CORPORATE REPORTING REQUIREMENTS IN THE NETHERLANDS ANTILLES
Regular versus large NV
Each year, within eight months after the lap of the fiscal year, financial statements have to be drawn up by the board of a limited liability company (NV or BV): a balance sheet, a profit and loss statement and an explanatory note. Such statements have to be presented to the annual meeting of shareholders for adoption. The statements must be in accordance with generally accepted standards. There is no obligation to appoint an (external) auditor. There are no filing or publication requirements. Except for members of the board and supervisory directors (if any), the shareholders are entitled to review said statements during a two year period.
The Netherlands Antilles corporate code contains provisions with respect to the so-called large NV. If an NV meets certain criteria, relating to the number of employees employed by the NV, the value of its assets and its net turnover, it will be subject to a special regime. For example, the financial statements of a large NV must be in accordance with the standards laid down by the International Accounting Standards Board. The statements must be reviewed by an external auditor and must be available at the offices of the large NV for inspection by shareholders and (certain) interested parties during a two year period. A BV or regular NV may voluntarily opt for applicability of the special regime.
Karel Frielink
Curacao-based Attorney (lawyer) / Partner
