Aruba Bank Account
Aruba is fast developing as an international financial services center. Favorable provisions in the form of special tax concessions for investment companies exist. Some possibilities are Finance Companies, Offshore Banking Companies, Royalty Companies, Investment and Holding Companies. Another interesting possibility is the AVV or Aruba Exempt Company.
A business license is required for an incorporated company and non-residents always needs a business license for starting a business on the island. The granting of a license depends on the kind of business that will be established, an important factor being whether the business contributes to an enlargement of the economic basis of Aruba and if it is capital-intensive.
Tourism is the mainstay of the small, open Aruban economy, with offshore banking and oil refining and storage also important. The island's tax haven status means that a full range of offshore services are available. The rapid growth of the tourism sector over the last decade has resulted in a substantial expansion of other activities. Construction has boomed, with hotel capacity five times the 1985 level. In addition, the reopening of the country's oil refinery in 1993, a major source of employment and foreign exchange earnings, has further spurred growth.