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Aruba Finiancial Center Association
Address : Vondellaan 4 P.O. Box
City : Oranjestad
Country : Aruba
Phone : (297) 582-4050
Fax : (297) 582-6548
Website : http://www.afca-aruba.com
Contact Person : The Secretary
Association Information
Association Activity : As a private initiative, the Aruba Financial Center Association ('AFCA') was incorporated on February 2nd, 1988. The main purpose of the AFCA was, and through today is, to promote and stimulate the development of Aruba as an international financial center. The membership of the AFCA is open to: lawyers, civil law notaries, tax-advisors, accountants and those legal entities, established in Aruba, which are active in the financial sector.

As a special interest group the AFCA has been and continues to be active in the development of legislation and policy in Aruba's offshore financial sector and to protect the interests of its members.

One of the objectives for the introduction of the imputation payment system, laid down in the Dividend and Imputation payment Ordinance (which is the core of the NFF), is to stimulate investment in shares (in imputation companies) in a fiscal attractive way. According to the explanatory memorandum (in the latest draft: page 15), the imputation payment system is in a way comparable to the Dutch investment entity ('beleggingsinstelling'). Article 6 of the aforementioned proposed Ordinance gives a 5% dividend tax reduction, applicable if the shares of the imputation payment company are traded at a stock exchange recognized by the Minister of Finance. Article 19 sub 4 gives an exemption on registered shares, if the shares are traded at such a stock exchange.

Aruban stock exchange
The aforementioned fiscal facilities under the New Fiscal Framework, the decrease in investments in the local economy over the last year and the limitations of traditional corporate finance (a lot business investments are basically bank loans backed by personal assets), lead me to strongly believe that the time has come for the introduction of an Aruban stock exchange.

For the introduction of such a stock exchange, Aruba can benefit from the technological advance on this field where a lot of big and small jurisdictions are opting for an electronic stock exchange. The introduction of a stock exchange on an electronic platform will mean that it can function in an orderly and professional way, with very limited human and financial resources (which are factors we will certainly have to overcome).

Benefits stock local exchange
I have identified the following benefits for a local stock exchange. The examples I give hereinafter are however by no means a limitative summary of the possible benefits.

The potential influx in foreign investment capital from the average one million plus tourists that visit our island every year will mean a boost for our economy and will make capital available that otherwise would not have come this way.
 
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