-
Business Consulting
Our team ensures rapid response times, a low partner-to-staff ratio and is committed to delivering consistently high quality. Our business consulting services include naming a few: Governance, Risk, and Compliance, Business Transformation, Data Analytics, Human Capital, Operations Improvement, Program Management, Strategy & Innovation, Technology-enabled services, etc.
-
Business Risk Services
We deliver practical, pragmatic, and tailored solutions that support you in growing and protecting the value of your businesses. Our business risk services include naming a few: Enterprise Risk Management, Internal Audit, Operational Audit, Compliance Framework Solutions, Regulatory Compliance, Finance Risk and Modeling, Special Attestation Services, and Technology Risk Services. Are you looking into certifying your organization for best-practice management systems? We also offer gap assessments, implementation plans and managed services for ISO9001, ISO27001/2, ISO22301, and ISO37000, amongst many others.
-
IT, Cyber, Information Security & Privacy Services
Our highly skilled and experienced professionals are prepared to help you navigate the complex and dynamic digital environment you operate in. Our Cyber & Information Security solutions include amongst others: IT Audit and IT Strategy, Cyber Security Audit and Assessments, Cyber Strategy Solutions, Vulnerability Assessment and Penetration Testing, and Information Security & Privacy Frameworks (best practice) solutions.
-
Corporate Finance
For the past years, our highly experienced consultants have been dedicated to delivering a comprehensive array of services including transactions, valuations, deal advisory, and restructuring.
-
Managed Services
With the launch of our brand-new operations center in Suriname, we offer managed services for (e.g.) risk and quality, regulatory compliance, cyber security, information security, privacy, business processes, financial Management and many more.
-
Financial Statement Audits
Our team of experienced auditors guarantee that the information presented in your financial statements is accurate and in accordance with prevailing accounting standards and company laws.
-
Financial Statement Reviews
Accuracy, compliance, and reliability. Our experienced auditors conduct a thorough examination, identifying errors and providing valuable recommendations to enhance reporting practices and internal controls.
-
Internal Audit Services
We analyze and pinpoint opportunities for enhancement, manage potential risks, and optimize operational efficiency, ensuring that you can confidently reach your business goals.
-
Data Assurance
Rely on our proficient team to conduct thorough evaluations, detect weaknesses, and establish resilient safeguards against data breaches, unauthorized access, and data manipulation. Our data assurance solutions are designed to protect your valuable information, ensuring its integrity, and fostering trust in your information systems.
-
Regulatory Compliance Services
Our Regulatory Compliance Services help you navigate complex regulatory landscapes and ensure adherence to applicable laws and regulations.
-
Compilation and preparation of financial statements
Our expert team delivers comprehensive reports that provide valuable insights for informed decision-making and regulatory compliance.
-
Bookkeeping and financial accounting
From managing financial records to preparing accurate reports, we ensure compliance, transparency, and sound financial management.
-
Payroll compliance and administration
At Grant Thornton, we meet the challenges of our clients. Our offering is tailored to meet all your payroll requirements through a single point of contact. Our outsourced payroll team becomes your dedicated payroll department, aiming to process your payroll in the most cost effective and compliant manner.
-
Business services and outsourcing
Our reliable and cost-effective outsourcing services help you streamline your business operations by taking care of your workload.
-
Tax Advice and Wealth Planning for high-net worth individuals
Our team of experienced tax advisors blend commercial experience and knowledge with tax expertise to advise on the full range of transactions including sales, mergers, restructurings, and wealth planning.
-
Tax Compliance
We prepare tax returns, for example for profit tax returns, personal income tax, wage tax and turnover tax/ sales tax. Our expert team handles all aspects of tax preparation and filing while keeping you informed of deadlines and minimizing the risk of penalties.
-
(International) tax planning and incorporation services
Experience the perfect combination of tax planning and incorporation services in one comprehensive package. Our team of experts strategically minimize your tax liabilities while ensuring compliance with regulations. Additionally, we provide guidance and support throughout the entire incorporation process, offering valuable insights on legal structures, registration, and tax implications.
-
Advice on estate and retirement planning
Secure your financial future with our dedicated estate and retirement tax planning service. Our experienced team specializes in developing tailored strategies to minimize tax liabilities, protect your assets, and optimize retirement income. Count on us to navigate intricate tax laws, ensuring peace of mind and financial security for your future.
-
Advice on investing on the islands
Embark on a journey towards financial growth with our comprehensive investment advice service. Our advisors know and remain up-to-date wit the market trends on the islands in the Dutch Caribbean region. Evaluate your risk tolerance and craft personalized investment strategies tailored to your goals.
Tax Newsletter - Book 2 Civil Code of Aruba
12 Jan 2021On November 17th, 2020, the National Decree regarding the introduction of Book 2 Civil Code of Aruba (in Dutch: “Boek 2 Burgerlijk Wetboek van Aruba”, hereafter “Book 2”) was published in the National Gazette 2020 no. 172. Book 2 came into effect on January 1st, 2021 through this National Decree.
In this newsletter, we will provide a brief summary of the contents of Book 2. In the upcoming weeks we will inform you more in depth about some specific aspects of Book 2.
Background
On June 13th, 2019, the State Ordinance regarding Book 2 was published in the National Gazette 2019 no. 38. Book 2 contains all the laws pertaining to various forms of legal entities in Aruba.
Content
Book 2 is composed as follows:
Title 1: General provisions (in Dutch: “algemene bepalingen”), regulated in article 1 through 39.
Title 2: Foundations (in Dutch: “de stichting”), regulated in article 50 through 58.
Title 3: Associations (in Dutch: “de vereniging”), regulated in article 70 through 89.
Title 4: Cooperative and Mutual Insurance Company (in Dutch: “de coöperatie en de onderlinge waarborgmaatschappij”), regulated in article 90 through 99.
Title 5: Corporation (in Dutch: “de naamloze vennootschap”), regulated in article 100 through 144.
Title 6: Limited Liability Company (in Dutch: “de vennootschap met beperkte aansprakelijkheid”), regulated in article 150 through 187.
Title 7: Buy-out and surrender (in Dutch: “uitkoop en uittreding”), regulated in article 250 through 256.
Title 8: The right of inquiry (in Dutch: “het recht van enquête”), regulated in article 270 through 287.
Title 9: Conversion, merger and demergers (in Dutch: “omzetting, fusie en splitsing”), regulated in article 300 through 363.
Revoked National Ordinances
Most of the laws and regulations pertaining to the legal entities in Book 2 are regulated in various other State Ordinances and Decrees which have been revoked in order for Book 2 to come into effect.
The following State Ordinances that have been revoked are:
− National Ordinance on Cooperative Associations (AB 1987 no. GT 8).
− National Ordinance on Foundations (AB 1999 no. GT 3).
− National Ordinance Limited Liability Company (AB 2008 no. 62).
− National Ordinance Transfer of Seat of Legal Entities (AB 1996 no. 64).
Notable changes
There are multiple notable aspects and changes to legal entities which will be elaborated on more in depth in upcoming newsletters. Below is a summary of these notable changes.
Phase out of Aruba Exempt Companies (“AVV”)
As of January 1st, 2021, the incorporation of AVV’s or the conversion into an AVV is no longer possible. An AVV must be converted into a limited liability company (“VBA”) or another legal form within three years after Book 2 came into effect (ultimately January 1st, 2024). Existing AVV’s must bring their articles of incorporation into conformity with the law if the articles of incorporation are amended for another purpose, for example a statutory change of the name of the entity. Meaning the AVV will have to be converted into a VBA or other permitted legal form.
Changes to the NV & VBA
Before the introduction of Book 2, multiple differences existed between the NV and the VBA. Now that Book 2 is in effect, there are little to no differences anymore between the NV and the VBA. We will elaborate more in depth on what these changes are in a subsequent newsletter.
New authority of the Chamber of Commerce
The Chamber of Commerce has also received the authority to dissolve inactive legal entities when certain conditions are met.
Buy-out and Surrender
Book 2 includes regulations relating to the buy-out of shares from shareholders by other shareholders and the surrendering of shares of the shareholders to a company through the selling of shares.
Bankruptcy
Book 2 includes regulations relating to Bankruptcy.
Possibility of a Turbo Liquidation
“Turbo liquidation” (a simplified and expedited liquidation) is possible for legal entities if the liquidator determines that there are no assets or sources of income in that legal entity. The legal entity will cease to exist as of the moment when the abovementioned, stipulated in a statement, is filed by the liquidator with the trade register and has been published in the Official Gazette of Aruba. We will elaborate more in depth on the possibility of a turbo liquidation in a subsequent newsletter.
Financial statement regulations, optional audit and (supervisory) directors’ liability
The regulations with respect to the compilation of financial statements will be modernized and brought in line with international standards.
Contrary to earlier drafts of the legislation of Book 2, an audit of the financial statements will not become mandatory by law through the enactment of Book 2 but instead will remain optional. The shareholders can decide to mandate an audit through the bylaws of the company.
Directors and supervisory directors may become liable towards third parties for damages suffered as a consequence of misleading information in the financial statements.
We will elaborate more in depth on this topic in a subsequent newsletter.
