Aruba has implemented its new company law with effect from 1 January 2020, which is contained in the new Book 2 of the Aruba Civil Code. Book 2 serves to consolidate company law previously spread out among different legislation and provides for the regulation of all legal entities. Some of the key changes brought about by Book 2 include:
In addition to the above, Book 2 introduces the possibility for NV's and VBA's to opt for stricter accounting rules (2:120-126 ACC). Under the strict regime, the term for the preparation of the company's financial statements is reduced from 8 months to 6 months, following the end of the book year. The financial statements must be audited by an external accountant, and the statements must comply with accounting standards as determined by the International Accounting Standards Board or the International Public Sector Accounting Standards Board, or similar reporting standards.