TRUST SERVICE PROVIDERS IN CURACAO
TSPs are supervised by the Central Bank
Many international group structures include one or more Curacao legal entities or partnerships. The main reasons for this are the internationally competitive conditions for business development in the area of corporate law and the tax system in Curacao, as well as the well-developed professional financial services industry. Trust Service Providers (“TSPs”) are involved in setting up and maintaining such structures. TSPs conduct the management of legal entities and partnerships (“client companies”) on behalf of other enterprises. Management usually involves the TSP acting as manager of the client company and providing a correspondence address …
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BANKING REGULATIONS IN THE DUTCH CARIBBEAN
Soliciting funds requires a license
The Netherlands Antilles was dissolved on October 10, 2010. Prior to that date the Netherlands Antilles consisted of Curacao, St. Maarten, Bonaire, St. Eustatius, and Saba, and formed, together with the Netherlands and Aruba, the Kingdom of the Netherlands. Curacao and St. Maarten have become independent countries within the Kingdom. They stand on equal footing with the Netherlands and with Aruba, each country with its own set of laws. Bonaire, St. Eustatius and Saba (the “BES-islands”), have, as public entities, become part of the Netherlands. The civil, corporate and banking laws of Curacao, St. Maarten …
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GOVERNMENT OWNED ENTITIES IN CURACAO
Concerns about additional authorities Ministers
Attorney Karel Frielink is concerned about the additional authorities which cabinet-members have appropriated over government NV’s.
According to Frielink, who is also President of the Bar Association, these extra authorities increase the chance of ‘political influencing, favoritism and other forms of abuse’ within government institutions.
In an opinion paper, published in the Antilliaans Dagblad, Frielink comments on the model articles of association (statuten) recently drawn up for government companies by order of the country Curacao. According to the government’s explanatory notes, the new model articles of association particularly dwell on the exceptional position of government NV’s …
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WHO DETERMINES THE POLICY OF A DUTCH CARIBBEAN COMPANY?
The management board is in charge
The shareholders have the authority to determine the general policy of a Dutch Caribbean NV or BV. The shareholders may give instructions to the management board with respect to the general direction of the financial, social, economic and personnel policies of the corporation.
However, the shareholders cannot give detailed instructions to the management board unless (in the general view of legal practitioners, myself included) the articles of association so permit. Although not explicitly provided for in Book 2 of the Dutch Caribbean Civil Code (CC), it is considered a general rule of corporate law …
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THE UTOPIAN LAWYER
Dare to dream!
A high degree of civilisation must be expected from the ideal advocate (attorney; lawyer) as well as a high degree of learning and expertise. A practical attitude, language skill and rhetorical ability form part of the standard baggage of the utopian advocate. He is not only feared for his razor-sharp analyses, for breaking through reasoning utterly lacking any logic and for turning the attackers of the rule of law to stone, but both friend as well as foe respect his disposition as well as his expertise.
Quite often the utopian advocate will get the feeling that in …
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THE LAWYER AS A VIRTUOSO OF LANGUAGE (PART II)
The use of technical concepts has a useful function
Another example is the Directive of the European Commission of 18 February 1985 (85/205/EEC) adapting to technical progress Council Directive 71/127/EEC on the approximation of the laws of the Member States relating to the rear-view mirrors of motor vehicles. The term “rear-view mirror” in itself means a device excluding complex optical systems such as periscopes, intended to give a clear view to the rear and side of the vehicle within the fields of vision defined in item 5 of Annex III.
There was at some time a Directive proposal to define …
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THE LAWYER AS A VIRTUOSO OF LANGUAGE (PART I)
The use of technical concepts has a useful function
Language is the instrument par excellence of the advocate (attorney; lawyer). He uses language to lay down agreements, to provide legal advices, to formulate Court documents, to send demand letters, to make his plea or to conduct talks with clients or counterparties, to send invoices, in short: to practice his profession. For many people what advocates write down is difficult to fathom. One of the reasons for this is because legislation and regulations are formulated rather formally and in an indirect form while using a lot of abstract concepts. Here are only …
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THE LAWYER AS ORATOR
A sensitive subject
The advocate (attorney; lawyer) as orator is a sensitive subject. Many clients will have listened with curled toes or alternatively with a deep feeling of embarrassment to their own advocate or (if they are lucky) to that of their counterparty at the moment suprême when the so-carefully prepared written summary of the argument is read out dryly and stumbling over the words or at least in a scarcely inspiring manner. And the one who has bad luck will be faced with a ‘read-out advocate‘ who sometimes does even thirty or more pages. And all this whereas the first Roman …
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ON THE IMAGE OF LAWYERS
Bloodsuckers and hypocrites?
Lawyers (attorneys) are often exposed to strong criticism, both here and elsewhere. The late famous Dutch professor A. Pitlo (Evolutie in het privaatrecht, [Evolution in private law] Groningen: H.D. Tjeenk Willink 1972, p. 102) speaks with regard to certain advocates (lawyers) about the ‘half-intellect’ that by intellectualism must succeed in being kept up towards the masses.
Publications that are extremely critical of advocates can date from any time and the first ones already from before ancient Rome. In this connection François Rabelais (1494-1553) should also be mentioned and (more or less in his footsteps) Honoré Daumier (1808-1879). …
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THE LAWYER AS CRAFTSMAN
Tradition and resourcefulness
You could hear these statements just about anywhere: “The study of law is a dull study. You have to read a lot of books and especially learn a lot by heart. But luckily it is not a difficult study. It is more or less the easiest study to graduate in.” Is all this true? It depends and it depends particularly on yourself. For ‘marginalists’ and notorious ‘superficial thinkers’ all this is more or less at a premium. But it is questionable whether these are the people who have the right qualities to practice the craftsmanlike profession of …
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WHY WOULD SOMEONE BECOME A LAWYER?
The story of Saint Yvo (1253-1303)
Without being sworn in to the Bar it is not possible to call yourself an advocate (lawyer; advocaat) in the Dutch Caribbean. Being sworn in as an lawyer is for any beginner a high point, a clear start. The lawyer undertakes responsibility and does this under oath.
Art. 3 par. 2 of the Dutch Caribbean ‘Advocatenlandsverordening 1959‘ [Lawyers National Ordinance 1959] prescribes the following oath or affirmation:
“I swear (affirm) loyalty to the King, compliance with the Charter and the National Regulations, respect for the judicial authorities and that I shall not recommend or defend …
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SUPERVISORY DIRECTORS OF A CURACAO INSURANCE COMPANY
The Central Bank has issued guidance notes
According to the Curacao Ordinance on the Supervision of the Insurance Business, a Board of Supervisory Directors of an insurance company shall have the task of supervising the policy of the Management Board of such company and the general course of events of the insurance company and the business associated with it. It shall advice the Management Board. In carrying out its duties the Board of Supervisory Directors shall take into account the interests of the insurance company and the business associated with it (Article 16 par 4 Ordinance).
‘The actions and records of …
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