Offshore Banks Infrastructure
The economy of CuraÃ§ao is mainly based on tourism, oil refining and international financial services. It has a vast network of banks, trust in Curacao management and investment companies, lawyers, notaries public, accountants, management companies etc. Telephone, telefax and other communication tools are state of the art. CuraÃ§ao is easy to reach by air and regular services are maintained from the U.S. and Europe.
Through the BRK (Belasting Regeling Koninkrijk), the tax arrangement of the Kingdom of the Netherlands a Netherlands Antilles company has access to the extensive tax treaties network of the Netherlands. The Netherlands Antilles and CuraÃ§ao in particular have therefore over the years developed into a reputable financial center for the offshore world.
The local currency is the Netherlands Antillean Guilder (NAF) which is pegged to the US dollar. Since 1973, the exchange rate has remained fixed at Naf. 1,79. to US$ 1.00, evidencing a stable monetary environment.
The rates of other currencies are based on their rate of exchange to the U.S.dollar.
The official language is Dutch, however most of CuraÃ§ao diverse population of approx. 160.000,00 is quadrillingual speaking Dutch, English and Spanish as well as the native language Papiamento.
Curacao is the largest and busiest of the island group and a multi-cultural leader in the southern Caribbean. More than 160,000 from 50 nations call the island home. The United Nations Educational Scientific and Cultural Organization (UNESCO) honored the capital city Willemstad, by designating it a World Heritage Site beacuse of its striking Dutch colonial architecture.
Upscale shops filled with fine European imports line pedestrian streets in colorful Willemstaad. Shoppers coming out of the cruise ships look for bargains at the markets. After dark, visitors join locals at restaurants featuring cuisine from a dozen countries, then try their luck at the elegant casinos or dance to live music at one of the many nightclubs.
A company engaged in the insurance business in the Netherlands Antilles must have the legal status of either a limited liability company, called Naamloze Vennootschap (N.V.), or a mutual insurance company.
The Central Bank (Bank van de Nederlandse Antillen)
The Central Bank is the official supervisor of the Antillean banking system and financial institutions. The Bank was established in 1828 by King William I and is the oldest Central Bank in the Americas.
The Bank’s most important objectives are to maintain the external stability of the Netherlands Antillean Guilder and to promote the proper functioning of the financial system in the Netherlands Antilles.
The Insurance Supervision Act (National Gazette 1990, no.77) regulates the supervision of the insurance industry in the Netherlands Antilles. Captive Insurance Companies and Reinsurance Companies are regulated by separate decree. Supervision is executed by the Central Bank.
Cost of Operation
Generally speaking, the following may be used as a rule of thumb (subject to changes):
Cost of incorporation:
-notary fee, stamp duty, license, registration, Chamber of Commerce US $ 5.400 to US $ 8.600
Cost of operation:
-supervision, audit etc. US $ 4.500 to US $ 7.300
-management services US $ 3.500 to US $ 50.000
Banks & Insurance Companies
Here is a directory of companies and services offered in Curacao. Some of these companies will offer off shore services such as offshore bank accounts, or offshore IT service:
Banco di Caribe
Bank Ned. Antillen
Big net N.V.
Kos ta bon
New Winds Realty
International Fine Living
Curacao Trust Management
More information about banks and investing in the Caribbean.
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