Establishing a business through a legal entity

The time required to complete the incorporation and to obtain the necessary licenses varies. Depending on the complexity of the legal form of the entity, an NV or BV can be incorporated in one day while the necessary licenses can be obtained within a few weeks.

Certain formal steps must be taken in order to set up your business in Curaçao:

  • A corporation is established by the execution of a notarial deed, including Limited Liability Companies (NV or BV), Foundations and Private Foundations.
  • The founders of the legal entity must sign the articles of association before the notary (it is possible to use a power of attorney). At least one founder is required to form the corporation, either an individual or a legal entity. Nonresidents can establish a BV or NV by proxy.
  • The notary must register the legal entity at the Curaçao Chamber of Commerce & Industry.

Licences

The most important licenses required are the following:

  • Business license from the Ministry of Economic Development of Curaçao permitting the corporation to act on the island;
  • Director’s license for each managing director (the law does not limit the number of managing directors); in addition, managing directors need a residence and a working permit to work in Curaçao. This requirement applies to all expatriates. Expatriates with a Dutch passport do not need a working permit.

For opening a business bankaccount these are the most common documents you need:

  • Articles of Association;
  • A recent and original Chamber of Commerce excerpt;
  • A certified copy of Shareholder’s register or original excerpt shareholder register executed by the Managing Director;
  • Valid identification document of the Ultimate Beneficial Owner(s), directors, authorized signatories and shareholders;
  • One original bank reference;
  • A copy of the license to establish a business (vestigingsvergunning);
  • If applicable: a board resolution to open and operate the account.

(source: www.curinvest.com)