Notaries’ green light new business partnership law

POSTED: 02/9/12 1:16 PM

St. Maarten – The Notary Association is “strongly in favor and has endorsed” a proposed law that will allow companies in St. Maarten to form partnerships. This will be the first time that there is comprehensive legislation to deal with this point, because the current rules are split over several laws.
“The current laws go back to 1838 and the rules on partnerships are spread over separate codes. This is one modern law that groups everything. Simplified contracts will come from this. We are strongly in favor of and endorse this law,” President of the Notary Association said.
Notary Lars de Vries clarified that the new law will have no effect on the tax regime because “natural persons” and businesses that form partnerships will have to meet their income tax and profit tax obligations.
“There are no consequences for the tax regime. If a natural person joins a partnership, yes they will pay income tax and as a company you pay profit tax,” de Vries said.

Notary Meredith Boekhoudt informed MPs that they had no “black and white” answer for how the law will affect people from Bonaire, St. Eustatius and Saba.
“It is proper governance that acquired rights cannot be taken away. If I use myself as an example people born in Aruba before 1986 are still considered Antilleans and maintain their rights. I assume we could apply that rule to anyone living here before 10-10-10,” Boekhoudt said.
The St. Maarten Chamber of Commerce and Industry, who were also scheduled to be part of Wednesday’s hearing, have requested more time to review the law before they offer their comments. President of Parliament drs Gracita Arrindell announced their absence and that they will be re-invited for another meeting at the soonest possible time.

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