid en rhetorische bekwaamheid maken deel uit van de standaardbagage van de utopische advocaat. Hij wordt niet alleen gevreesd, omdat hij vlijmscherp analyseert, van logica gespeende redeneringen doorklieft en… Continue reading DE ADVOCAAT (VIII)