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 and administrative support.

The management service can be provided in several ways: (i) the TSP or an affiliated special purpose entity may act as managing director of the client company; (ii) directors or (other) employees of the TSP may act as managing directors of the client company, or (iii) the TSP, an affiliated special purpose company, or the directors or (other) employees of the TSP may act as proxy holder of the client company, while the client company is managed by non-trust directors. The managing board can also consist of a trust director together with one or more non-trust directors.

It is prohibited to work as a TSP in or from Curacao without a license (in Dutch: vergunning) from the Central Bank of Curacao and Sint Maarten (“the Central Bank”). TSPs are supervised by the Central Bank.

According to Section 10 of the National Ordinance on the Supervision of Trust Service Providers 2003 (in Dutch: Landsverordening toezicht trustwezen), trust services means: (a) establishing an international company or causing it to be established when such is performed by a resident of Curacao; (b) acting as the local representative or the managing director, residing or established within Curacao, of an international company; (c) making natural persons or legal persons, residing or established within Curacao, available as the local representative or managing director of an international company; and (d) winding up an international company or causing it to be wound up, when such is performed by a resident of Curacao.

An ‘international company’ is defined as a legal entity (e.g. an NV or BV) which has its corporate or factual seat in Curacao and which has been granted a general foreign exchange exemption (i.e. in most cases that the shareholder of such an entity lives or has its registered address outside of Curacao).

Karel Frielink
Attorney (Lawyer) / Partner

21 May 2011

Karel's Legal Blog

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