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: sxm
THE ARTICLES OF ASSOCIATION OF A CURAÇAO COMPANY (II)
Articles determine the nature of the company A company’s articles of association determine the nature of the company (take for example the description of the purpose), regulate the internal competences (e.g. dismissal and appointment), limit the powers (e.g. decisions requiring approval), determine the internal responsibilities (e.g. drawing up the annual report and accounts), regulate the… Continue reading THE ARTICLES OF ASSOCIATION OF A CURAÇAO COMPANY (II)
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
SERVICE OF PROCESS
A bailiff must be engaged What is the procedure for the service of foreign proceedings under the procedural laws of Aruba, Bonaire, Curaçao, St. Maarten, St. Eustatius and Saba for a company having its registered address in one of those territories, for instance Curaçao? Under Curaçao procedural law, the service of proceedings on a Curaçao… Continue reading SERVICE OF PROCESS
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
CURACAOSE JONGEREN NAAR TENNISTOERNOOI IN DOMINICAANSE REPUBLIEK
Internationaal JITIC-kampioenschap Vandaag zijn 14 jeugdige tennisspelers voor ruim een week naar Santo Domingo vertrokken om mee te doen aan het regionale JITIC-kampioenschap (Junior International Tennis Championships). Het tennistoernooi vindt plaats van 3 tot 9 augustus 2013. Aan dit internationale tennistoernooi nemen verschillende landen in de regio deel. De host van het toernooi is de… Continue reading CURACAOSE JONGEREN NAAR TENNISTOERNOOI IN DOMINICAANSE REPUBLIEK
THIS BLOG IS ARCHIVED BY THE LIBRARY OF CONGRESS
Blogs of today can be studied for years to come I’m thrilled to learn from Robert Ambrogi’s blog that “Karel’s Legal Blog” has been archived in the Library of Congress: On the Internet there is no rule against perpetuities. To the contrary our perpetuation seems assured. Latest case in point: the new Legal Blawgs Web… Continue reading THIS BLOG IS ARCHIVED BY THE LIBRARY OF CONGRESS
LITIGATION IS A SKILLED PROFESSION (part 8)
New legislation Finally, note that rather simple examples have been taken here. However, many suits are complicated with regard to their subject matter. In this connection disputes about complicated take-over issues, disputes between investors and an investment fund, disputes with a contractor or architect about a building or disputes about intellectual property come to mind.… Continue reading LITIGATION IS A SKILLED PROFESSION (part 8)
LITIGATION IS A SKILLED PROFESSION (part 7)
Injunctive relief Apart from seizures it is also possible to consider an application for interim injunctive relief (voorlopige voorziening). The Judge for Interim Relief can render so-called provisional relief, for instance order a building freeze or order the counterparty to pay an advance on the compensation. Such a provision is called provisional because it is… Continue reading LITIGATION IS A SKILLED PROFESSION (part 7)
LITIGATION IS A SKILLED PROFESSION (part 6)
Proceedings in various jurisdictions Sometimes cases which are strongly interrelated to each other are brought before different courts. For instance you instigate proceedings with the court in Curacao and your counterparty instigates proceedings at the same time against you before the court in Aruba or in Sint Maarten. If the merits of the case involve… Continue reading LITIGATION IS A SKILLED PROFESSION (part 6)