BRANCHES OF FOREIGN COMPANIES IN THE NETHERLANDS ANTILLES
Not too much red tape
First of all, a branch comes into existence the moment it commences to conduct its business in public. As soon as this point has been reached, the law kicks in with certain legal requirements:
– A license to operate the branch: license to establish a business (Vestigingsvergunning);
– A licence to transfer and receive money to and from territories outside the Netherlands Antilles: foreign exchange license (Deviezenvergunning); and
– File for registration of the branch in the commercial register at the Chamber of Commerce.
In order for a branch to legally conduct its business, the following steps should be taken:
– Apply for a licence to establish a business at the Economic Department (Dienst Economische Zaken) of the Executive Board of the Island Government (Bestuurscollege); (Note: such a license includes a license for the director of the business, as well as for the business itself)
– Apply for a foreign exchange licence at the Central Bank of the Netherlands Antilles; (Note: the time involved between the application and the decision on the application usually is two to three weeks);
– File for registration of the branch in the commercial register at the Chamber of Commerce; and
– File for registration of the trade name of the branch at the Chamber of Commerce.
In addition, a bank account should be opened and a CRIP number (a registration number at the tax office) should be applied for on behalf of the branch.
Karel Frielink
Attorney (Lawyer) / Partner
