This investment guide is a publication of the Department of

Transcription

This investment guide is a publication of the Department
of Economic Affairs.
Its purpose is to provide general information to persons
interested in investing in Curaçao. The information
contained herein shall not be construed as being a legal
opinion on specific issues, which would require specific
legal counsel.
Changes in policies, incentives, products and services
might have changed by the time the reader is reading this
guide. For that reason, we encourage one to contact
The Department of Economic affairs at:
(5999) 462-1444 or [email protected]
2010 EDITION
2
We are very pleased that you are reading our 2010
Open Arms Investment Guide. After all, something
you have read, heard or seen about Curaçao as an
investment opportunity has made you sufficiently
interested to be reading this.
We also know that the first thing in which you, as
an investor, are interested is clear and concise
information. In this guide, we intend to do exactly
that: provide you with current information that will
be of interest to anyone who wants to invest in a
growing economy, like ours. You will be pleased
to know that, although the global financial crisis
has dealt a severe blow to economies all over the
world, the effects of that economic malaise were
hardly felt locally. As a matter of fact, our economy
grew at an average pace of 2.6 percent annually
over the last two years. Furthermore, an important
pillar of our economy, tourism, has been expanding
(by 28 percent and 35 percent in 2007 and 2008,
respectively), while most tourist destinations in this
region have had to deal with a slumping industry.
What makes it all the more interesting is that Curaçao is posting good grades, while it is taking on
new constitutional reforms within the Dutch Kingdom. With the new position in, and relationship to,
the Dutch kingdom, Curaçao will be able to steer
its own course more independently, while all along
retaining the benefits that come with being a part
of the Dutch Kingdom; a stable political and judicial system, a high literacy and educational level
among its people and a thriving economy.
Hence, it should come as no surprise that 72% of
local companies established on the island made a
profit in 2009, according to a study conducted by
the National Bureau of Statistics. This has led to an
increase of confidence in our economy and opportunities for investors and entrepreneurs. We are
very happy about that. After all, a good investment
is always a win-win situation for both the investor
and the host country. Based on this aspect of mutual gain, we indicate in this publication our target
sectors, which are the areas the government would
like investors to consider the most. In this investment guide, the potential investor is given
specifics about business start-ups in Curaçao,
including helpful information ranging from the procedures to follow to the required permits and ways
to obtain them. There is also a section on our tax
system and on the many tax incentives the Curaçao government extends to investors, as well as
how you can qualify for these.
I’m convinced that after you read this guide, you
will realize that Curaçao can be the next chapter in
your success story. Not only because of our accommodating attitude towards investors, but also
because of the uniqueness pertaining to our island,
such as: 1. our multilingual population, 2. our relatively high educational level, and 3. our geographically strategically location (which allows for superb
communication with other parts of the world and,
hence, good business). The fact that Curaçao lies
outside the hurricane belt is another very important
factor for the safety of your human and capital investment, which ultimately translates into a guaranteed continuity of your operations and, hopefully,
your profits.
I hope you enjoy reading our guide. I also encourage you to visit our website; www.curinvest.com,
at which you will find all this information and much
more.
Hope to meet you soon personally.
Warmest regards.
David Dick
Commissioner of Economic Affairs
3
Curaçao is a unique Caribbean island with strong
ties to the Netherlands (and the rest of Europe),
the United States and Latin America. Doing business in Curaçao, one can make use of preferential
arrangements when exporting to Europe (making use of the Overseas Countries and Territories
status) and the United States (under the Caribbean
Basin Initiative agreement). Curaçao has traditionally had strong ties to Latin America, given the
flow of migration and its proximity to the continent.
Contrary to many other Caribbean islands, tourism
is not the only well-developed sector. The Curaçao
economy is quite diversified: logistics, the international financial sector, transnational education and
oil processing are also important economic pillars.
The island also has good physical infrastructure,
including many natural harbors, an upgraded airport with a capacity for 1.6 million passengers and
stable telephone and internet connections. All this
makes Curaçao a safe and successful environment
for investors.
Below is a graphic presentation of Curaçao’s current and future constitutional structure. In the old
structure Curaçao had to deal with two layers of
government: at the local level and at that of the
Netherlands Antilles. In this constellation the Kingdom encompassed three countries, namely the
Netherlands, the Netherlands Antilles and Aruba,
while the Netherlands Antilles consisted of multiple
islands including Curaçao.
Figure 1. Current constitutional structure
“By 2025 Curaçao achieves an economy of wealth
creators that continuously creates and delivers
high value; it is recognized as an important hub
in the global value chains; it acts as a multifaceted
“Portal” facilitating international trade; and as a result, Curaçao will be able to sustain a high quality
of life and collective well-being for its citizens”.
That is Curaçao’s economic vision for a long-term
economic development strategy. This vision incorporates Curaçao’s natural advantages, such as
its strategic geographic location, its harbors and
the natural resources of its multilingual population.
From the time the Spaniards discovered Curaçao
in 1499, the island has been used as a commercial
base for North and South America and Europe.
Being part of the Dutch Kingdom, Curaçao has
unique access to the European markets through
multiple preferential regulations. And now, in the
year 2010, Curaçao is on the threshold of important constitutional reforms that will greatly impact
our presentation to, and participation in, the region
and the globe.
The new constellation is planned to become effective starting October 10, 2010. In this new
constellation the Kingdom consists of four countries, which will be the Netherlands, Curaçao, Sint
Maarten and Aruba. The smaller islands Bonaire,
Sint Eustatius and Saba will have stronger ties with
the Netherlands, becoming special territories.
4
Figure 2. Future constitutional structure
was agreed that it is necessary to create a healthy
starting position before implementing the reforms.
That is why the “Final Agreement” included policy
measures to stimulate the economy, reduce the
public debt and strengthen the administration.
Below is a brief overview of the policy measures as
reflected in the Agreement:
•
•
The government started the implementation of the
constitutional reforms after a consultation of the
people by means of a referendum. The essential
agreements were formalized by the so called “Final
Agreement” between Curaçao and the
Netherlands.
This Agreement includes several policy measures
that will guarantee a strong starting position in the
economic, fiscal, administrative and social dimensions.
•
Debt Relief Program: the Netherlands has reserved funding to pay off the interest costs and
the greater part Curaçao’s outstanding debt.
This will enable Curaçao to have a sound fiscal
policy and invest in other important areas such
as education and public health.
Social Economic Program (SEI): this program
consists of numerous projects that aim at reducing the social lag for specific groups, as well
as projects to strengthen the economic foundations and stimulate economic growth.
Justice and Safety Plan: to maintain law and
order in Curaçao, special provisions are taken
which include cooperation with the Dutch Justice Department.
Below are the most important benefits of the reforms:
The total population as of January 2009 was
141,766.
•
Table 1. Age structure of the population, 2009
•
•
•
Elimination of one layer of government: the
entire administration of the Netherlands Antilles
will cease to exist, greatly reducing bureaucracy and complexity for civilians and businesses
alike.
No more double elections: after 10/10/10 there
will be only one election for Curaçao, once
every four years.
Tax revenue remains in Curaçao: revenue generated in Curaçao does not have to be shared
with (other islands within) the Netherlands Antilles.
Curaçao will have an autonomous position
within the Dutch Kingdom.
Curaçao is taking advantage of this period of
constitutional reforms to improve the effectiveness
and efficiency of its public administration, especially the policy areas of public finance and debt. It
Source: Central Bureau of Statistics, 2009
The average temperature is 28° C (76°F). Curaçao
does not get much rainfall, and is characterized
by low, hilly terrain and high humidity (84%) due to
the constant northeasterly breeze. Moreover, the
island lies well outside of the hurricane zone.
5
The local language is Papiamentu, which has its
roots in Spanish, Portuguese, Dutch, English, and
some African languages. The official languages
are Dutch, Papiamentu and English, but Spanish is
also spoken by most of the natives.
The currency unit is the Netherlands Antilles
guilder, whose international symbol is ANG. The
guilder (ANG) has been pegged to the US dollar at
the following exchange rate:
•
•
•
buying rate banknotes: ANG. 1.77;
buying rate drafts, checks, traveler’s checks &
transfers: ANG. 1.78;
selling rate to the public: ANG 1.82.
The exchange rate offered by shops and hotels
ranges from ANG 1.75 to ANG 1.80. Major credit
cards, US dollars, and Euros are widely accepted.
The Netherlands Antilles time zone is four hours
behind Greenwich (summer) Mean Time (GMT); in
other words, Curaçao falls within the Atlantic Standard Time zone, and equals E.S.T. + 1.
Canadian and US citizens need either a valid
passport or proof of citizenship in the form of an
original birth certificate accompanied by a photo
ID, and an onward or return ticket. Most other
nationals need only a passport. Visitors from, for
example, Cuba, Colombia, the Dominican Republic
and Haiti require a visa. You will need to apply for a
residence permit if you plan to stay for longer than
three months. You are not allowed to work or live in
Curaçao without a work or residence permit.
6
Table 2: Key Economic Indicators
Source: Department of Economic Affairs, Curalyse model
*estimate
Despite the global economic downturn, Curaçao’s
economy continues to register real GDP growth.
We expect the economy to have grown in 2009,
albeit by a moderate 1%. The island’s economy
had an estimated real growth of 2.2 % in 2008 as
compared to 2007. This can be ascribed primarily
to an expansion of the tourism sector by more than
15% in terms of overnight stays and an increase of
8.9 % in investments in 2008, mainly in the tourist
sector. The growth in investment and tourism has
led to job creation, resulting in a 4.4% expansion
of private consumption. Exports grew by 10%, due
to, among other things, the increase in overnight
stays, while imports rose (12.7%) as a result of,
among other things, the rising investment activity
on the island and tourism growth. The unemployment rate declined by 2 percentage points, from
12% in 2007 to 10% in 2008. The registered inflation rate in 2008 was almost 7%.
This can be attributed mainly to the rise in import prices as a result of the high oil prices that
prevailed during the first three quarters of 2008,
combined with the higher commodity prices caused
by the economic boom in China and India. Furthermore, wage levels also rose in 2008. To sum up,
exogenous as well as endogenous factors contributed to a further upward pressure on the inflation
rate in 2008 (see Table 2).
Several major tourism projects were at the heart of
the growth in investment. These projects include
the construction of the Hyatt Hotel, the Boca Gentil
Resort, the La Morena Resort, and among others,
the completion of the Renaissance Hotel and the
expansion of several existing hotels (e.g. Lions
Dive and Chogogo Hotel).
The Department of Economic Affairs expects a further growth of real consumption in 2009, due to the
positive effect of the economic growth occurring
in 2008, combined with higher wages and lower
inflation in 2009. The economic growth of previous
years will lead to an increase in wages in 2009,
which combined with the anticipated
7
investments, will result in an expansion of consumption. Import prices will remain at the same
level in 2009, but may go up in 2010 as a result of
a slight pick-up in trade activity. Higher consumption and increased investments will result in a GDP
growth rate of 1.4% in 2009, despite a decrease in
tourists days. In 2010, for its part, consumption is
expected to decrease as a consequence of declining wages and the rather meager economic result
in 2009. In 2010 the fall-back in investments and
consumption, combined with a decline in production, will lead to a deterioration of the economy
amounting to approximately -1 %.
8. A slow decrease of exports of the non-tourism
sector.
Below is a graphic overview of the breakdown
of GDP by sector in 2008. The largest sectors in
terms of contribution to GDP are: international financial sector (19.2%); tourism (17.2%); and trade
(11%).
Figure 3. Contribution of selected sectors to
GDP
The Department of Economic Affairs bases the
aforementioned economic projections for 2009 and
2010 shown in Table 2 on calculations made with
its Curalyse macroeconomic model, as well as on
several assumptions including the following:
1. A drop in the length of stay for stay-over tourists as compared to 2008, as a result of decreasing bookings and the financial crisis;
2. The successful implementation of the SEI
program with a total investment of $68 million
spread out over 3 years. The objective of the
SEI program is to implement several projects
in order to diminish the social gap in several
areas and strengthen economic structures;
3. Repayment of the outstanding public debt and
interest by the Dutch government totaling $975
million. As part of the agreement regarding the
constitutional reforms, the Dutch government
has agreed to this compensation in order to
give the local government more financial room
to invest in different policy areas instead;
4. A slightly lower growth of investment in the private sector in 2009 as compared to 2008. This
would be due chiefly to the expected slowdown
of construction activity in the tourism sector,
it-self a consequence of the financial crisis and
the related decrease of bookings;
5. A gradual increase in government consumption, due to the financial room obtained as a
result of the partial compensation of debt;
6. An increase in the share of employment in the
labor process, as a result of training programs
and other activities in the framework of SEI
program to encourage the unemployed to enter
the labor market;
7. An unchanged volume of cruise passengers ,
as compared to 2008;
Source: Department of Economic Affairs
For an update of our economic developments, please refer
to the Curaçao Economic Outlook, a yearly publication of the
Department of Economic Affairs.
8
During the last few decades Curaçao’s economy
has relied mainly on the International Financial
Services (IFS) and Oil Refining sector. These two
sectors together accounted for over 20% of the
economy at certain times. To ensure a growing and
diversified economy, the Curaçao government developed an economic strategy, which was translated into the addition of several other sectors: Tourism, Transnational Education and Logistics. Hence,
the target sectors in Curaçao’s economic strategy
are: Tourism, Transnational Education, Logistics,
International Financial Services and Oil Refining.
In the government’s search to identify and develop
sectors with value-added internationally traded
products/services with significant growth potential,
tourism came in as target number one. Tourism
became a major contributor to the economy during
the first decade of this millennium. In effect, tourism has been the primary generator of the acceleration in national economic growth since 2006.
It has outperformed all other sectors by a wide
margin, increasing its share of GDP from 10.5% in
2004 to 17.2% in 2007. Its contribution is expected
to have continued rising in 2008 and 2009, reaching about 23% of GDP.
This growing importance of tourism in the island’s
economy is supported by recorded industry data.
While most Caribbean nations have suffered sharp
declines in tourist arrivals in the last several years,
Curaçao’s airport figures show that tourism has
been on the upswing for Curaçao.
In the first half of this decade, stay-over tourist arrivals averaged just over 220,000 annually.
However, since 2005 tourist numbers have increased dramatically and are projected to be about
400,000 for 2009.
The government of Curaçao is very well aware of
tourism’s increasing significance for the island’s
economy. If its contribution to the GDP was 17%
during 2007, by 2009 it had moved up to a 23%
share. The government has commissioned, a
study, through the Curaçao Tourist Board, for a
Tourism Masterplan (TMP) 2010-1014, which lays
out the guidelines, targets and strategies to be followed by all stakeholders on the island.
This plan presents three scenarios, with a high,
a medium and a low growth depiction of the future tourism developments on the island, with a
projected GDP growth of respectively 4.3%, 3.4%
and 1.3%, representing respectively 33%, 30%
and 23% of the economy, compared to the present
23%.
For each scenario the masterplan gives clear
instructions as to what strategies to follow with
respect to the number of rooms to be built, the
number of tourists to be attracted, the level of
marketing expenditure to be spent, the airlift to be
generated and the supply of labor to have, which
will be needed to accomodate the needs of the
tourists.
Table 3. Visitor arrivals 2003-2009
Source: Diagnostic report by Halcrow and CHL
* Projected
9
It is up to the Curaçao government to decide which
path to choose.
According to the masterplan the present geographical markets will continue producing most tourists
for the Curaçao tourism. Over the last decade
(except for the last two years) Europe has been
responsible for the largest number of arriving tourists in Curaçao.
Holland has consistently claimed the lion’s share
of these figures over the years. Other European
markets that the Curaçao Tourism Board (CTB) is
aggressively pursuing are: Germany, Belgium and
the Scandinavian countries.
North-America has consistently performed as the
second main market, with the USA chiefly responsible for this honor. South America has for the most
part performed as the third market, with Venezuela
in the vanguard. Other South American countries
which are being aggressively pursued by the CTB
are Brazil and Colombia. The Caribbean is the
fourth-largest market for Curaçao’s tourism.
Partially due to these positive figures and partially
to the island’s attractiveness, there has been enormous interest in the Curaçao tourism by foreign
and local investors, with projects ranging from new
airlines to hotels to marinas and even a space
center.
In response to the growing demand of recent
years, the supply side of the tourism sector has
expanded substantially. Between 2005 and 2009
the number of rooms in large hotel properties has
grown from 3,290 to 4,367. This is an increase of
33%! Besides the quantity, with the opening of the
Renaissance Resort (237 rooms) and the Hyatt
Regency Resort (350 rooms), the quality of the
tourism product has also increased. Over the past
years the number of guest houses, bungalows,
apartments and other accommodation facilities, including holiday homes, has also increased greatly.
Table 4. Stay-Over Tourist Arrivals by Source
Market
10
Table 5. Tourist Facilities and Services 2009
1. the geographic position: outside the hurricane
belt
2. the weather conditions: a stable climate
throughout the year
3. the long-time presence of boat and yacht repair
facilities
4. good international connections by air, with daily
flights to Europe, US and South America,
5. safe waters around the island
6. the presence of good telecommunication and
service sectors
7. a stable political environment and economic
prosperity on the island
An up-and-coming sub sector of the tourism industry, which has the potential to grow exponentially, is
the yacht industry. Internationally, the yacht industry is growing with a 6.5% annual increase1. The
number of Curaçao yacht arrivals has increased
from 370 in 2003 to an estimated 800 in 2008.
Table 6. Yacht and Associated Passenger
Arrivals
This increase in yacht berthing on the island has
not gone unnoticed by the industry’s related business and entrepreneurs. The development of several marinas is under way, while the government is
currently conducting a study on how to more effectively market to this niche. This study is intended to
shed light on what services to provide in order to
convince potential yacht owners to make Curaçao
the home for their yachts. These yacht owners reside primarily in the North and South America and
in Europe.
A combination of factors makes this sector a promising one for the island of Curaçao;
1, Report Yachting Industry of the lower Caribbean. Dec 2007. Koen
Altena & Erwin Herbert
The fact that Curaçao is already a tourism center
makes the island more than just a docking station
for yacht owners. Most yachts anchoring in Curaçao do so in the large, naturally sheltered Spanish
Water Bay. This bay, home to several marinas,
offers many facilities and conveniences.
Yachts are permitted to stay for a maximum of six
months, unless registered in Curaçao or in Bonaire, St Maarten, Saba and St. Eustatius (Statia).
For more information, please consult the section ‘Education
and Living’.
Transnational Education (TNE) can be described
as a service sector that caters to growing international demand for higher education. TNE is a service sector which has been endorsed by the World
Trade Organization since 1995, as part of the General Agreement on Trade in Services (G.A.T.S.).
The international market for TNE amounted to an
estimated USD 27 billion in 1995. The market is
dominated by universities originating in the US,
Britain and Australia, which export their curricula
throughout the world. The most commonly offered
curricula, next to IT and MBA programs, include
medical science, engineering, architectural designing and accounting. Typically, Transnational Education can include: a. Cross-border supply (open and
distance learning); b. Consumption abroad (local
students study abroad); c. Commercial presence
(establishment of foreign universities on the island); and d. Presence of individuals (consultants).
Following the establishment of the Caribbean
International University in 2002, many institutions
have since expressed interest in establishing them-
11
selves in Curaçao giving rise to a new potential
economic sector of Transnational Education (TNE).
The reasons for interest in Curaçao shown by
those foreign educational institutions include the
fact that Curaçao serves as an alternative for the
limited number of student slots for medical schools
in Europe and in the USA. The island’s political stability is also considered a plus, which is attractive
to students, especially from the troubled neighboring South America. Other positive factors include
the fact that Curaçao lies outside the hurricane
belt, which is an important feature if interruption to
the classes is to be avoided. This weather relatedfactor is also considered important for the safety
of the investor’s human investment (students
and employees) and of his/her capital investment
(buildings), which also translates into guaranteed
continuity of the investor’s operations.
Besides the above-mentioned institutions, there is
also the University of Netherlands Antilles (UNA),
which has been educating students from Curaçao,
the Netherlands Antilles, Aruba and several other
countries in the area since 1979. Other universities
on the island include the University Dutch Caribbean (UDC) and College of the Caribbean (CDC).
Another player in the Transnational Education field
in Curacao is the Caribbean Research and Management of Bio–Diversity (CARMABI), which is a
marine biological institute, that annually welcomes
more than 70 scientists and post-graduate students from all over the world to conduct scientific
research on a variety of both marine and terrestrial
subjects. In late 2010 CARMABI will start with the
construction of a knowledge center to better provide facilities and logistical support to its clients.
The island government welcomes all credible
investors to the island and considers Transnational
Education as a potential source of diversification of
the economy. Their interest in Curaçao fits with the
government’s aspirations to develop Curaçao into
a knowledge center.
For more information on CARMABI, see the section
Supporting Pillars.
•
•
•
•
•
•
Development of a policy for recognition of the
institution by local authorities
International accreditation for institutions established on Curaçao
Introduction of lower (or no) import duties on
course materials
Improvement of ICT facilities (wireless/broadband)
Relaxation of immigration rules and regulations
Elimination of unfair taxation compared to local
universities
World-wide problems have arisen in the TNE
sector with providers, whose quality levels have
been called into question by international organizations. This is the case also with medical schools
spread all over the world. It has, hence, become
even more important for medical universities to be
listed in the IMED (International Medical Education
Directory), published by the FAIMER (Foundation
for Advancement of International Medical Education and Research) and the ECFMG (Educational
Commission for Foreign Medical Graduates). The
IMED has become stricter in the screening of its
potential entries over the last years, requiring
them to be recognized by the appropriate government agencies in the countries where the medical
schools are located. If it accepted a document
from any government department in the past, now
IMED is specifically demanding that institutions in
most countries have recognition by the Ministry of
Health, prior to their being listed in the IMED.
The Curaçao government has been closely following these latest developments and is studying the
ways it can assist these institutions with recognition and/or any other legal requirements.
In this sector a distinction is made between logistics in the physical sense and logistics in the electronic/communication aspect. Our airport and our
ports represent the ‘physical’ logistics, responsible
for those segments of our economy where movement of – mainly - people (tourism) and goods,
respectively, takes place.
The Curaçao government has serious intentions in
paving the way for TNE to become a solid economic pillar, by concentrating on the following issues:
12
Non-physical logistics refers to our telecommunications, which connects Curaçao with the rest of
the world, facilitating trade in goods and services
through, for example, e-commerce.
Our advanced telecommunication capabilities also
support the whole economy.
Curaçao is fortunate to be positioned strategically
in geographic terms, within an infrastructure that
allows it to play a central role in logistics between
industries and their markets in North America and
South America and between Europe and South
America. Throughout history, Curaçao has also
had a distribution role within the Caribbean, because of its good air and sea connections to many
of the Caribbean islands.
Hence, it is no surprise that Curaçao aspires to
become a logistical junction, with an international
airport as the center point.
in accordance with ICAO Aerodrome Reference
Code 4E. Furthermore, it has clear visibility year
round; weather conditions are classified as CAVOK
(Ceiling And Visibility OK) an average of 98% of
the year. The airport is operational 24 hours per
day. The terminal building comprises separate
arrival and departure sections with a maximum
capacity of two million passengers per year and
a peak handling capacity of four hundred arriving
passengers per hour.
The government’s vision is to have the airport grow
beyond the current tourism-dependent operation
and establish Curaçao as a leading Caribbean
passenger hub, by developing the airport as a
catalyst for broader economic development and
expanded employment on the island.
The airport is surrounded by approximately 400
hectares of land destined for development2.
Table 7. In-flight time from Curaçao to
important trading partners
Table 8. Sailing time from Curaçao to important
trading partners
Source: Curaçao Airport Partners (CAP)
Source: Curaçao Ports Authority (CPA)
The airport is located approximately five kilometers (a 15-minute drive) from Downtown Willemstad. With an area of approximately 2,500,000
square meters, the Hato International Airport has
one runway with a length of 3,410 meters and a
width of 60 meters. It is one of the few airports in
the Caribbean with a taxiway that runs full length
parallel to the runway. Curaçao lies both outside of
the Hurricane Belt and outside of the Inter Tropical
Convergence Zone (ITCZ) where the Northern and
Southern tradewinds converge, creating continuous bands of thunderstorms and bad weather.
The airport is certified to handle all types of aircraft
The intention is to develop this area into a so
called ‘Airport City’, which will include distributionoriented industries, hotels, entertainment, etc. and
retail and commercial activities.
With the airport as a well functioning hub within
an Airport City, the Curaçao airport will be well on
the way to becoming a competitive airport in the
Southern Caribbean area, with an excellent reputation for efficiency, convenience, safety and security.
The government is seeking a strategic partner and
stakeholders to pursue this goal, which fits in with
the larger strategy of making Curaçao ‘The Logistic
Junction’ of the Caribbean.
2
Excluding land in the Airport Economic Zone and the Hato E-zone
area
13
Curaçao has some unique selling points with which
to achieve this goal:
•
•
•
•
•
Table 9. Regular Cargo Airline Connections
a central location in the Caribbean and between North and South America,
a relatively stable political and economic climate,
a relatively well-developed infrastructure;
a skilled and available (mostly multilingual)
workforce,
access to the European Market (as part of the
Dutch kingdom).
Curaçao is easily accessible by air, with many daily
or weekly non-stop flights from the USA (Miami
and San Juan, PR), Venezuela (Caracas, Valencia
and Maracaibo) and the Netherlands (Amsterdam).
There are also good connections with major South
American cities like Bogotá and Barranquilla (Colombia), Brasilia (Brazil) and Paramaribo (Suriname). The main airlines include: American Airlines,
KLM (Royal Dutch Airlines), Avianca, Martinair,
Arke Fly, Insel Air, SLM, DAE and Divi.
Curaçao Airport Partners (CAP - a 100% subsidiary
of Curaçao Airport Investments N.V., a joint venture
between local and international groups) has been
granted a concession to develop, operate and
maintain the airport for 30 years.
For more information, please contact:
Curaçao Airport Partners
International Airport Hato
Curaçao, Netherlands Antilles
Tel.: (+599-9) 839-1001/ 1980
Fax: (+599-9) 868-0017
[email protected]
www.curacao-airport.com
Playing a major role in Curaçao’s efforts in becoming a logistical hub are its ports, including its
ISO-certified Port of Willemstad, which also includes a natural harbor. This harbor makes Curaçao attractive as a potential investment location,
especially for the distribution of the goods, oil and
value-added services that the so called ‘e-zones’
are offering. The harbor has a high-quality level
of organization and offers many services, such as
stevedoring, docking, tugboats, bunkering, piloting
etc.
14
Table 10. Regular Passenger Airline Connections
15
The harbor has no tides, hurricanes or congestion
problems, and can handle ships of up to 120,000
deadweight tons. It also provides a range of services to (cruise) tourism, the oil industry, e-zones
visitors and ship repair.
Curaçao’s harbor has close working relationships
with the Rotterdam (Netherlands) harbor and has
recently (2009) signed an Memory of Understanding (MoU) with the Panama Ports Authority, which
serves to strengthen the abilities of each to serve
the needs of the international maritime community and to work together to promote the route to
Curaçao via the Panama Canal, thereby fostering
the cruise business and regional trade in petroleum
products.
Compared to other harbors in the area, Curaçao’s
handling costs of goods for local freight are higher
due to higher labor costs. However, the Curaçao
harbor boasts a ‘no theft, no pilferage’ record and
has a reputation for very low cargo damage frequency.
In 2002 the Caribbean Shipping Association
named the port of Curaçao as the Most Dependable Port for the third time in five years. According
to to the International Development Bank (IDB,
1997) the logistics sector of Curaçao, and especially the port, provides high-quality services (in
terms of low damage and theft rate, high security,
high-priority treatment of transshipment vessels
and control), and offers great possibilities.
The harbor is managed by the government owned
company Curaçao Port Authority (CPA) and is the
owner of the basins, wharves of different lengths
and with a depth varying from 9 to 11.5 meters,
warehouses, quays and the container-handling
cranes. All handling equipment, with the exception
of leasing of the cranes, trucks and stevedoring
equipment, is owned and professionally managed
by the private ISO-certified Curaçao Port Services
(CPS). At the moment seven (CPS) transshipment
lines are using Curaçao as their transshipment
port for the Caribbean region and the East coast of
Latin America. Transshipment has always been an
important part of business in the harbor.
The most important sources of imports of non-oil
products into Curaçao are North America (35%),
Europa (30%), Latin America (30%) and the Caribbean (5%). Curaçao is exporting non-oil products
to Europe (53%), Latin America (14%), and the
Caribbean (14%).
Besides the Port of Willemstad (and its harbor),
there are other ports, where several facilities are
available. The other ports are Bullen Bay (an oil
terminal operated by PDVSA), Caracas Bay (deepwater facilities), St. Michiel’s Bay (a single mooring buoy), Fuik Bay (private wharves of the mining
company) and Spanish Water (yachting facilities).
Curaçao’s harbors are among the region’s most
developed and best-organized ports. The ports of
Curaçao are all natural, sheltered ports that offer
safe, fast, efficient and reliable handling of both
ships and cargo. The ports of Curaçao are well
equipped for all business activities. Curaçao is
located off the main hurricane paths and offers the
perfect gateway in the Caribbean. Curaçao has
always played an important role in international
commerce due to its strategic location, stable
political conditions and its deep and wide naturallysheltered main harbor, the Port of Willemstad.
The Port of Willemstad’s strategic and geographical location with respect to the United States,
South America and Europe is one of the major
factors that have contributed to Curaçao’s being
such an important regional transshipment hub for
container shipping. Over the centuries, the Port
of Willemstad, which comprises St. Anna Bay and
Schottegat Bay, has evolved from a few simple
quays to a multi-faceted maritime service center,
housing several transnational companies. These
include: one of the largest crude oil refinery and oil
transshipment centers in the region, operated by
Petróleos de Venezuela S.A. (PDVSA); the stateof-the-art Curaçao Container Terminal, offering
an extensive array of cargo facilities, operated by
Curaçao Port Services (CPS) Inc.; a dynamic FreeTrade Zone managed by Curinde N.V.; the region’s
largest dry dock, operated by Curaçao Dry Dock
Company Inc.; and modern cruise terminals,
managed by Curaçao Ports Authority (CPA) N.V.
The harbor authority in Curaçao is the Curaçao
Ports Authority (CPA) N.V. Since 1982, the CPA, a
limited-liability company whose main shareholder is
the Island Government of Curaçao, has managed
Curaçao’s ports. The CPA is a landlord port authority, owning infrastructure and most of the superstructure of the ports. The facilities are leased out
to private operators. The CPA is the driving force
16
behind the port’s development, providing services,
property, equipment, marketing and development
of facilities in the port.
Port management is approached from a privatesector perspective and all investment and strategic
policies are business-oriented.
Port fees (harbor dues, wharfage, pilotage, and
cruise passenger user fees) are reinvested in
maintenance and development of the ports. The
CPA regularly makes major investments in upgrading facilities and services to ensure the highest
level of professional port operations.
A subsidiairy of CPA is the KTK tugboat company
(or the CuracaoTowage Company), which offers
services to many clients outside Curaçao’s waters.
It has even been granted a concession from the
Panama Canal Authorities.
Curaçao Ports Authority (CPA)
N.V
Werf de Wilde z/n
Tel: (+599-9) 434-5999
Fax: (+599-9) 461-3907
[email protected]
KTK Tugboat Company
Jan Baardakade z/n
Tel: (+599-9) 461-1055
Fax: (+599-9) 461-2055
[email protected]
Curaçao Port Services (CPS) Inc., a limited liability
company, has been granted a concession by the
CPA to operate most cargo facilities, in particular the container terminal and bulk facilities. CPS
works closely with the CPA in marketing these
facilities. State-of-the-art technology combined
with quality service make the Willemstad container
terminal one of the largest and most reliable and
efficient in the region. CPS offers general cargo,
container, bulk, break-bulk, neo-bulk and transshipment handling, roll-on/roll-off facilities, reefer
facilities, stripping/stuffing and storage facilities at
competitive rates, and operates 24 hours a day,
seven days a week, all year round. In January
1998, CPS became the first port services company
in the Caribbean to win the ISO 9002 Certificate
Summa Cum Laude, for its entire administrative
and operational activities.
The shared commitment of the CPA and CPS to
quality was rewarded by the Caribbean Shipping
Association, which designated the Port of Willemstad as “Most Dependable Caribbean Port 1996 and
1997”.
Curaçao Port Services (CPS) Inc. N.V.
P.O. Box 170 Curaçao, Netherlands Antilles
Tel: (+599-9) 461-5177
Fax: (+599-9) 461-3732
[email protected]
Dutch Caribbean Consultants is a joint venture of
Public Works Rotterdam in the Netherlands and
the Curaçao Ports Authority. For many years Public
Works Rotterdam and the Curaçao Ports Authority
have been cooperating in developing port-related
infrastructure in Curaçao and in the wider Caribbean areas. Dutch know-how and Caribbean experience are combined in Dutch Caribbean Consultants Inc. This joint venture was set up to offer the
best of both worlds, primarily to Caribbean ports.
In the Caribbean:
Curaçao Ports Authority
Tel: (+599-9) 434-5999
Fax: (+599-9) 461-3907
www.curports.com
In Europe:
Gemeentewerken Rotterdam
Tel: (31) 10 489-6637
Fax: (31) 10 489-3907
www.gw.rotterdam.nl
The Port of Willemstad currently has 5 wharves
available for cruise vessels. All cruise wharves
are secured and offer water, waste water and fuel
bunkering facilities. Fuel bunker capacity is 250
tons/hour. Passenger facilities include toilets, telephones, small shops and handicrafts, information,
bus and taxi terminals.
The cruise facility which is located some 200
meters from the (St. Anna Bay) harbor entrance
consists of a T-shaped jetty with a capacity for one
cruise vessel. A second jetty is planned for the
future. This facility can handle cruise ships up to
145,000 gross tons, safely and without restrictions,
and overcomes the limitations of St. Anna Bay.
Bunkers are available with a capacity of 350 tons/
hour.
To promote and develop Curaçao as a cruise destination, several organizations have joined forces in
the Curaçao Cruise Action Group (CCAG), including Curaçao Ports Authority (CPA) NV, the Curaçao
Tourism Board (CTB), the Curaçao Chamber of
Commerce and Industry, the Downtown Management Organization (DMO) and the Curaçao Hospitality and Tourism Association (CHATA). This centralized body maintains a clear focus on improving
the product, and further, on promoting the island’s
cruise potential.
17
Table 11. Berthing facilities
Source: Curaçao Ports Authority
The cruise terminal is equipped with all facilities to
embark and disembark passengers. Passenger facilities include on-site security, information officers,
taxi and bus terminals, a covered area for luggage
handling, rest rooms, a snack bar, an information
booth and telecommunication services. Safety and
convenience are the primary objectives of these
facilities.
All marine fuels to vessels calling at the ports of
Curaçao are supplied by Curoil N.V. Curoil offers
round-the-clock service without overtime charges,
and uses state-of-the art machinery and equipment. All available fuels meet international standards and delivery takes place under independent
inspection.
The port of Willemstad boasts the Western Hemisphere’s largest and best-equipped commercial
dry-dock. It is owned and operated by the Curaçao Dry-dock Company Inc. (CDM for its initials
in Dutch), which has a reputation for competent
service and long experience in ship repairs, conversions and dry-dockings and offers, among
other things, hull, machinery, piping, electric, and
electronic repairs to all types of vessels including
offshore equipment, dredges, naval vessels and
passenger ships.
Curaçao Dry-dock Company Inc.
P.O. Box 3012
Phone: (+599-9) 733-0000
Fax: (+599-9) 736-5580
[email protected]
Port Statistics
Very large vessels that are not able to enter the
Port of Willemstad can make use of three other
commercial ports in Curaçao: Caracas Bay, St.
Michiel Bay, and Bullen Bay, which can all accommodate vessels of any type and scale. The Curaçao Ports Authority (CPA) N.V. offers attractive port
fees for vessels making calls at two of these ports.
Other requests are considered on a case-by-case
basis. Clearance, port administration and regulations in these ports are the same as in the Port of
Willemstad.
Table 12. Container Movements: TEUS
*January –September 2009
Source: Curaçao Ports Authority (http://www.curports.com)
18
As stated above, our physical logistics (with our
airport and ports as the central pieces) is considered one of the key elements in our overall infrastructure and our economic development. The
same can be said about our non-physical logistics.
The Curaçao government is determined to develop
Curaçao in the virtual hub or information hub of the
Caribbean.
Curaçao has an excellent telecommunications
infrastructure, considered one of the best in the
Caribbean region. It is also in par with US and European standards. It includes very modern digital
switches, direct telephone links worldwide, mobile
networks, satellite link-ups, and fiber optic cabling.
In the nineties the Government liberalized the international and mobile telephone markets, as part
of its policy to privatize the telecommunications
sector. The goals of the privatization process are to
improve the services being offered, achieve lower
prices, increase quality of service and attract investors to upgrade the network infrastructure to world
standards.
In addition to the state-run United Telecommuniations System (UTS), there are several private
owned concession holders for telephone service
(both mobile and long distance).
Table 13. Concession of telecommunication in
Curaçao
The telecommunications sector in Curaçao is reinvesting most of its profits in new infrastructure.
This is noticeable in the government’s decision to
be part of the Americas I and Arcos-II fiber-optic
cables system. The Americas Region Caribbean
Ring System (ARCOS-1) is a fiber-optic submarine communication cable of 8,400 kilometers that
runs among the United States, the Bahamas, the
Turks and Caicos Islands, the Dominican Republic, Puerto Rico, Curaçao, Venezuela, Colombia,
Panama, Costa Rica, Nicaragua, Honduras, Guatemala, Belize, and Mexico. Because of its length,
it was divided in two phases: Phase 1 (ARCOS I)
and Phase II (ARCOS II). The cable system was
set up in a ring configuration and is operated on a
non-common carrier basis. Through its fiber optic
connections Curaçao is also connected with almost
every island and country in the Caribbean. Through
the Arcos cables, Curaçao is directly or indirectly
connected to all the countries in the Westen Hemisphere.
The current telecommunications infrastructure
is equipped for telex, fax services, entrance to
merconon, viditel and direct satellite connections.
Communications with the rest of the world are of
very good quality, without interruptions. Additional
services are mobile communication (both CDMA
and GSM), audio text, voice mail, DSL, EVDO and
ISDN.
Infrastructure for communication in the Netherlands Antilles has always been above average in
comparison to the region. The country’s teledensity
is among the highest in the region. In addition, the
rate per minute is considered to be reasonable.
Source: Telecommunications and Post Authority of the Netherlands
Antilles
19
In addition, there are several Internet Service
Providers on the island, including UTS, Scarlet and
MIO. In 2010 Columbus joined this list as the fourth
provider.
E-zone and e-commerce
Due to the well-functioning (physical and
non-physical) legs of our logistics infrastructure,
the creation of a new commercial field became
possible: the e zone business.
An Economic Zone (E-zone) is a site designated
as such, where goods can be stored, processed,
worked on, assembled, packaged, displayed and
cleared from bond, or can undergo other operations, and where (or from where) services may be
provided.
Services include: 1. maintenance and repairs on
goods of companies conducting business outside
the Netherlands Antilles; 2. maintenance and repairs on machinery and other equipment situated
abroad with goods stored in the E-Zone or other
forms of service aimed at countries abroad, including warehousing, and new trade activities; and 3.
trade support activities and other service activities
to be marketed in the international arena, which
can be performed with (or: on behalf of) electronic
communication and information opportunities.
Services do not include the activities of acting as
a management board for companies whose registered office or actual management is established
in the Netherlands Antilles. Neither do they include
services with regard to the trust business, services
of civil-law notaries, lawyers, public accountants,
tax counselors and related services.
on the island. Together, these stakeholders were
responsible for the launching in March 2009 of the
Caribbean Internet Exchange or the CAR-IX. The
CAR-IX is a neutral and independent not-for-profit
Internet exchange modeled after the Amsterdam
Internet Exchange (AMS-IX), one of the world’s
most successful and high quality Internet
Exchanges. The CAR-IX platform has been designed, and is operated, by AMS-IX.
The exchange provides continuous high quality full
capacity peering services for Caribbean and South
American networks that want to keep as much
traffic local for network optimalisation and financial
benefits Not only will the CAR-IX result in a more
smooth and reliable internet communication within
the Varibbean and South America, it also facilitates business in our sectors of e-commerce and
e-zone.
The CAR-IX Association (and corporation) was
founded by: UTS (United Telecommunication Services), Scarlet, Telbo (Telefonia Boneriana), Digicel Dutch Caribbean and EOCG Wireless. These
founding partners are also connected to CAR-IX
and were later joined by Columbus Networks Curacao and VeriSign.
The official legal entities of the CAR-IX are the
Caribbean Internet Exchange Association and the
limited corporation Caribbean Internet Exchange
B.V. Both are commonly referred to by the acronym
CAR-IX.
For more info on CAR-IX: [email protected]
For more information on E-zones, see the section Supporting
Pillars
The financial sector in Curaçao is supported by
a number of international banks offering a wide
range of internationally required services. The very
favorable fiscal environment for businesses and
individuals alike resulted in the establishment of a
large number of international banks, trust companies, accounting and law firms. In addition, all of
the larger international audit firms are represented
on the island. Furthermore, legal practitioners and
tax advisors provide expert advice in the fields of
international corporate and tax law.
The determination of the Curacao government to
become a communications (logistical) hub in the
Caribbean, is shared by the private enterprise
Curaçao experienced a period of strong growth
and a boom from 1970 to 1990, when offshore
companies (qualifying under article 14/14A of the
old Profit Ordinance) were taxed at only 2.4 to
The goods traded need not be physically stored
in the E-zone. This has opened an opportunity for
e-commerce and has resulted in two types of Ezones: 1) E-zones dealing in goods and 2) E-zones
dealing in non-goods or services. Currently there
are ten E-zones (for both goods and services)
established on the island.
20
3% instead of the normal 34.5%. This resulted in
substantial tax revenue for Curaçao and the Netherlands Antilles (peaking at 60% of the government
budget in the first half of the 1980s). The expiration
of the tax treaty with the USA in1986 resulted in a
decline of financial flows and a near standstill of
business coming from the USA.
With the arrival of the New Fiscal Framework
(NFF), the Curaçao and Netherlands Antilles tax
regime has been fully upgraded and modernized in
order to meet the ever-changing quality demands
of the international financial services industry. This
effort was aimed at creating a platform for transparency rules and a clearly defined exchange of information policy, abolishing the distinction between
onshore and international companies, no fiscal
‘ring-fencing’, no unfair tax practices and a regulatory framework to protect the NA financial systems
against abuse for criminal purposes. Another major
achievement is that of the National Ordinance on
Supervision of Fiduciary Institutions, which came
into force on January 1, 2002. As of February 1,
2002, an important part of the Netherlands’ Antilles
regulations against money laundering were made
applicable to fiduciary institutions.
The Netherlands Antilles’ jurisdiction is now in clear
compliance with OECD standards and the territory has been removed from the OECD’s blacklist.
Curaçao also meets the most important requirements of the American tax authority, the IRS,
since the introduction of the National Ordinance
on Reporting of Unusual Transactions and the
National Ordinance on Identification When Rendering Financial Services in 1997. The IRS has given
Curaçao (Netherlands Antilles) the status of Qualified Intermediary.
This led to new (tax) treaties between Curaçao
(Netherlands Antilles) and other countries, including the ‘Agreement for the Exchange of Information With Respect to Taxes,’ signed in April 2002
between Curaçao (Netherlands Antilles) and the
USA. This agreement was a first step towards
a new tax treaty, for which negotiations are currently under way. Since that first agreement with
the USA, several Tax Information Exchange
Agreements (TIEA’s) have been signed with e.g.
Australia, New Zealand, Canada, Spain, Mexico,
Denmark, Norway, and Sweden. A Double Taxation
Agreement (DTA) with Jamaica has been negoti-
ated and is expected to enter into force as soon
as constitutional and legal procedures have been
completed.
The most important feature of the NFF was the
abolition of the offshore regime.
Transitional legislation grants the advantages
of the old offshore regime to qualifying offshore
companies incorporated before January 1, 2002,
provided certain conditions are met. These companies can benefit from the offshore regime until the
year 2019. (see also section on Legislative Affairs /
Fiscal System).
By late 2009 there were almost 90 trust service
providers located on Curaçao.
For more information on this sector, please consult the article
on Fiscal Incentives in chapter 4.
With the renewed direction of progressiveness and
transparency within this sector, several stakeholders pertaining to this field have come together to
launch Curaçao’s own first securities exchange,
the DCSX (Dutch Caribbean Securities Exchange),
which is scheduled to go into operation in early
2010. With the introduction of the DCSX and the
new commercial possibilities it will offer potential
clients, Curaçao will be able to position itself more
competitively in the international financial services
arena. With the establishment of our own securities exchange, Curaçao follows in the footsteps of
other countries in the Caribbean, which have found
ways to successfully perform in the international
financial services industry, such as the Cayman
Islands, Bermuda, Jamaica and Panama.
The Exchange will provide a time- and costefficient
listing for international and regional corporations
and investment funds, furnishing an alternative to
the regional exchanges in other jurisdictions.
The ‘white listing’ of Curaçao by the OECD, the
establishment of the DCSX and our civil law system (since Curaçao is part of the Dutch Kingdom)
makes it possible for Curaçao to boast of a transparent product with in-house expertise. The future
for the International Financial Services sector is
very bright.
21
Curaçao is very attractive to companies active in
the oil industry in the Caribbean basin. Curaçao
has a number of excellent industrial locations at
deep waterways and is home to the largest Caribbean refinery.
The strategic location of Curaçao in the Caribbean,
together with its superb harbor facilities, places
the island in the privileged position of being able to
quite easily ship and distribute both raw materials
and finished products.
Hence, it should be no surprise that the oil industry
is one of Curaçao’s economic pillars. The three
factors making this possible are: 1. the direct and
indirect labor demand; 2. the production of different
kinds of fuel for the local and foreign markets; and
3. the amount of foreign currency generated by the
oil industry.
The refinery’s presence has also created other
commercial opportunities, including the asphalt
lake project and other oil refining projects.
The presence of the oil refinery, Refineria di Kòrsou (or Curaçao Refinery), which has been on the
island of Curaçao since 1917, is guaranteed for at
least another decade, as there is a lease-contract
between the Venezuelan state-run oil company
Petróleos de Venezuela S.A. (PDVSA) and Refineria di Kòrsou (on behalf of the local government), which expires in 2019 and for which an
extension is being negotiated.
The presence of the refinery has also created (and
is still creating) other commercial opportunities,
such as the BOO and IRUP projects, which are important projects for the future of the oil industry and
energy production for the population. Furthermore,
environment-friendly guidelines have also created
opportunities for more projects, which will contribute to the reduction of pollution and the production
of clean energy.
22
The fiscal status of Netherlands
Antilles will automatically apply to
Curaçao after October 10, 2010.
Entrepreneurs intending to conduct business in
Curaçao are required complete a number of steps
before they can become operational. The first step
is to retain the services of a notarial office, which
consequently establishes a (limited liability) company. The most important licenses when incorporating a company are: (1) the business license
from the Island Executive Council, permitting the
corporation to operate in Curaçao, (2) a director’s
license for a non-Antillean managing director, and
(3) a work and residence permit for the managing
director. The notary will also take care of registering the company at the Curaçao Chamber of Commerce & Industry.
The initial registration fee and the annual contribution to the Commercial Register vary between
US$ 34 and US$ 550, depending on the amount of
paid-up capital.
Table 14. Compulsory registrations
Notarial fees depend on the work required and the
time spent in organizing the incorporation, as well
as the actual authorized capital (minimum notarial
fee US$ 1,160).
The status of the Netherlands Antilles as a cooperative, transparent and internationally responsible jurisdiction was recognized by the Organization for Economic Co-operation and Development
(OECD) on September 11, 2009, and the territory
was removed from the so-called ‘black-list’. Curaçao also meets the most important requirements of
the American tax authority, the IRS, since the introduction of the National Ordinance for Reporting of
Unusual Transactions and the National Ordinance
for Identification When Rendering Financial Services in 1997. The IRS has given the Netherlands
Antilles the status of Qualified Intermediary.
Source: Dept. of Economic Affaires, Dos Mundos NV
1
Provided the documents are on hand.
23
Table 15. Major operational licenses for a company
1
Provided the documents are on hand.
2
Antillean single proprietorships are exempt
24
Table 16. Major operational licenses for employees and employers
1
Provided the documents are on hand
In recent years the Netherlands Antilles has signed
Tax Information Exchange Agreements (TIEA) with
the following countries:
Table 17. TIEA countries
Double Taxation Agreements (DTA’s) are being negotiated with Jamaica, Sweden, Iceland, Denmark,
Greenland, Finland, the Faroe Islands, Spain,
Canada and Mexico, Surinam, Colombia and the
United Arab Emirates.
The Netherlands Antilles currently has tax treaties
in effect with the Netherlands, Aruba and Norway.
As part of the Kingdom of The Netherlands, the
Netherlands Antilles is a party to a federal tax
agreement with the Netherlands and Aruba (TAK).
Subject to this treaty, dividends, interests, and
royalties paid to an NA recipient may qualify for
reduced withholding tax rates in the participating
countries. For an individual recipient, the Dutch
withholding tax amounts to 15%. Dutch dividend
withholding taxes are reduced from 25% to 15% if
the Antillean company owns less than 25% of the
Dutch company. In the Netherlands Antilles, only
5% of these dividends will be taxed, at a rate of
34.5%, which results in an effective profit tax rate
of 1.725%
Source: www.oecd.org
25
Since the amendment of the TAK that came into
force on January 1, 2002, when the Antillean company’s interest is 25% or more, the Dutch withholding tax can be reduced to 8.3%. This tax will then
be paid to the Netherlands Antilles tax authorities
under a special procedure. These dividends are
fully exempt from profit tax in the Netherlands Antilles.
Capital gains derived from shareholdings in Dutch
corporations are fully exempt from profit tax in the
Netherlands Antilles, provided the shareholding
amounts to at least 25%. If this amounts to less
than 25%, the capital gain will be tax-exempt for
95% of their amount.
The new withholding tax regime in the TAK also
applies to Netherlands Antilles offshore companies.
not expected to happen in the near future.
Companies whose capital is divided into shares
may perform activities in the e-zones including
trading or providing services to companies located
outside the Netherlands Antilles.
As regards profit tax, the profit of companies within
the e-zones is taxed at 2% - including surtax - until
January 1, 2026. This rate is not applicable on the
profit of an e-zone company if it is generated by
the sale of goods or services to companies located
in the Netherlands Antilles or generated through
the provision of services to affiliated companies
located in the country. In addition there is no import
duty or turnover tax charged on goods entering the
e-zones.
Source: www.lowtax.net
With the enactment of the NFF, the Netherlands
Antilles has put an end to its tax haven image. The
most important feature of the NFF was the abolition of the offshore regime. Transitional legislation
grants the advantages of the old offshore regime to
qualifying offshore companies incorporated before
January 1, 2002, provided certain conditions are
met. These companies can benefit from the offshore regime until the year 2019.
The elements of the NFF in the Profit Tax Ordinance are the following:
•
•
•
•
•
Introduction of a Tax-Exempt Company (NABV)
i.e., a company that is exempt from both the
corporate income tax and the new dividend
withholding tax.
Introduction of a participation exemption.
Extension of the period for loss carry-forward.
Introduction of merger provisions.
Introduction of a fiscal unity treatment (consolidated tax group).
An individual’s specific circumstances determine
residence for tax purposes. These circumstances
include permanent home, habitual stay, and center of economic and social interest. Residents are
taxed on worldwide income, while nonresidents
are taxed only on certain specified income generated within the Netherlands Antilles. Individuals are
taxed from their date of arrival. Accordingly, there
is no significance to the timing of arrival.
Profit tax is levied on the profit of:
•
•
•
•
limited liability companies (NV’s);
limited partnerships and other companies
or associations whose capital is divided into
shares;
co-operative societies and mutual insurance
companies;
associations and foundations, as long as they
are conducting a business;
entities established outside Curaçao but which
receive revenues from Curaçao.
The main elements of the NFF with regard to individuals are, among others:
•
•
The base for the profit tax is the taxable profit after
deducting all allocated costs, depreciation, investment allowance, donations and set-offs of losses.
The tariff is stipulated at 34.5% including the island
surcharge. For possible tax reductions, please see
the Fiscal Incentives paragraph.
•
Income Tax Ordinance. Introduction of deemed
income provisions: amendment of the substantial interest provisions.
Introduction of a 10% dividend withholding tax.
This tax will only take effect on a date to be
announced in a separate Ordinance, but that is
26
Progressive rates are levied on taxable income.
In addition, an island surcharge is levied on the
amount of tax due. The maximum rate amounts to
49.4% from the year 2006 onwards.
Special reduced tax rates apply to certain nonrecurrent items of income, for example, liquidation
proceeds from a company, set at a maximum of
33.8%, and dividends from or capital gains on the
sale of “substantial share interests,” set at 19.5%.
Interest earned on bank accounts in the
Netherlands Antilles is taxed at a rate of 6.5%.
Tax returns are filed on a calendar-year basis.
Each spouse is taxed individually on his or her
personal income (e.g., income derived from a business, profession or employment). Non-personalized income is, in principle, included in the taxable
income of the spouse with the higher personal
income.
The Netherlands Antilles makes use of the pay-asyou-earn (PAYE) system, so tax is withheld from
the employee’s wage or salary according to the
tax rate table stipulated by ministerial decree. The
employer is liable for withholding wage taxes.
A dividend withholding tax was introduced as of
January 1, 2000. However, the provisions have not
become effective yet, and it is not likely to happen
in the near future.
Salaries and wages are subject to tax withholding at the source. Provisional assessments can
be issued during a fiscal year. Any additional tax
is payable on receipt of an assessment. Netherlands Antilles tax relief may be obtained for specific
sources of foreign income.
The turnover tax (5%) is levied on the provision of
services and deliveries by entrepreneurs and companies. A limited number of services and deliveries
are exempt. “Services” do not include advisory and
management services provided to or by offshore
companies and offshore banks.
An entrepreneur subject to the turnover tax must
file a return with the Tax Inspectorate before the
16th day of the following month, at the Tax Collector’s office.
The transfer of Netherlands Antilles -located immovable or real property is subject to a 4% transfer
duty.
A land tax is levied on real estate located in the
Netherlands Antilles at an annual rate of 0.3% of
the value of both undeveloped land and built-up
land. The 15% island surcharge is also applicable.
Gifts and receipts from the estate of an Antillean
resident are taxable. Nonresidents owning real estate in the Netherlands Antilles are also subject to
these taxes. The rates (2% up to 24%) depend on
the amounts received and the relationship of the
beneficiary to the deceased or the donor. Gifts and
receipts from estates of a nonresident shareholder
of a N.A. company are not subject to Antilles estate
and gift taxes.
For 2010 (income year 2010), the employee’s
share of taxes for old-age pension (for persons age
60 and over), widows and orphans is 6.5%, and
the employer’s share is 7.5%, up to a maximum of
US$ 45,133. Expatriates may be exempted from
this tax. Please read the Employment regulation
paragraph in the Labor chapter.
Contributions for accident insurance range from
0.5% to 5%, depending on employment, up to a
maximum salary of US$ 32,120.
The AVBZ is a national social insurance from which
the entire population of the Netherlands Antilles
can derive rights. The AVBZ guarantees, among
other benefits, medical care to persons suffering
from a chronic disease or a mental or physical
disorder. The premium charged to raise the necessary funds generally amounts to 2% of taxable
income, with a maximum charge of US$ 4,295 per
year (maximum for 2008). The employer’s share
amounts to 0.5% of the employee’s income, with a
maximum of US$ 1.015 per year. Individuals qualifying for minimum income of US$ 2,921 (unmarried) or US$ 3,314 are charged at the rate of 1%.
27
Old-age pensioners are taxed at a rate of 1.5%.
Import duties are levied on the value of imported
products, with the exception of primary food-stuffs.
The rate varies from 5% to 22%, depending on the
type of the product. Excise duties are levied on
alcoholic beverages, cigarettes and fuel products.
A new room tax legislation was introduced in 2009
in an effort to co-finance promotional activities
for the island. The room tax applies to all nonresidents of Curaçao staying in all types of accommodations like timesharing locations, apartments
and hotels. This tax also applies to all persons who
make part of their home available for lodging facilities.
In 2007 the Shipping Registration Tax (SRT) was
amended and converted to a Tonnage Tax. Under
the old regulation, a shipping company that registered a ship under the SRT would pay ANG 0.40
per gross ton. Under the new rules, the owner of a
registered ship has to declare a profit per net ton,
and pays 34.5% over the calculated profit.
The shipping profit scale is as follows:
Up to 10.000 net tons: ANG. 2.00 (US$ 1.12) per ton;
10.000 - 25.000 net tons: ANG 1.35 (US$ 0.76) per ton;
over 25.000 net tons: ANG 0.60 (US$ 0.34) per ton.
The new Tonnage Tax allows for up to 10% of
the shipping company’s profit arising from other
sources (e.g. interest) to be treated as profit from
operating a ship. Only if more than 10% of the total
profit stems from sources other than operating a
ship must that other profit be declared separately
from the profit from operating the ship, with the latter being calculated based on the scale mentioned
above. The total amount of profit declared is then
taxed at the standard rate of 34.5%.
Another advantage of the new rules is that it is also
possible to apply for the Tonnage Tax in a subsequent year. In the event the first year of operating
the ship reflects a loss, the company may decide
to apply for the Tonnage Tax in a subsequent year,
when the company is likely to show a profit.
The tax facilities offered to E-Zone companies in
the E-Zones in Curaçao are:
•
•
•
•
0% import, export and excise duties;
2% profit tax on export profits;
0% sales tax;
0% land and property taxes.
The Governments of the Netherlands Antilles and
the Island Territory of Curaçao welcome foreign
investors and attempt to provide potential investors
with a wide range of investment incentives.
Most of these incentives are based on several tax
breaks, the creation of local employment and the
establishment of a company within a specific location (such as in one of the E-zones). In addition
to these fiscal incentives, the government of the
Island Territory of Curaçao has several arrangements to stimulate private investments and entrepreneurship.
There are tax incentives or holidays for the establishment of new economic enterprises and hotels
with a predetermined minimum employment and
capital investment. Special provisions relate to the
taxation of insurance companies.
For a minimum investment of US$ 2,824.85, an 8%
investment allowance on acquisitions and improvements (new buildings-12%) is permitted as a deduction from taxable profit in the year of the investment and in the subsequent year for businesses
operating within the Netherlands Antilles.
Depreciation may be accelerated for up to onethird of capital costs. If a profit is earned at the
time of a sale of capital assets with the intention to
replace that asset, the profit may be placed in a tax
rollover account.
Legislation regarding the so-called “pensionado”
arrangement has been enacted, whereby (retired)
individuals who meet certain requirements may opt
28
to be taxed at lower rates. The individual may not
have been an N.A. resident in the five years before
taking up residence in the Netherlands Antilles and
applying for this tax incentive. Furthermore, the
qualifying pensioner/retiree must be no less than
50 years of age, and must own and use a house
in the Netherlands Antilles with a value of at least
US$ 255,000.
There are at present two retiree incentives: one
that qualifies for applicability of the TAK (Tax
Agreement for the Kingdom of the Netherlands),
and one that does not.
on the local labor market.
The following salary elements are, among other
things, not included in taxable salary:
•
•
•
The pensioner/retiree may opt to pay one of the
following:
•
•
•
•
A flat 10% tax rate on foreign income (minus
allowable deductions) (TAK remains applicable); or
A fixed annual tax of approximately US$
148,000 (TAK is not applicable).
The Netherlands Antilles have regulations in place
for expatriate income taxes. Fringe benefits (wages
in kind) are tax-exempt provided they are less than
US$ 8,475 per year. In case net wages have been
agreed on, this does not have to be grossed up.
Under certain conditions, the provisions can be applied for two periods of 5 years each.
Expatriates in the Netherlands Antilles are employees who resided in a foreign country for a period of
at least five years prior to their employment in the
Netherlands Antilles, are working in the offshore
financial industry, the tourism industry, telecommunications industry, airline industry, oil industry, or
at universities, and who are staying in the Netherlands Antilles on a temporary basis.
The employee must contribute specific expertise to
the company. This expertise can be proven in two
ways:
•
•
The employee must have completed studies at
an institution of higher education or academic
institution and have at least 3 years of working
experience.
The employee must have at least 5 years of
working experience and have a salary of at
least US$ 56,500. In order to qualify, the “specific expertise” should not be readily available
Compensation for educational costs at the
International or Dutch school on Curaçao or an
equivalent school abroad, up to a maximum of
US$ 14,100 per child annually.
Social security premiums paid abroad, if they
are intended as an old-age provision.
Travel and moving expenses in relation to the
immigration and repatriation of the employee
and family, including hotel room costs, with a
certain maximum.
Settling-in allowance of the lesser of two
months’ salary or US$ 6,775.
Car rental expenses during the first two months
after arrival, up to a maximum of US$ 1,525.
These companies are taxed at a special rate of
9.66%, including surtax. Shipping companies can
also choose to pay tax at the rate of US$ 0.23 per
gross registered ton (minimum tax of US$ 565 per
vessel) in lieu of being taxed on net income.
E-zone companies are subject to 2% on the profit
earned on exports up to and including the year
2025. These companies are exempted from turnover tax (OB), and duties including levies in cases
of import, transshipment or export. Upon request,
the Central Bank grants exemption from payment
of foreign exchange license fee charges for merchandise transactions in the E-zone business. To
qualify, the legal entity must be admitted to the
E-zone.
These are granted partial exemption from profit tax
and a minimum 2% tax rate for a period of 5 to 11
years. There is an exemption from import duties
on materials and goods needed for construction
and initial equipment, as well as from land and
occupancy tax for a period of 10 years. A minimum
investment is required. Losses incurred during the
first four years of operations may be set off against
taxable income indefinitely.
Investments related to the Yachting industry, eg.,
establishment of new yachting marinas and boatyards, may also qualify for tax holidays.
29
Land development companies are granted a tax
holiday and exemption from import duties on materials and goods used in development/construction
activities. They are exempt from tax on profits realized on the sale of the developed land. A minimum
investment of US$ 565,000 is required.
Activities are expected to enhance the economic
development of the Netherlands Antilles.
As of November 1, 1998, the Netherlands Antilles
introduced the “private” foundation as a variant of
the long-existing “common” foundation. The most
important difference is that a common foundation’s
purposes may not include making distributions
(other than distributions of an idealistic or social
nature). This restriction does not apply to private
foundations, whose purposes may include making
distributions to incorporators and others. A private
foundation may not run a business or enterprise for
profit. Acting as a holding company or investment
company is not considered running a business. It is
exempt from Netherlands Antilles profit tax, and its
distributions are exempt from Netherlands Antilles gift tax, as are contributions of assets to the
foundation by a non-resident. Gift tax in the contributor’s country may be applicable. The private
foundation is intended to be an alternative to the
Anglo-Saxon trust, especially in civil-law jurisdictions.
per year. This permit can also be granted to the
investor’s spouse and children under 18 years of
age.
If a foreign investor with an investor’s permit
exceeds the 120-day per year maximum stay, the
permit will remain valid, but the investor may be
treated as a resident for tax purposes and may be
taxed on his/her world income.
Established companies in the Netherlands that
invest in Curaçao benefit from incentives such as
investment deduction, energy investment deduction, arbitrary depreciation, and fiscal environmental arrangements. In addition, the Dutch fiscal
arrangement for small and mid-sized companies
(“Tante Agaath Regeling”) is also valid for private
investors who extend credit in start-up companies
in Curaçao. The investor is exempt from capital tax
and income tax.
Foreign investors can enter joint ventures with
Dutch and local companies to take advantage of
these incentives, among other things. Investment
in, for example, the processing of oil waste or the
processing of fish from the Netherlands Antilles,
Surinam, Guyana or Venezuela, as well as that of
agricultural products, can benefit from the abovementioned incentives. Other potential areas are:
containers, airport safety, logistics, steel construction, energy and wet contracting.
The NFF provides for a company that is exempt
from profit tax. To qualify for the exemption, a
number of conditions must be met, including the
disclosure of beneficiaries, the management, the
financials and the activities (in principle only investment, and financing) of the company. For profit tax
purposes (i.e. for the application of the participation
exemption), the tax exempt NABV is considered a
foreign participation.
Chamber of Commerce & Industry
Kaya Junior Salas 1
Tel: (+599-9)-461.3918
Fax: (+599-9)-461.5652
E-mail: [email protected]
Website: www.curacao-chamber.com
Source: Directorate of Fiscal Affairs, PriceWaterhouse Coopers
Foreign investors who purchase a house worth
ANG 650,000.- and a basic healthcare insurance
with a minimum BBB rating from the A. M. Best
Company Standards in the Netherlands Antilles,
may apply for a temporary stay permit of 120 days
30
Table 18.
As part of the Netherlands Antilles, Curaçao benefits from the preferential trade agreement concluded within the Council Decision of the Association
of the Overseas Countries and Territories (OCTs),
with the European Community. Most products can
be exported duty-free to the EU, provided that rules
of origin are fulfilled and/or the product is in compliance with the minimum required value added in
Curaçao. There are different possibilities, depending on the product and its origin. The benefits for
Curaçao are lower for two products, namely sugar
and rice, now that the EU has established quotas
for their importation. The Government is currently
analyzing the potential benefits of a closer
relationship with the EU, under the so-called Ultra
Peripheral Status UPS (equivalent to the Departements d’Outre-Mèr of France)
In addition, as part of the Netherlands Antilles
Curaçao also benefits from the unilateral preferential tariff treatment granted by the United States
to 24 “beneficiary countries” qualifying under the
1983 Caribbean Basin Initiative (CBI) and the 1990
Caribbean Basin Economic Recovery Expansion
Act (CBI II), which was given new impetus with the
Caribbean Basin Trade Partnership Act (CBTPA),
effective since October 2000.
An important provision of the CBI II is permanent
extension of the duty free treatment of most goods
produced in a CBI country upon entering the US
market, if the product fulfills the following criteria:
•
•
•
•
It is imported directly from Curaçao into US
customs territory.
It meets the 35 percent local value-added
requirement – only direct processing costs in
one or more CBI countries are considered to
be value added. US-origin materials may be
counted towards 15 percent of the 35 percent.
It conforms to the substantial transformation requirement, i.e., the final product should be new
and different from the foreign materials used in
its manufacture.
If components used in the processing in Curaçao are of 100 percent US origin, requirements
2 and 3 will be dispensed with (for items other
than textiles, oil and oil products).
31
Under the new Trade and Development Act passed
in January 2000, apparel articles can now enter
the US market duty-free and without quantitative
restrictions. In addition to these apparel preferences, the CBTPA provides NAFTA – equivalent tariff
treatment for certain items previously excluded
from duty-free treatment under the CBI program.
Moreover, the Netherlands Antilles is an associate
member of the Association of Caribbean States
(ACS), an observer in the Caribbean Common
Market (CARICOM), and, as part of the Kingdom of
the Netherlands, a member of the WTO. As negotiations for the Free Trade Area of the Americas
(FTAA) proceed, the Netherlands Antilles is striving
to intensify trade with the Western Hemisphere.
32
Potential investors need not worry about lack of
local support for their ventures, as the government
believes strongly in providing entrepreneurs and
investors with the auxiliary tools to guarantee success for all entrepreneurs and investors.
Research & Development (R&D) is a crucial factor
for the achievement of economic growth and the
maintenance of a high standard of living. Research
and development is often at the forefront of innovation, which is a characteristic of successful economies.
An organization in Curaçao that is very much
involved in helping industry to achieve innovation
is the Innovation Center of Curaçao (ICC). The ICC
was established in 1991 with the aim of improving
the competitiveness of small and mid-sized businesses on Curaçao through transfer of knowledge
and technology. The ICC is linked to several international organizations such as TNO, Syntens, TII,
CARDI, and the InnovationNetwork.
•
•
•
•
•
The ICC provides firms with the latest information on innovation in general and specific
technologies.
The ICC organizes or helps organize training,
courses and seminars for firms.
The ICC helps firms with the implementation of
new technologies and management systems in
the fields of environment, hygiene, and quality.
The ICC sells products that help improve capacity of firms (literature, CD-rom, instruction
videos).
The ICC grants the annual Innovation Prize.
The number of participants is still growing.
Innovation Center Curaçao
Industriepark Brievengat gebouw F-1
Tel. 737-1360
Fax. 737-1491
[email protected]
To achieve any kind of sound and sustainable
economic development, Information and Communication Technology (ICT) has become a critical
success factor for all sectors. In Curaçao, the value
of up-to-date knowledge and rapid implementation
of state-of-the-art ICT is very highly appreciated.
To expand ICT use among private-sector organizations, and particularly by small and mid-sized
businesses, the Island Government of Curaçao instituted the “Curaçao Information Stimulation Plan”
(CISP), which is being carried out by Stimul-IT. The
CISP is an initiative of the Department of Economic
Affairs, whose objective is to improve Curaçao’s
competitiveness through the effective and efficient
use of ICT.
•
•
•
Stimul-IT informs the business community
about ICT and the significance of it for their
business operations, through seminars and
publications.
Stimul-IT improves the pre-conditions for the
use of ICT.
Stimul-IT actively initiates and supports (sectoral) ICT-projects.
Stimul-IT
Schottegatweg Oost 82-84
P.O. Box 4848
Tel:(599-9) 738-6299
Fax:(599-9) 738-6298
[email protected]
University of the Netherlands Antilles (UNA)
The University of the Netherlands Antilles implements both post-graduate education activities and
scientific research projects within its dedicated
foundation, Curaçao Institute for Social and Economic Studies (CURISES). The objective is to
support the comprehensive development process
of the Netherlands Antilles by selectively performing activities in the areas of non-regular education
and research.
33
University of the Netherlands Antilles (UNA)
Jan Noorduynweg 111
Tel. 844-2222
Fax. 844-8442
[email protected]
www.una.net
The Carmabi Foundation was founded in 1955 as
the Caribbean Marine Biological Institute and was
initially fully financed by Dutch development funding. Today, as the CARMABI Foundation, biological
research remains a core activity and provides the
basis for the organization’s three other major areas
of activity, namely:
•
•
•
Advice and consultation to the Government
(which consumes upwards of 30% of the organization’s productive capacity).
Education (including a program reaching 1520,000 school children annually).
Natural resource management. (Over the
years, the organization has brought about the
establishment of nine sanctuaries and parks in
the Netherlands Antilles. It currently remains in
charge of the day-to-day management of five
such projects in Curaçao).
Carmabi possesses several facilities for lodging,
laboratory, diving and fieldwork purposes. In addition, there is research equipment and instrumentation, and a library with special collections. Carmabi
also provides special services such as applying
for collecting and export permits in forwarding field
collections.
CARMABI Foundation
Piscaderabaai z/n
POBox 2090
Tel: + (5999) 462-4242
Fax: +(5999) 462-7680
[email protected]
Curaçao hosts dozens of major international business gatherings each year.Conventions, meetings
and incentive tourism represent one of the fastest
growing segments of the island’s tourism industry.
Meeting planners can choose from several venues,
including the state-of-the-art World Trade Center
complex and full scale meeting facilities at several
hotels.
The prestigious World Trade Center (WTC) is Curaçao’s multifaceted international business center.
The WTC is the most complete combined conference and office complex in the Caribbean. It has a
full range of first-class conference facilities and an
enthusiastic and professional team ready to assist
in making the most of this five-star setting.
This 50,000 m2 trade center offers several facilities, including an auditorium seating up to 325
persons, 15 meeting rooms seating between 30
and 200 persons, a 2000 sq. meter Exhibition Hall
which holds up to 1500 persons, the Gallery Hall,
an ideal reception space, prestigious and convenient office space varying from 25 to 1700 meters,
executive support services, and retail units from 25
to 140 meters in an airconditioned indoor mall connected to a hotel complex and an office complex.
The World Trade Center Curaçao is a member of
the World Trade Association
World Trade Center Curaçao
Piscadera Bay
Tel: (+599-9) 463-6100
Fax: (+599-9) 462-4408
[email protected]
There also many other conference, convention,
workshop and seminar facilities on the island,
especially at most hotels on the island providing
state-of-the-art equipment, such as projectors, A/V
equipment, flip charts and microphones.
Conferences are about more than just meetings;
they are an environment in which you can create very powerful impressions, deeper and better
relationships, and better bottomline results. They
provide you with state-of-the art conference facilities, the finest catering and banquet services, and
the right blend of sunshine, golden sand and the
turquoise-blue Caribbean sea to provide you with a
perfect balance of work and play.
34
Sample of conferences organized for overseas
customers recently:
1. Curaçao International Financial Services Association (Cifa) May 2010, 150 persons
2. Caribbean Hotel and Tourism Investment Conference, 500 persons
3. Caribbean Gifts and Crafts Show, 500 persons
4. Bridge Tournament, 200 persons
5. CIA, Collegium Internationale Allergologicum,
350 persons
6. Insurance Association of the Caribbean, 600
persons
For information about accommodation please visit:
www.curacao.com or www.chata.org
•
0% land and property taxes.
These rates are valid until Jan 1, 2026 and are
not applicable on an e-zone company’s profit if
it is generated by the sale of goods or services
to companies located in the Netherlands Antilles
or through the rendering of services to affiliated
companies located in the country. In addition, there
is no import duty or turnover tax charged on goods
entering the e-zones.
Only at the Airport Economic Zone and the Harbor Economic Zone is it permitted to store goods.
Only service companies are allowed at the other
E-Zones.
An Economic Zone (E-zone) is a site designated
as such, where goods can be stored, processed,
worked on, assembled, packaged, displayed and
cleared from bond, or can undergo other operations, and where (or from where) services may be
provided.
In order to expedite the start of your operations,
Curaçao offers three fully-serviced business parks;
the Airport Economic Zone, the Harbor Economic
Zone and the Brievengat Industrial Park. All are
managed by Curinde N.V. (Curaçao Industrial &
International Trade Development Co.).
Services include: 1. maintenance and repairs on
goods of companies conducting business outside
the Netherlands Antilles, 2. maintenance and repairs on machinery and other equipment situated
abroad with goods stored in the E-Zone or other
forms of service aimed at countries abroad, including warehousing, and new trade activities and 3.
trade support activities and other service activities to be marketed in the international context
and which can be performed with (or on behalf of)
electronic communication and information opportunities.
The characteristics of these parks are:
To establish in an E-Zone area, the company must
comply with criteria established by the Department of Economic Affairs of Curaçao, which issues
the E-Zone license. The E-Zone’s management
company provides professional support to parties
interested in establishing in one of these parks and
submits the application for the E-Zone license.
The tax facilities offered to E-Zone companies in
the E-Zones in Curaçao are:
•
•
•
0% import, export and excise duties;
2% profit tax on export profits;
0% sales tax;
•
•
•
•
•
Multi-purpose buildings with water, electricity,
and telephone connections that are available
for rental on a yearly basis.
24-hour security, 7 days a week.
Fenced-in area.
Permanent maintenance.
Land for construction of custom-made facility.
Curinde’s contact information is:
[email protected]
Tel: (+599-9) 737-6000.
Fax: (+599-9) 737-1336
Emancipatie Blvd. 7, Curaçao, Netherlands Antilles.
www.curinde.com
The other type of E-zone is the one that caters
to services and includes the use of e-commerce.
E-commerce is one of the economic development
areas which has been supported during the last
decade as an opportunity to revitalize Curaçao’s
financial and economic situation by using In-formation and Communication Technology (ICT) as
a major source of production. The Government of
the Netherlands Antilles has adopted legislation
that enables the different Island Territories to offer
special grants to attract investors in e-commerce.
35
Several state-of-the-art regulations are already in
place to facilitate e-commerce development.
E-Commerce Park provides cost-effective Internet
services for businesses like ASPs, developers and
dot-coms. The fast, dependable infrastructure and
friendly “around-the-clock” service have set new
standards in offshore hosting. E-Commerce Park
has a Fort Knox-style Data Center which features
a state-of-the art co-location area. This “white
coat” area is fully climate-controlled, monitored
and secured. It offers an impressive redundant
network connectivity via a scalable, fully messed IP
network, and “plug in bandwidth” through a faulttolerant, two gigabit per-second fiber connection to
your servers on our premises.
For more info: [email protected]
e-Powerhouse, a subsidiary of UTS (the state-run
telecommunication company), offers co-location
services in a 1000 m2 (approx. 10.000 square
feet) co-location center, with basic facilities such as
secured 10’ x 10’ cages, locked 19” cabinets, and
private rooms (several sizes). All the rack space is
supplied with Uninterrupted Power Supply (UPS)
units, connection to backup generators and a redundant HVAC system.
Initially, the co-location center was focused on the
supply of merely collocation space with connectivity for telecommunication equipment or servers, with minimal service offerings. Now, thanks
to market and technological factors, there is a
shift toward a hosting center with more managed
services, for more information and communication
systems, attracting different types of customers,
including Managed Service Providers, System Integrators, and Network operators.
E-Trading House is the full-service E-Zone on
Curaçao in the heart of the business district. The
building offers fully-serviced luxury office suites
and sections with a full range of technical facilities. The co-location offers highly secured server,
website, and mail hosting and bandwidth services.
Serious e-commerce starts at E-Trading House.
Gambling, gaming and/or offensive businesses
are not admitted.
The Airport Economic Zone, the Harbor Economic
Zone and the Industrial Park Brievengat are managed by Curinde N.V. (Curaçao Industrial & International Trade Development Co.), which is the first
stop for parties that want to establish operations
in one of the strategically located parks. Curinde
also,offers a full range of professional services,
including advice on regulatory procedures regarding incorporation in Curaçao. From the Hato and
Koningsplein E-zones exports go to many countries in the Caribbean, Central and South America,
Europe, Africa and even to the Far East.
The New Haven e-Zone offers a complete package for the savvy e-businessperson. New Haven
is your “One Stop” experienced e-commerce
business partner catering to all e-commerce sectors where no physical goods have to be stocked
onsite. New Haven e-Zone not only offers smartcabled, high-speed redundant Internet wired, and
fully furnished lockable office spaces with all utilities included, but can also assist you with incorporation and formation¸ local licensing and directors,
experienced secretarial and administrative services, and on-site IT- and auxiliary support no no
other provider can.
E-Zone Van Engelen offers a complete e-package
and fully furnished air-conditioned office spaces for
a select group of companies. They can also assist
with corporate services such as the incorporation
and setup of an e-zone company and secretarial
services, as well as the application for the relevant
licenses. Companies in the e-zone will not deal
with physical goods but only with services.
E-Zone Hoogstraat is located in the authentic
center of Willemstad. Operated by Exploitatie
36
Maatschappij E-zone Curacao (EMEC) N.V., it is
specialized in e-trading companies and e-logistics
and is able to provide its clients with a full range
of shared office services, secured technology and
advice for all their e-business activities. In addition,
E-Zone Hoogstraat also assists with the incorporation of a local company, tax and internet services.
For more information on United Trust at Landhuis
Jonchi: gregory.elias@united-etrust
For more information on EOGC E-Zone at Bramendi
weg: [email protected]
The government’s goal is to develop Curaçao into
an international distribution center. The E-zone
legislation offers special tax facilities for E-zone
enterprises that are established on the island, consisting of only two percent (2%) profit tax and no
import duties. It is possible to provide e-commerce
services without the requirement of goods’ being
physically present in the e–zones.
The e-zone and e-commerce legislation have been
integrated to make electronic trading activities possible in the E-zone.
Table 19. Indicators for the E-Zone
Source: Curinde N.V.
37
Considering its small size, contemporary Curaçao
has a surprising ethnic and religious diversity. For
much of its written history, the island was home
to just three major groups: the majority, which is
largely from African descent and mostly Catholic; the small Dutch Protestant aristocracy; and a
small Sephardic Jewish elite. With the opening of
the Royal Dutch Shell Oil Refinery (nowadays the
refinery is operated by a Venezuelan company,
PDVSA) in 1918, immigrants poured in from all
over the world, reshaping Curaçao as a diverse,
multi-ethnic, island. There are currently about fifty
different nationalities living on Curaçao. Each immigrant group has brought its own customs, food and
religious practices, which have intermingled and
adapted to local realities, creating a unique culture.
Due to the quality of the educational system, the
population’s average level of education is relatively
high. The educational system is primarily based on
the Dutch system but there is also a private International School that provides education in English.
The majority of the population is able to communicate in four languages: English, Dutch, Spanish
and the local language Papiamentu.
The overall positive economic developments during the last couple of years have had a favorable
effect on the labor market: the unemployment rate
is slowly going down. The number of people working has been increasing steadily since 2005, while
total population is also growing. The additional
employment can be partly attributed to growth in
construction, tourism and tourism related sectors
such as transportation and the trade sector.
Unemployment is slightly higher among women, as
can be observed in the following table.
Table 21. Unemployment by sex
Source: CBS Labor Survey 2009
The next table contains a breakdown of
unemployment by age group.
Table 22. Unemployment by age
The following table below provides an overview of
the development of the (working) population during
the period from 2005 to 2009.
Table 20. Labor Market Indicators
Source: CBS Labor Survey 2009
Source: CBS, Labor market survey 2009
38
Table 23. Explanation educational levels
Table 25. Employed Population by Economic
Activity
Source: CBS Netherlands Antilles Population & Housing Census 2001
Table 24. Employed population by highest level
of education
Source: CBS Labor Force Sample Survey
Note: To minimize the effects of sampling errors, figures are
calculated as 3-year moving averages.
All of the general and specific laws regarding labor
conditions and labor relations, including legal
minimum provisions regarding work, rest, and
payment, are regulated through the Civil Code II
(Dutch: Burgerlijk Wetboek, Boek II). The provisions of the Civil Code II are applicable to all persons (locals and foreigners) in a working relationship, regardless of the function or payment of the
person(s) involved.
There is a mandatory maximum of forty hours a
week of work for non-schedule workers, and forty
five hours of labor for schedule workers. An exception is the hotel and catering industry, which has a
forty eight-hour work week.
39
Table 26. Population, GDP, Unemployment and Inflation in Selected Caribbean States
Part 1
Source: IMF and CIA World Factbook, 2009.
40
Table 26. Population, GDP, Unemployment and Inflation in Selected Caribbean States
Part 2
Source: IMF and CIA World Factbook, 2009.
41
The average wage level in Curaçao is relatively
high compared to the Caribbean region. However,
there is a considerable difference between the
highest and lowest-paid jobs.
Table 27. Average monthly salaries (US$)
(excluding benefits)*
as a bonus at the end of the year, and/or 2% to
8% of the annual salary as a vacation allowance in
June.
In Curaçao, four compulsory social insurance programs are in operation covering the following:
• Old age pensions
• Widows’ and orphans’ benefits
• Aid for accidents
• Aid for sickness
Table 29. Overview of Social Security
Source: Central Bureau of Statistics (CBS), 2007
* Based on a 2 year average
There are statutory minimum wages for workers
aged 16 years and older. Minimum wages are
expressed in per-hour terms. The minimum weekly
wage is the total hours to work in a week multiplied
by the minimum wage per hour, and the minimum
monthly wage is minimum weekly wage multiplied
by 4.33.
Table 28. Minimum wage as of September 2008
(US$)
Source: www.svbna.an
*government’s share: 2.1%
Every employee who earns a salary of less than
US$ 2,692 per month must be insured against
sickness by his/her employer through the Social
Security Bank. Employees with salaries higher than
US$ 2,692 per month can take out private medical
insurance, which is usually paid by the employer.
Premiums for old age pension and widow’s benefits must be paid by all employees over the first
US$ 3,782 portion of their monthly salary.
At least 15 working days of annual vacation must
be given with pay. This does not include the public
holidays, which are also granted with pay.
Source: Directorate of Labor Affairs
When working overtime, the premiums are 150%
or 200% of regular pay, the latter for work performed on Sundays and holidays. Most employers
give two weeks to one month of extra pay per year
Labor unions are generally well established. They
are organized mainly on an individual enterprise
basis. Most unions are members of a local federation, while many are affiliated with international
federations as well. In Curaçao, the law prohibits
‘closed shops’ or enforced membership. Moreover,
it is not common for representatives of workers to
42
participate in the management of companies.
Collective labor agreements are normal and usually cover a period of two or three years, after which
new terms are agreed upon for a similar period of
time. The probationary period is two months.
The Dismissal Law or “Lei di Retiro” is stipulated in
the Civil Code II and the Dismissal Ordinance. This
law protects employees against unreasonable and
arbitrary dismissal. It provides that, if an employer
wants to dismiss an employee by giving notice,
an investigation by the Government to determine
reasonableness is required before the dismissal
can take place.
Government offices, banks, the post office and
most stores are closed on the official holidays
listed below. Some Indian-owned stores are closed
on January 26 for Indian Republic Day. Jewishowned establishments are closed for Rosh Hashanah and Yom Kippur (September or October). It is
also customary for businesses to be closed for half
a day on Christmas Eve and New Year’s Eve.
Table 30. Official Holidays in 2010 and 2011
Therefore, in most cases, the employer needs the
approval of the Director of the Labor Affairs Directorate to terminate an employment contract.
The three most important reasons to terminate an
employment contract are:
•
•
•
Termination due to “urgent reasons.”
Termination by mutual consent (of the worker
and the employer).
Termination during the probationary period.
In addition, according to the Severance Ordinance
(Dutch: Cessantia), employers must contribute
monthly ($22.59) to a Severance fund for every
employee. After dismissal, an employee whose
employment terminates other than through his or
her own fault can apply for a severance payment.
The severance benefit is a one-time payment in
cash, which the employer must pay to his employee when the employment relationship with the
employee terminates.
The severance payment is calculated on the basis
of the number of years of service rendered by the
employee.
Every foreigner who wishes to be employed or to
practice a trade or profession must have a work
permit, as well as a residence permit. Work permits
will normally be granted only if there are no qualified persons available locally.
43
The educational system in Curaçao is primarily based on the Dutch system. Instruction from
kindergarten through primary, secondary and
tertiary level is in Dutch and Papiamentu. Unlike
many countries, Curaçao does not have one single
form of secondary education. Children can choose
between several forms, depending on their talents
and interests. General secondary education is divided into three streams: the VSBO, the HAVO and
the VWO. VSBO schools provide intermediate and
lower vocational education. The VSBO certificate
gives access to secondary vocational education
(SBO). The HAVO certificate is awarded on completion of a five-year course of general secondary
education, including the transition year. The certificate gives access to higher professional education
(“HBO” / undergraduate). The VWO certificate is
awarded after six years of pre-university education,
including the transition year. The VWO certificate
gives access to universities as well as HBO.
In addition, the island also has private universities and several other academies and entities offer
professional higher education and training.
Curaçao has an accredited International School
where children of foreign origin can attend classes
in English. The International School of Curaçao is
an accredited, non-profit, private, co-educational,
day school (K-12) that provides instruction in English. The School’s curriculum includes International
Baccalaureate (IB) coursework that allows students the opportunity to receive the IB Diploma.
For more information, visit: http://www.isc.an/
Following is a overview of the different institutions
providing higher education.
Presently UNA has four faculties:
•
•
The Faculty of Law; offering master degrees in
Antillean Law.
The Faculty of Social and Economic Sciences,
including programs in Business Administration
•
•
•
and Accounting; offering bachelor and master
degrees.
The Faculty of Engineering, including programs
in Electrical Engineering, Mechanical Engineering, Architecture and Civil Engineering; offering
a bachelor degree.
The Faculty of Art offering bachelor and master
degrees in Education.
The Faculty of Social and Behavioral Sciences
with its main program Bachelor Social Work.
The Curaçao Institute for Social and Economic
Studies (Curises), formally instituted in 1994, is
the foundation linked to the Faculty of Social and
Economic Sciences (SEF) of the University of the
Netherlands Antilles. Curises is in charge of the
execution of non-regular education and research
activities of the SEF offering an attractive variation
of degree programs and courses including Bachelor International Hospitality & Tourism Management (BSc.) and Master of Business Administration
(MBA).
There are several private institutions offering
higher education including the following.
The Caribbean International University was established in 2002 and is located in the Curaçao World
Trade Center. The University offers several degree
programs.
For more information, visit: http://www.ciucuracao.info/
This is a private accredited institution that offers
several Dutch associate and bachelor degrees.
For more information, visit: http://www.udc.an/
Anyone looking at Curaçao not just from the business side but also from the living environment
44
perspective, will discover an island that has much
to offer in every respect. The museums, beaches,
numerous country houses (the so-called “landhuizen”) and the friendly population make Curaçao a
living environment with something new to discover
every day. The beautifully preserved 17th and 18th
century Dutch buildings in Willemstad, the capital
of Curaçao, have been declared a World Heritage
Site by UNESCO.
The inhabitants of Curaçao spell the name of the
island Kòrsou, a Papiamentu word, indicating a
strong cultural sensibility. The island is cosmopolitan but also Caribbean and Latin American, in its
culture: indeed a real melting pot.
Curaçao is known to be ‘real, different,’ for the
many and varied attractions which can be found
on the island. Curaçao is famous for its more than
100 dive sites with visibility ranging from 60 to 150
feet and water temperatures at comfortable temperatures between 70 and 85 degrees Fahrenheit.
The Curaçao Underwater Park is a 12.5 mile coral
reef, which is protected as a National Park. Guides
are available for hire, and lessons are offered for
beginners.
For a complete overview of all accommodations,
restaurants, dive sites and golf courses on Curaçao, please visit the website of the Curaçao Tourist
Board (www.curacao.com).
The quality of life in Curaçao is of a high standard.
Security, economic stability and tolerance are what
characterize daily life. Such aspects as living and
working are fully in balance and industrial activities
have deliberately been concentrated in designated
areas.
Table 31. Cultural heritage and historical places
Source: Curaçao Tourist Board (CTB)
45
Table 32. Architectural and cultural sites
Source: Curaçao Tourist Board (CTB)
46
Banks are generally open nonstop from 8:00 am
to 3:30 pm Monday to Friday, with some providing
extended hours of services. The bank located at
the airport is open 8:00 am to 8:00 pm, Monday to
Saturday. On Sundays it is open from 9:00 am to
4:00 pm for currency exchange only. The airport
also has a 24-hour automatic currency exchange
machine. Selected bank ATMs disburse US dollars
and Euros. US dollars are accepted everywhere,
travelers checks less so. Bills of $50 and $100
are not widely accepted. Major international credit
cards are accepted at most commercial establishments.
To open a bank account, you may be required to
present a letter of reference from your home bank.
U.S. personal checks take six weeks to clear and
may be associated with a fee; other foreign checks
may take longer to clear and be associated with a
higher fee.
There is also a savings bank (no checking privileges) within the local post office. The account
is in guilders only. Therefore, other currency will
automatically be converted. Personal checks are
not accepted. Money in the postal account accrues
interest at 6%. The postal bank is also the agent
for Western Union Financial Services, a worldwide
money transfer service.
A combination of factors makes Curaçao attractive
to yacht owners;
•
•
•
•
•
•
•
Its geographic position, outside the hurricane
belt;
the weather conditions: a stable climate
throughout the year;
the long-time presence of boat and yacht repair
facilities;
good international air connections with daily
flights to Europe, the US and South America;
safe waters around the island;
the presence of good telecommunication and
service sectors; and
a stable political environment and economic
prosperity on the island.
The fact that Curaçao is already a tourism center
makes the island more than just a docking station
for yacht owners.
Most yachts anchoring in Curaçao do so in the
large, naturally sheltered Spanish Water Bay. This
bay, home to several marinas, offers many facilities
and conveniences.
The most popular yachting facility providers in
Spanish Waters are:
•
•
•
Seru Boca Marina
Curaçao Yacht Club
‘t Kleine Wereld
The facilities vary widely, ranging from the most
basic to more modern, fully-equipped facilities. The
two piers at Seru Boca Marina can accommodate
vessels of varying lengths. The main dock has
its own finger pier for easy access onto a vessel
docked in the slip. There are floating slips for 128
vessels up to 150 feet in length. The slips have
power and water available, and the marina offers
24-hour security. Dockage fees are based on the
size of the vessel and include privileges at Sta.
Barbara Resort’s private beach, Barbara Beach,
with free access to the beach pier and Fuik Bay.
For more information visit: www.santabarbararesort.com
The Curaçao Yacht Club is open to members only,
but offers bunkering of diesel fuel and gasoline to
all yachts. The club offers piers that can accommodate yachts of varying sizes. Water and electricity
are available. Dockage fees are based on the size
of the vessel.
Docking in the St. Anna Bay, at the Handelskade or
the Mathey Wharf is possible on special request.
Requests must be addressed to the Harbor Master.
Curaçao Dry-Dock offers state-of-the art facilities
for repairs and dry dockage. Some marinas also
provide repair facilities.
Curaçao offers all services needed by yacht travelers, including a wide range of auxiliary facilities
such as sea rescue services, hauling out and dry
storage, provisioning and shopping, medical facilities, and many more.
47
Yachts are permitted to stay for a maximum of six
months, unless registered in Curaçao or in Bonaire, St Maarten, Saba and St. Eustatius (Statia).
Upon arrival, the captain must present valid papers
at the harbor office and must proceed to register
all passengers at the Immigration Office. At the
Customs Office, a duty of 11.5% of the CIF-value
of imported goods, as well as an additional 2%
sales tax, must be paid. Restricted goods, such as
drugs, firearms, ammunition, explosives, etc., must
be declared.
Upon arrival, the captain of the yacht must visit
the Immigration Office to register all members, the
Harbor Master to clear in the ship, and The Customs Office to declare goods. For these visits he/
she needs to present:
•
•
•
The ship’s registration papers
The passports of all crew members and other
traveling members
The clearing papers from the last port of call.
Yachts may be registered in Curaçao if the owner
is either a resident individual or a corporation established in the Kingdom of the Netherlands or the
European Community. The following documents
are required for registration of the yacht:
•
•
•
•
•
•
An international tonnage certificate issued by
the administration
A bill of sale
A statement of ownership
A judge’s declaration that the vessel qualifies
as an Antillean vessel.
Proof of identification of the owner
Photo of the vessel
Island Executive Council, permitting the corporation to operate in Curaçao, a manager’s license for
a non-Antillean Managing Director and a work and
residence permit for the Managing Director, even if
he/she lives on the yacht. The notary will also take
care of registering the company at the Curaçao
Chamber of Commerce & Industry.
Carving of the official number must take place
under supervision of an official from the shipping
administration or a surveyor from one of the classification societies.
Application for a permanent registration certificate
can be made when the carving has been completed. Call-signs are issued together with the (provisional) Certificate of Registry.
For more information:
Curaçao Ports Authority. Werf de Wilde z/n.
P.O. Box 689. Curaçao, Netherlands Antilles
Telephone: (599 9) 434 5999
Fax: (599 9) 461 3907
[email protected]
Water and Electricity
The electrical current in Curaçao is 110 – 130 volts
A.C., 50 cycles. The tap water on the island is distilled seawater and perfectly safe for drinking.
Aqualectra is the company responsible for the production and distribution of electricity and drinking
water for households and companies in Curaçao.
In addition, information concerning the VHF radio
installation must be submitted for issuance of a
ship VHF radio license. A provisional Certificate of
Registry may first be issued for a period of three
months.
The nationality requirements mentioned above may
be met by retaining the services of a local trust
company or a notarial office, which consequently
establishes a limited liability company (NV). The
most important licenses when incorporating an NV
are the business license from the
48
Table 33. Domestic electricity and water rates
Table 35. Industry standard electricity and
water rates
Source: www.aqualectra.an
Table 34. Commercial electricity and water
rates
49
Table 36. Industry Export electricity rates
Aqualectra
Rector Zwijsenstraat 1
P.O. Box 2097
Tel: (+599-9) 433-2200
Fax: (+599-9) 462-6685
Website: www.aqualectra.an
Selikor NV is the largest waste management company of Curaçao. Its core business entails among
other things: collection of residential waste, cleaning of public areas and management of Curaçao’s
only sanitary landfill and waste water transfer
station.
Selikor N.V.
Parera z/n
Tel: (+599-9) 434-1300 Fax: (+599-9) 465-6964
Website: www.selikor.com
Table 37. Industry Import electricity rates
50
Curaçao provides tertiary care for all the islands
in the Netherlands Antilles. Consequently, there
are excellent hospital facilities and every type of
specialist is to be found on the island. Curaçao’s
up-to-date medical facilities include the St. Elisabeth Hospital with 600 beds. The services at this
hospital are considered to be of high quality; it has
a skilled medical staff and specialized units such
as intensive care, dialysis, premature baby center,
as well as decompression facilities.
Ambulance service is manned on a 24-hour basis.
There are about seventy active general practitioners on the island and many specialists on the
hospital staff. Besides the main St Elisabeth Hospital, there are also other hospitals and clinics.
Table 38. Selective hospitals and Clinics
51
The following local organizations and associations,
representing both the public and private sectors
not mentioned in the manual, can provide business
visitors with a wide range of information.
Association of Antillean Contractors
Bosweg 16, P.O. Box 6060
T: (+599-9) 868-9634
F: (+599-9) 888-3703
E:[email protected]
W: www.aav-net.com
Association of Industrialists of the Netherlands
Antilles (ASINA)
Werfstraat 42
T:(+599-9) 461-2353
F:(+599-9) 465-8040
E:[email protected]
W: www.asina.org
Association of International Bankers N.A. (IBNA)
A.M. Chumaceiro Boulevard 3
T:(+599-9) 461-5367
F:(+599-9) 461-5369
E: [email protected]
W: www.ibna.an
Association of Public Notaries
(Antilliaans-Arubaanse Notariële Vereniging)
Gaitoweg 2
T:(+599-9) 737-1111
F:(+599-9) 737-1133
Bar Association of Curaçao
Polarisweg 17
T:(+599-9) 465-3250
F:(+599-9) 4617172
W: www.ordevanadvocaten.an
Curaçao Hospitality & Tourism Association (CHATA)
Kaya Junior Salas 1
T:(+599-9) 465-1005
F:(+599-9) 465-1052
E:[email protected]
W: www.chata.org
Curaçao International Financial Services Association (CIFA)
A.M. Chumaceiro Boulevard 3
T:(+599-9) 461-5371
F:(+599-9) 461-5378
W: www.cifa.an
Curaçao Trade & Industry Association
(Vereniging Bedrijfsleven Curaçao, VBC)
Pietermaai 21
T:(+599-9) 461-1210
F:(+599-9) 461-1366
W: www.vbc.an
Free Zone Association of Curaçao (FREZACUR)
Koningsplein z/n
T:(+599-9) 465-6070
F:(+599-9) 465-6101 / 465-0366
E : [email protected]
W: www.freezonecuracao.com
Insurance Association of the Netherlands Antilles
(NAVV)
ING Fatum
Cas Coraweg 2
Phone: (599 9) 777-7777
F: (599 9) 737-6333 / 737-0176
Central Bank of the Netherlands Antilles (BNA)
Simon Bolivarplein 1
T: (+599-9) 434-5500
F: (+599-9) 461-5004
E:[email protected]
W: www.centralbank.an
52
Central Bureau of Statistics (CBS)
Fort Amsterdam
T:(+599-9) 463-0153
F:(+599-9) 461-1696
W: www.cbs.an
Customs (Netherlands Antilles)
Sha Capriles Kade
T: (+599-9) 434-5300
F: (+599-9) 461-6557
Department of Economic Affairs (DEZ)
Molenplein
T: (+599-9) 462-1444
F: (+599-9) 462-7590
W: www.curacao-gov.an
Department of Environmental Affairs
Sta. Rosa Office Park
T: (+599-9) 736-9022
F: (+599-9) 736-9195
Department of Labor (DAZ)
Bellisimaweg 17
Kleinkwartier
T: (+599-9) 737-1200
F: (+599-9) 736-5711
Development Bank of the Netherlands Antilles
(OBNA)
Schottegatweg Oost 3-C
PO Box 267
T:(+599-9) 747-3000
F:(+599-9) 747-3320
E:obna @obna-bank.com
Directorate of Economic Affaires
Pietermaai 25-B
T: (+599-9) 465-6236
F: (+599-9) 465-6316
Directorate of Fiscal Affairs
Regentesselaan z/n
T:(+599-9) 734-2001
F:(+599-9) 737-2390
Public Health Department (GGD)
Piscaderaweg 49
T: (+599-9) 462-5800
F: (+599-9) 462-7175
Directorate of Foreign Relations
Fort Amsterdam 4
T:(+599-9) 461-3933
F:(+599-9) 461-7123
Immigration Service
Waaigat
T: (+599-9) 866-6400
F: (+599-9) 465-7176
Department of Public Works (DOW)
Landhuis Parera, PO Box 3227
T: (+599-9) 433-4444
F: (+599-9) 461-7969
Social Security Bank (SVB)
Pater Eeuwensweg 9
T: (+599-9) 434-4000
F: (+599-9) 462-6536
W: www.svbna.an
Department of Urban and Regional Development
Planning and Housing (DROV)
Plasa Horacio Hoyer 19
T: (+599-9) 461-2199
F: (+599-9) 461-2697
Tax Inspectorate
Regentesselaan z/n
T: (+599-9) 734-2555
F: (+599-9) 736-7800
W: www.belastingdienst.an
53
Curaçao Chamber of Commerce and
Industry
Kaya Junior Salas 1
P.O. Box 10
T: (599-9) 461-1451 (Management)
(599-9) 461-1455 (Commercial Register)
(599-9) 461-3918 (Investment and Trade
Promotion and Business Services)
F: (599-9) 461-5652
(Management)
[email protected] (Registry)
[email protected]
(Investment and Trade Promotion and Business
Services)
W: www.curacao-chamber.an
Consulate of Belgium
Radulphusweg 1
T: (+599-9) 461-3650
F: (+599-9) 461-6569
Consulate of Bolivia
Wolkstraat 15, kamer 11
T: (+599-9) 461-4800
F: (+599-9) 461-2793
E: tauberh@curanet
Consulate of Brazil
Sta. Rosaweg 33 second floor
T: (+599-9) 736-6933
Consulate of Canada
Plaza Jojo-Correa 2-4
T: (+599-9) 466-1615
F: (+599-9) 461-1122
Consulate of Chili
Sta. Rosaweg 66
T: (+599-9) 512-3905
Consulate-General of Costa Rica
Gomezplein 10
T: (+599-9) 465-8611 / 465-6846
F: (+599-9) 465-6846
Consulate of Denmark
Kaya Bayele 9
T: (+599-9) 869-6686
F: (+599-9) 869-6686
Consulate-General of the Dominican Republic
Kaya Papa Godett (Pietermaai) 45
T: (+599-9) 465-9777
F: (+599-9) 465-9666
Consulate of Germany
Kaya W.F.G. Mensing 44
T: (+599-9) 461-3333 x 277
F: (+599-9) 465-6424
[email protected]
Consulate of Finland
Mensings Caminada
Schottegatweg Oost z/n
T: (+599-9) 737-0222
Consulate of France
Dr. M.L. King Blvd. 24
T: (+599-9) 465-7177
F: (+599-9) 465-7149
Consulate of Great Britain & Northern Ireland
Jan Sofat 18
T: (+599-9) 461-3434
F: (+599-9) 461-5877
Consulate of Haiti
Grebbelinieweg 18
T: (+599-9) 465-3434
F: (+599-9) 465-8180
Consulate of Hungary
Pietermaaiplein 15
T: (+599-9) 461-6744/461-6878
F: (+599-9) 4615877
Consulate of Colombia
Wilhelminaplein 25
T: (+599-9) 461-4663
54
Consulate of India
Penstraat 56
T: (+599-9) 461-0331
F: (+599-9) 461-4345
Consulate of Israel
Blauwduifweg 5
T: (+599-9) 736-5068
F: (+599-9) 737-0707
Consulate of Italy
Bellisimaweg 10
T: (+599-9) 737-5973
F: (+599-9) 737-5973
Consulate of Jamaica
Habaaiweg 68
T: (+599-9) 462-6561
F: (+599-9) 4626561
Consulate of Japan
Plaza Jojo Correa 2-4
T: (+599-9) 466-1114
Consulate of Lebanon
Winston Churchillweg 159
T: (+599-9) 868-4779
F: (+599-9) 869-0692
Consulate of Liberia
Residence Piscadera 11
T: (+599-9) 462-6982
Consulate of Mexico
Salina Abou B9
T: (+599-9) 465-0240
Consulate of Norway
Plaza Jojo Correa 2-4
T: (+599-9) 461-1117
F: (+599-9) 4661122
Consulate of Panama
Maduro Plaza
Dokweg 19
T: (+599-9) 737-1566
Consulate of Portugal
Residence Pos Kabai, Apt. 2-B
T: (+599-9) 738-3223
Consulate of Spain
P/A Dokweg z/n
T: (+599-9) 737-6255
F: (+599-9) 737-1327
Consulate of Surinam
Kaya Jacob Posner 11, Expo Center, Unit 108,
Zeelandia, P.O.B. 6072
T: (+599-9) 465-0099/560-5498
F: (+599-9) 461-8455
Consulate of Trinidad & Tobago
Kaya Papillon 14
T: 767-9158
Consulate of Uruguay
Kaya W.F.G.(Jombi) Mensing 41
T: (+599-9) 461-1755
F: (+599-9) 461-8335
Consulate of Venezuela
Scharlooweg 9
T: (+599-9) 461-3100
F: (+599-9) 461-3179
Consulate of Sweden
Franse Bloemweg 33
T: (+599-9) 737-5409
F: (+599-9) 736-9629
Consulate of Switzerland
Julianaplein 26
T: (+599-9) 461-3550
F: (+599-9) 461-2732
Consulate of the United States of America
J.B. Gorsiraweg 1
T: (+599-9) 461-3066
F: (+599-9) 461-6489
Consulate of Poland
Postal address Snipweg 49
T: (+599-9) 737-8735
55
http://www.curinvest.com
Investment guide of the Department of Economic
Affairs of the Island Territory of Curaçao
http://www.cbs.an
Central Bureau of Statistics of the Netherlands
Antilles
http://www.curacao-gov.an
Government of Curaçao
http://www.curinde.com
Curaçao Industrial & International Trade Development Co. N.V.
http://www.curacao-chamber.an
Curaçao Chamber of Commerce and Industry
http://www.gov.an
Government of the Netherlands Antilles
www.e-commercepark.com
E-Commerce Park N.V.
http://www.vbc.an
Curaçao Trade & Industry Association
http://www.diraz.an
Department of Labor and Social Affairs
http://www.svbna.an
Social Security Bank
http://www.belastingdienst.an
Tax Authorities
http://www.centralbank.an
Central Bank of the Netherlands Antilles
http://www.cifa.an
Curaçao International Financial Services Association (CIFA)
http://www.zakelijkcuracao.nl
Economic Partnership Netherlands – Netherlands
Antilles
http://www.curacao.com
Curaçao Tourism Board
http://www.chata.org
Curaçao Hospitality and Tourism Association
http://www.spocnet.net
Spin-Off Curaçao
http://www.bureau-intellectual-property.an
Bureau for Intellectual Property of the Netherlands
Antilles (BIP)
http://www.curports.com
Curaçao Ports Authority N.V. / Curaçao Port Services N.V.
56
Hyatt Regency Curaçao Golf Resort, Spa & Marina
is opening in the Spring of 2010 at Santa Barbara
Plantation.
“With the new Hyatt hotel and the accompanying
championship golf course, world class spa facilities, hydro clay tennis courts, marinas and the
popular Barbara Beach becoming operational in
Spring 2010 we expect Curaçao to draw more
international attention for its great potential as a
prime tourist destination. “
“Up to this stage, which is in the first phase
of a Master Plan, we have invested over
US$160,000,000 in the project. The Santa Barbara
area covers an area of over 1,500 acres of pristine
water front and expansive hillside property surrounding the waters known as Spanish Water to
the west and the crystal clear Caribbean Sea to the
south.”
“It goes without saying that the 350-room Hyatt
resort hosts a plethora of modern luxury accommodations and amenities to satisfy its guests from
the moment of arrival. The Hyatt and the championship golf course, designed by world-renown
Pete Dye, will be well received. The project also
includes premier residential communities such as
Seru Boca Estate, Terrace Homes, Marina Village,
Terrace Estates, Nieuwpoort Estates and various
custom home sites.”
We believe that Curaçao has a positive future and
that more resort projects will be developed on the
island in the future. Predominantly local people
were hired to work on the construction of the Hyatt,
one of the largest buildings ever built on Curaçao.
The majority of the subcontractors were also local.
Hyatt’s management has hired local employees to
be trained to fit the job description in the various
disciplines at the hotel.”
“We are grateful for the broad support that we have
received for the realization of what will become
a new breakthrough for the development of the
island’s tourism industry.”
E-Commerce Park is the result of the introduction
of the new E-Zone legislation passed in 2001. With
investments well over USD10 million and pperational since 2001, we became the first E-Zone
(Services) and are specialized in Data Center Services (Internet). We are an E-Zone but most of all
Collocation Data Center, offering our clients 24/7
service and connectivity to the internet.
The reason why the company was established on
Curacao was the fact that our shareholders had
very good experiences with the previous collaborations with UTS and its up-to-date infrastructure.
Furthermore the Government was very supportive in the embedding of the new economy in new
legislations (E-Commerce law as well as E-Zone
legislation). We’re very pleased with having chosen
Curacao!
Tax incentives also contributed to some extent to
our establishing on Curacao; E-Zone companies
do not pay here OB tax, nor import duties on the
goods and services required to build the premises.
This reduced the CAPEX (total USD10 mio).
Our clients on the island of Curacao are telecommunication companies, banks, insurance companies and all large companies require ring secure
and fast connectivity and storage of their servers.
But we also have an eye for the international market, specifically in the region and those companies
operating in territories subject to (natural) disasters, by offering business continuity solutions for
their back-up site.
We intend to further grow our facilities and build
additional data center buildings here and in the
region. We intend to become the NAP of the Caribbean, using Curacao as the main center.
Rob Vermeulen
Director
Rod Moser
Director
57
Asphalt Lake Recovery is active in the exploitation
of the asphalt lake at Buska bay since July 2006 by
converting the refinery’s ‘lake’ of dumped oil residues into internationally traded usable oil products.
The Buska bay lake so far has made an investment of Naf. 14 million. In 2010 we will pump an
additional Naf. 2 million into the company.
The tax holiday is an incentive offered by the government, which to us was a very attractive and a
determining factor in getting the necessary funding
for our operation.
We look forward to a steady growth during the
next five years. Our operations include the cleaning up of the Asphalt Lake and bringing to the
island the environmental benefits this carries with
it. However, we intend to broaden the scope of our
operations to include soil remediation and waste
recylcing in and around the local refinery. With that
expertise in house, we will be able to grow internationally, by offering our services to refineries and
other industries all over the world.
Karel Aster
Director
58

This investment guide is a publication of the Department of

Transcription

Similar documents

CTB Press Conference Presentation 15022016

Restaurant - Rozendaels

curaçao - Sinaya Wolfert Fotografie

Sponsor form

In thIs IssUE

Green Apple Curaçao Omschrijving Faciliteiten Contactgegevens

practical facts - Caribbean Tourism Organization

Anti-Corruption Training Course 2015 Willemstad, 27 – 28 May

Under the Sea Grape Tree Under the Sea Grape Tree

DanzaS CaribeñaS Classical Salon Music from Curaçao, Cuba and