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CURACAO | Other (governmental) bodies (to be) involved with financial services in Curacao

Four new governmental bodies will be involved with doing business in Curacao (including financial services). The bodies will be (i) the Curacao Investment & Export Development Foundation (“Cinex”) (ii) the Curacao Development Financial Institute (“CDFI”) (iii) the Fair Trade Authority Curacao (“FTAC”) and (iv) the Regulatory Board.

Cinex
Cinex is a foundation established in 2014 by the Ministry of Economic Development with the main purpose of effectively attracting and assisting foreign investors and entrepreneurs throughout the process of seeking and setting up business on the island. The mission of CINEX is to continuously and effectively attract foreign direct investment, as well as to promote and encourage the export of local product and services in order to boost the economic development of Curaçao. Cinex has as its aim to be acting as an investor’s first point of contact in Curacao.

CDFI
This institution will be set up in order to bring more efficiently together the demand (development programs/projects) and offer (financial means from local and international investors and international donators) for sustainable development projects on Curacao. The institute will be involved in (i) preparation of the projects (ii) attracting financing for the projects (iii) evaluation of pending projects (iv) supervision of projects.

FTAC
The FTAC is the competition regulator for Curacao and will be supervising the markets in Curacao in order to ensure fair competition. Furthermore the FTAC will monitor due compliance with the (market regulation) laws of Curacao (i.e. in the fields of energy, telecom health care). Although the FTAC is a separate legal entity, it receives its guidelines from the Ministry of Economic Development for its supervision and monitoring of the markets.

Regulatory Board
The Regulatory Board will be a governmental body that carries out price checks on prices and tariffs of products and services of Curacao and will make adjustments to such prices. Furthermore, it will be the body that will regulate the prices for certain (groups) of products on Curacao based on market analysis.