Company Formation Survey 2008


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		1. Company law	Commercial Code of Aruba.
		2. Types of company:
		(a) type of company preferred for international transactions:	Aruba exempt company (AVV); limited liability company (NV); Aruba transparent entity (check-the box AVV or NV).
		(b) shareless companies:	None.
		3. Capital requirements:	Minimum USD30,000 for an NV and a minimum of USD6,000 for an AVV.
		4. Costs to incorporate, excluding government fees:	Depends on the management/trust company which offers the incorporation.
		5. Fees paid to authorities to incorporate:	The NV has different licences for which a fee is applicable. Both the AVV and the NV have to be inscribed in the registries of the Chamber of Commerce for which a fee is levied.
		6. Annual fees paid to authorities:	An annual fee of USD285 is paid to the authorities by the AVV.
		7. Taxation rates applied to companies generally:	Aruba levies a corporate income tax at a flat rate of 35%.
		(a) the taxation of companies in 2 (a)
		8. Method of incorporation:	By civil law notary deed.
		9. Who may incorporate - specify what, if any, local representatives/ professionals required?	Aruban law regulates incorporation. The AVV has the obligation to be represented at all times by a registered agent.
		(a) are ready made companies available?	Some management/trust companies have shelf AVVs available..
		10. Length of time to incorporate:	Two to five working days.
		11. Minimum members:	Both the AVV and the NV have a minimum of one director and one shareholder.
		12. Registered office:	The company must have a local address and be inscribed in the Registry held by the Chamber of Commerce.
		(a) Can the registered office be a bank/ lawyer/ accountant's office (brass plate)?
		13. Directors and secretary: (a) Must a director/ secretary be resident?	The AVV is obliged by law to be represented at all times by a legal representative.
		(b) Are Corporate Directors allowed?	Yes, corporate directors are allowed for both the NV and the AVV.
		14. Appointee directors/ secretary possible?	Yes.
		15. Amount of fees payable to appointee directors/ secretary:	Depends on the management company.
		16. Meetings:	Anytime, anywhere, as specified in the Articles of Incorporation.
		17. Annual return:	Yes.
		(a) Must financial statements of a company be audited?
		18. Is disclosure of profits required by filing balance sheets with annual returns?	Yes.
		19. Are there any exchange control or other financial restraints imposed upon a company?	Depending on the type of company.
		20. Companies formed in the last year:	AVV = 76; NV = 342.
		21. Number of companies on the company register altogether:	As of 31 December 2007, there were 13,526 companies registered in the official company register held by the Chamber of Commerce that are active.
S I T E M A P BACK TO TOP		22. How, if any, is migration into and out of the jurisdiction achieved?	It is regulated by law (migration code of 1996).
		23. Is migration out of your country provided for?	Yes.
		24. Any amendments to company law over the last 12 months:	No.
		25. Anticipated amendments to company law over the next 12 months:	Introduction of the VBA (vennootschap met beperkte aansprakelijkheid) which is a new form of the limited liability company.