Benefits of Starting a Company in Aruba
Prime benefits of starting a business in Aruba:
No control on currency for foreign investors:
No conditional requirement about the shareholders’ residence;
Reasonable costs and effectiveness: might be started within 10-30 days based on the type of legal and management system selected;
Information about the bank accounts of a legal company is kept confidential;
No annual audit of the companies is required.
Types of Legal For Starting a Company in Aruba
In Aruba, the process of company registration is controlled by various laws and norms like the act of Company Regulation of 1988. It has AVV or Aruba Vrijgestelde Vennotschap, a well-established form of legal and organizational entities. This company is like a company with limited liabilities and fully exempted from taxes. Some of the changes in the laws have enabled you to start various types of businesses like:
Naamloze Vennootschap or NV – an open type LLC;
Vrijgestelde Vennotschap or VV – a company with closed LLC;
Netherlands Antilles Besloten Vennootschap or NABV – a closed company in Netherlands Antilles;
Stichting – a personal fund without any shareholders.
The first option with maximum benefits of tax can be the best one for the investors from overseas.
Legal system
For the investors from other countries most suitable conditions were designed for registering their business in Aruba because it is a classic type offshore.
In order to start an AVV company that is exempted from taxes you will have to fulfill the following conditions. There must be two legal entities or individuals in the company. The company must have an official address and a director must be appointed. MAA should be established and a charter converted into Dutch must be prepared and submitted to the Justice Minister for approval. An authorized capital of the company must be formed. Minimum one share must be issued along with the holder of the share and stamp duty must be paid.
There are certain restrictions on the activities of the companies of this type like they cannot involve in the provisions of insurance, banking, and the services of certain other types.
There are certain specific conditions about the registration of NV type legal and organizational company in Aruba as compared to the procedures discussed above, like: the capital approved for such companies should be a minimum of 28,000 USD to be deposited in the foreign and local currencies. At the time of the registration of legal company minimum, 20% of the capital must be paid. Though it is not necessary to submit the report of accounting as Aruba is offshore, still, it is obligatory to maintain.
There is no legal requirement about the least amount of approved capital if you opt to start companies like N.A.B.V. and a Private fund.
If you are interested in starting a company in Aruba then contact our specialists!