Set up a company in Curacao

Curacao is part of the Lesser Antilles group and is considered the largest of them. Since 2010 it has been part of the Kingdom of the Netherlands.

It operates duty-free shopping and special conditions for investors and business people. The island’s economy is based on three primary industries: tourism, offshore business, and oil refining.

Services account for about 85 percent of the gross domestic product. If you have cash savings, rented, or personal property on the island, and want to hire residents, starting a business will be quite easy.

Curacao has been recognized by the Organization for Economic Cooperation and Development as good faith and responsible jurisdiction. https://www.advancedconsulting.cy/  experts have prepared the current information about how to set up a company in Curacao.

Benefits to open company in Curacao

In recent years, Curacao has been gaining more weight in the list of countries where it is profitable to start a business and organize companies. Main advantages:

• development of the country with a focus on attracting foreign investment;
• increasing political stability in the island state;
• autonomy in the field of tax legislation in the presence of ties with the Kingdom of the Netherlands;
• reorientation and development of sales markets (finance, tourism, gambling, oil refining);
• favorable terms of taxation.

International companies conduct their activities following a particular draft law aimed at attracting foreign investment. When drafting legislation, Curacao mostly follows the example of Liechtenstein.

Ways to register company in Curacao

This island state is actively gaining popularity among investors from all over the world due to developed offshore legislation. It gives non-residents the right to carry out their activities in the following legal forms:

1. Formation of limited liability companies or Naamloze Vennootschap

They differ in the minimum requirements for the composition of the governing body. Registration requires at least 1 director and shareholder. Also, the appointment of a managing director is required. He must be a resident of Curacao and have a local license to carry out business activities in this offshore territory.

There is no corporate income tax in the country. It is replaced by the payment of one-time annual fees to the country’s Chamber of Commerce. There are also no reporting requirements. The exception is made by firms operating in the form of banking structures and insurance funds. Their financial statements are subject to mandatory audits every year from the date of registration.

1. Private companies with international participation or Besloten Vennootschap

It is the most popular organizational and legal form in this jurisdiction. This is due to the simplified structure of governing bodies – there is no obligation to appoint managing directors.

The documents on entering the company into the state register are not checked by the Ministry of Justice of Curacao, which significantly speeds up obtaining all the necessary registration documents.

Private companies cannot issue bearer shares. However, in relation to them, the rule regarding the mandatory payment of the authorized capital at the time of submitting information to the country’s fiscal authorities does not apply. Curacao offshore company is not subject to audit and tax inspections, but the management team is responsible for maintaining shareholders’ register.

1. Investment funds.

They are analogous to trust corporations. Foundations are created for the purpose of the legal protection of property. They also allow creating the necessary legal conditions for the country’s inheritance in the country where the businessman operates.

The board of directors represents the management bodies. Their number can be any, but one of them is necessarily a local resident of Curacao. As for the procedure for taxing the fund’s activities, the obligation to pay fees to the state arises if the fund conducts business on the island. The rate will be 27%.

Required documents

Offshore company formation Curacao requires a legal address on the territory of the state and a registration agent with the country’s residence. Registration of a company requires at least one shareholder and director, without restrictions on the form of business. It is mandatory to have at least one director with the residence of the country. There is no public access to the register of founders and data on the beneficiary on the island.

Package of documents:

• Information about the beneficiary;
• Information about the founders, in the case of attracting individuals;
• Corporate data on founders – legal entities;
• Memorandum;
• Charter;
• Minutes of the first meeting of shareholders;
• Resolution on the appointment of the director;
• Consent of the director;
• Nominal power of attorney.

Conclusion

Curacao has a reputation for being a bona fide and responsible jurisdiction. It is profitable to open companies focused on developing IT technologies, gambling business, network trade, and the provision of travel services. If you need a specialist’s advice or learn more about the possibilities of opening a company in Curacao, follow https://www.advancedconsulting.cy/registration-of-foreign-companies/set-up-company-in-curacao/.

Registration of offshore companies in Curacao is profitable for many reasons:

• an opportunity to attract foreign investments into your business;
• opportunity to become independent from tax legislation;
• active development of the sales market and its reorientation;
• lucrative taxation offers.