Aruba: Law of Offshore
Aruban banks are supervised by the Central Bank of Aruba under the State Ordinance on Supervision of the Credit System, 1998, amended 1999.
During the registration process, information is required as follows:
- The number, the names and the past history of the persons who determine the day-to-day policy of the enterprise or institution;
- The number, the names and the past history of the members of the supervisory board of the enterprise or institution or of the body of the enterprise or institution having a task comparable with that of a supervisory board;
- The names of those who have a qualifying holding in the enterprise or institution, as well as the size of any such qualifying holding;
- Annual accounts or an opening balance sheet which shall be provided with an auditor's report, signed by an auditor;
- A programme of operations which the enterprise or institution intends to carry on;
- The envisaged administrative organization and management controls, including the financial accounting system and internal control;
- The deed of incorporation of the enterprise and institution.
The Bank may request the applicant to furnish additional information regarding the application for authorization or the type of business to be pursued.
The Bank will decide on the application within thirteen weeks of the date of receipt of the application or any subsequent information that is requested.
The Bank may refuse authorisation, inter alia, if:
- The Bank is of the opinion that the expertise of one or more persons who determine or codetermine the policy of the enterprise or institution is insufficient in connection with the pursuit of the business of a credit institution;
- On the grounds of the intentions or the past history of one or more persons who determine or codetermine the policy of the enterprise or institution, the Bank is of the opinion that the interests of the creditors or future creditors of the enterprise or institution could be jeopardised;
- If the Bank is of the opinion that, as a result of a qualifying holding in the enterprise or institution, the sound banking policy of the enterprise or institution is or could be subject to an undesirable influence;
- The financial report is a report to the effect other than that the annual accounts or opening balance sheet give a true and fair view of the financial position of the enterprise or institution;
- If there is reason to assume that the enterprise or institution has applied for authorisation in order to evade regulations pertaining to the supervision of the credit system in another country.