Curacao Business Magazine | Edition 1, 2015 by Curacao Business Magazine

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Coverstory:

Celebrating 25 Years of Tourism with Visionaries and Pioneers The Development of an Industry: The Value Proposition of Mega Pier 2

95 Years of Inspirational Aviation KLM celebrates 80th anniversary in ABC islands

EDITION 1 | JANUARY/FEBRUARY 2015

FOREWORD

LETTER FROM THE EDITOR

LETTER FROM THE PRESIDENT

First of all, I would like to wish you all a healthy, happy and prosperous 2015! We all want to be prosperous in our respective endeavors, but without health and happiness to reap the rewards of your efforts, all will be for naught.

Traditionally, Curaçao has been able to earn its foreign currency mainly through the export of services. Having this tradition means that Curaçao has built up vast experience in dealing with the global marketplace.

With the start of each new year comes new resolutions. In this issue we have an article on making New Year’s resolutions effectively. A very important first step, that was not included in the article, is taking time to sit down and reflect on your values - what’s most important to you in life, what drives you. Once you have that determined, you should base your personal and professional goals on those core values. The discovery of your true values will help you move in a direction that will prove to be most valuable in your overall life success.

Oil refining, ship repair, international financial services, transport and logistics has enabled Curaçao to position itself favorably as a reliable and knowledgeable service center and a fierce competitor, anchored in the Dutch legal system and a politically stable environment.

In this issue, we cover the celebration of a few anniversaries. KLM celebrated its 95th anniversary, 80 of those years flying to Curaçao. The island celebrated 25 years in the tourism industry, including special interviews with our pioneers, Frank Maynard, Richard Hart and Ben Rosheuvel. Finally, the Government Accounting Bureau, SOAB, celebrated 20 years of service with a special symposium for its clients. It seems like sustainable business has been the buzzword lately and we are pleased to provide overviews of two seminars recently held on the topic - one from the Curaçao Business Council for Sustainable Development (BPM), and the other hosted by our very own Chamber of Commerce and the Association for Industry in Curaçao. The latter was graced with the prophetic words of Dr. Jan Peter Balkenende, former Prime Minister of the Netherlands.

State of the art technology and knowledge through processes of innovation will carry Curaçao up to the next level to enhancing its services. It will also foster further developments in sectors that have been lingering in the background, such as cross border education, ICT and airport-based and business services. While others seek shelter in the confinements of customs unions and restrictive market access through common external tariffs, as well as other protective measures, Curaçao, being a small island economy, capitalized on its need to educate its professionals all over the world. This not only brings the professionals themselves back to the island, but along with them their networks and understanding on how to work with high value niche markets. Not as a flower in the wild, but a carefully cherished bouquet of growing opportunities for the export of services lie in our immediate future. The market is open and accessible for those able to identify and avail these opportunities in 2015. We welcome you to Curaçao in this promising year!

On a personal note, I had the privilege of attending a six-day event by Tony Robbins, life success coach. You will see a little of his inspiration sprinkled throughout my writing, layout and editing in the future. I will leave you with one quote that relates to all things, both personal and professional: “Life happens FOR you, not TO you.” You have in you what you need to make life happen FOR you. Start by making those resolutions and sticking to them – TODAY!

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Curaçao Business PUBLISHER Curaçao Business Media Group b.v. Postadres on Curaçao: Sta. Rosaweg 19 Willemstad, Curaçao EXPLOITATION Van Munster Media BV P1: Postbus 6684, NL-6503 GD Nijmegen, The Netherlands P2: Kerkenbos 12-26c, NL-6546 BE Nijmegen, The Netherlands T: +31(0) 24 373 8505 F: +31(0) 24 373 0933 I: www.vanmunstermedia.nl POSTADDRESS ON CURAÇAO: Publisher Michael van Munster T: +31(0) 24 373 8505 E: michael@vanmunstermedia.nl CHIEF EDITOR Heather De Paulo T: (599-9) 736-5011 E: heather@vanmunstermedia.nl SALES ENQUIRIES T: (599-9) 736-5011 F: (599-9) 736-6365 E: heather@vanmunstermedia.nl, curphoto@gmail.com SUBSCRIPTIONS Subscriptions: NAF 35 per year (4 issues) I: www.Curacaobusinessmagazine.com T: 0031 (0) 24 373 8505 E: abonnementenbeheer@vanmunstermedia.nl MARKETING AND SUBSCRIPTIONS Stephan Aalbers E: stephan@vanmunstermedia.nl ART PRODUCTION Jan-Willem Bouwman DISTRIBUTION Nieuwe Post, Curaçao The publisher and its staff cannot be held liable for the contents of this magazine and statements and/ or its advertisements do not necessarily reflect its editorial views. Although the greatest care was given to the accuracy of the information in this publication and checked where possible, the publisher and the editors explicitly contest any liability for any incorrectness or incompleteness of the information provided.

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6 The Development of an Industry: the Value Proposition of Mega Pier 2 10 Meet the Chamber: Senior Economist, Dennis Dare 13 News 14 Real Estate Tax: the value of checking the valuation 16 Get Ready For Change: A New Way Of Doing Business in Curaçao 18 Do you App? Developing Apps to Boost Your Business 20 Corporate Social Responsibility: Sustainable Business Models in 2014 23 News 24 KLM celebrates 80th anniversary in ABC islands 26 Celebrating 25 Years of Tourism with Visionaries and Pioneers 30 Apps Darryll Rosaria 31 News 32 Curaçao Welcomes Foreign Investors with Fast Tracked Residential Permits 34 Petro Industrial: Quality & Safety is our first priority van munster 36 SOAB Celebrates 20th Anniversary with a Symposium 38 Professionalising the Family Business: Moving to the Next Level 42 “Step-by-Step” into the future: 5,500 youngsters at Curaçao Study & Career Fair 2014 44 Facebook or Twitter at work - is that allowed? 46 Making New Year’s Resolutions – and Achieving Them 48 Titans of business - Meet the management team behind Goisco Mega Club m e d i a

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The popularity of Curaçao as a cruise tourism destination has increased significantly in the last decade, with the picturesque image of the Handelskade “liked” the world over.

GUEST CONTRIBUTING AUTHORS Dirk Ormel graduated in international Public Law and won three awards for his international criminal law thesis on the passive attitude of the international community with regard to the natural resources related conflict in Congo. In 2012, Dirk joined VanEps Kunneman VanDoorne. He is based in the Aruba office. ---------------------------------------------------------------------

As one of the first commercial airlines in the world, KLM Royal Dutch Airlines was in a favorable position to claim the blue of the sky as its corporate color. KLM is the longest established airline still operating under its original name since its foundation 95 years ago.

Lennart Huijsen is Director Tax at PwC Dutch Caribbean and has more than 20 years of experience in advising family, local and international businesses. Within PwC, Lennart is involved in Risk Management and Private Wealth. PwC’s private wealth team specializes in working with individuals and families, privately owned family businesses, family offices and their advisors.

--------------------------------------------------------------------Marjolein van den Berg MSc LLM,

Tax Consultant Knowledge Management at KPMG Meijburg & Co Caribbean

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Living the mantra, that you need to sow your seeds before the rain, the Goisco management team just completed the latest expansion to their mega club site.

Emma Harlaar graduated cum laude from VU University Amsterdam in 2013 and has been an intern at VanEps Kunneman VanDoorne for two months. During her internship, she co-authored the Facebook or Twitter publication together with Dirk Ormel. ---------------------------------------------------------------------

Family businesses are important to the economy of Curaçao. They represent a large part of Curaçao business, which makes them an essential part of our economy.

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Economic Contribution of Cruise Tourism 2008/2009 • Total Cruise Tourism Expenditures 39.4* • Total Employee wage income 12.9 * • Passengers onshore visits (thousands) 407.5 • Average expenditure per passenger $71.70 • Total passenger expenditures 29.2* *

($US Millions)

Source: 2012 BREA Cruise Analysis – The FloridaCaribbean Cruise Association http://www.f-cca.com/downloads/2012-CruiseAnalysis-vol-1.pdf

The Development of an Industry:

The Value Proposition of Mega Pier 2 The popularity of Curaçao as a cruise tourism destination has increased significantly in the last decade, with the picturesque image of the Handelskade “liked” the world over. From 2012 to 2014 alone, the number of passengers has seen an increase of 150,000, bringing the number of cruise visitors to approximately 600,000 at the end of 2014 – an increase of 30%. TEXT PRISCILLA LOTMAN

Though Curaçao is still often referred to as “the island next to Aruba,” that perception is changing as the island is being cast as the “best-kept secret in the Caribbean.” Kevin Sheelan, the CEO of Norwegian Cruise Line Holdings, has labeled the island

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as a “quality destination,” and the customers of Royal Caribbean International ranked Curaçao as one of their favorite destinations. A dedicated Ministry of Economic Development, input from the Curaçao Ports Authority (CPA) and the expectation that cruise lines will plan additional routes for more of their larger vessels to visit the island in the future, provides enough impetus to build a second mega pier.

The Rif Seaport Curaçao The construction of the pier will start at the end of 2015 or early 2016. However, the project is in progress and construction of the landside development will start next year. CPA and the project team are meeting with Royal Caribbean International and Carnival Cruise Lines in December 2014 to negotiate the possibility of getting the companies onboard for the project as financial stakeholders. “Subsequently, local investment institutions

will be approached for the remainder of the funding,” said Vernon Huerta, chairman of the project team. The total cost of the project is currently estimated at USD 50 million. The Rif Seaport project has two main components; the mega pier and the upland development. The upland development will include cruise facilities, which will be a public area dedicated to showcasing the island. The collaboration of CPA and the project team with the Punda merchants and other local entities is a key to ensuring the upland development will add value for the arriving tourists and the stakeholders in the project, as well as the island as a whole. With a construction period of approximately 18 months, cruise passengers and locals alike should be enjoying

costs. Though this is significantly lower than the income from stay-over tourists, it is still a notable contribution to the overall income of the island. “Every tourist is an opportunity to expose our island,” said de Castro. “The opportunity here lies in impressing each tourist enough for them to consider visiting the island once again for a longer period of time or recommending it to their friends and family.” The goal for Curaçao’s cruise industry, de Castro added, is to increase the number of cruise visitors to 1,000,000 per year and increase their spending from USD 70 to USD 100, on average. “This is an attainable target based on the growth we’ve been experiencing in the industry,” he said. With the building of a second mega pier, the government and CPA are anticipating what the cruise

Humberto de Castro

Though Curaçao is still often referred to as “the island next to Aruba,” that perception is changing as the island is being cast as the “best-kept secret in the Caribbean.”

the area in 2017. An important objective is to move the so-called “security line” to the edge of the pier to ensure the cruise village could also be enjoyed by the local community. “In addition to the landside development being an attractive entertainment area, we have always looked at it as a logistical center,” said Humberto de Castro, managing director of CPA. “The Rif Seaport is not the destination, Curaçao is. Tourists will always be encouraged to explore the island; whether via a tour or simply strolling down the walking path to Punda, and the upland infrastructure will be the logistical hub.”

Curaçao’s Cruise Tourism Industry According to the Business Research and Economic Advisors (BREA), a market research firm specializing in the travel and leisure industry, a cruise passenger spends USD 70 on average in Curaçao. This results in the annual revenue of USD 40 million a year from cruise tourists for the island. According to de Castro, this number excludes the so-called “head tax” and piloting

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industry will look like 10 to 20 years down the road and working on preparing the island for the subsequent increase of vessels and tourists. Since the Southern Caribbean is becoming a desired destination, the itineraries of the larger vessels, in particular, are increasing from 7 to 10 days. The second mega pier will be able to handle larger vessels, such as the Freedom Class ships of Royal Caribbean, and approximately 8,000 passengers on any given day. “To meet the requirements of this growth, the Rif Seaport project team is speaking to its stakeholders, taxi’s, tour operators, catering companies, Punda shop owners and the customs authority, amongst others, to ensure the island is ready for this in 2017,” said Huerta.

The Environmental Impact The Superior Producer, a freighter that sank in 1977 just outside the harbor and now a popular dive location, is situated near the planned area for the second mega pier. There have been many discussions about how this unique diving spot will be preserved. “We are working with Carmabi to ensure that we address each issue that is related to the environment for this project,” emphasized de Castro. Using sound-depth measuring devices, the project team has confirmed that the wreck is located deeper than where the pilings will be placed. De Castro added, “At the moment there is every indication that the sight will remain intact. Together with Carambi, the project team and CPA intend to look into the possibilities of anchoring the wreck during the construction period to minimize any movement due to vibrations.” Another consideration is the state of the mangroves near the Rif Seaport area. At the moment, superfluous sewage, due to occasional power outages, is being dumped in the mangrove

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With a construction period of approximately 18 months, cruise passengers and locals alike should be enjoying the area in 2017.

area. The result is a breeding nest for mosquitos. According to de Castro, Carmabi is currently battling this problem. He went on to add, “We should not be polluting this area. We need to consider other options, such as holding tanks, for the management of this waste.” CPA and Carmabi are both determined to find a solution. Preserving the island’s environmental state is and will always be a vital undertaking for the population as a whole and will ensure the island maintains its beauty for all to enjoy for decades to come.

Conclusion Tourists, whether they arrive by plane or on a ship, come to Curaçao for its pristine waters, cultural experiences and its historic downtown area. To remain competitive and continuously develop the reputation of the island in the tourism industry, infrastructure developments are necessary. The second mega pier, according to CPA and the project team, is unambiguously part of this development. Stakeholder collaboration, environmental considerations and consensus are all vital to the success of the Rif Seaport project and its goal to be a valuable addition to the island.

The value you’re looking for Creating value through diversity. Be yourself. Be different.

At PwC, we’re passionate about building relationships. Asking questions and understanding our clients lies at the heart of what we do. We use our global network of professionals combined with our local expertise and experience to help create the value you’re looking for. Learn more about us: www.pwc.com/dutch-caribbean. Facebook: www.facebook.com/PwCDC LinkedIn: www.linkedin.com/company/pwc-dutch-caribbean © 2014 PricewaterhouseCoopers Dutch Caribbean. All rights reserved.

Riding the wave of information technology

Profile of Visitors Coming to Curaçao Today

predominantly spent on groceries and car rental, spending around USD$100 per day.

As the tourist board celebrates their 25-year milestone, they share some recent insights on who is visiting us.

• The second largest group visiting us is from Latin America, of which the Venezuelans are the clear majority.

• We have around 60,000 Americans visiting and currently around 10,000 Canadians coming here annually. We also have visitors coming from the Caribbean region, of which the bulk is Arubans visiting family or attending festivals and events.

• Our European visitors tend to stay for the longest periods on island. The Dutch stay between 14 and 21 days and the Germans stay for approximately seven days. Both groups tend to lodge in apartments or bungalows with a kitchenette. Their budgets are

• 4 40,000 visitors came to the island in 2013 (excluding day trip visitors such as cruise ship guests) 40% are from Europe, with Dutch being the largest share. Visitors from Germany had the largest increase - from 8,000 in 2012 to 18,000 in 2013.

•T he Americans and Canadians tend to visit for a much shorter period and spend more. This group is likely to prefer a standard hotel. They take tours, use taxis and dine out. They spend around USD$150 per day, on average.

Meet the Chamber:

Senior Economist, Dennis Dare The Curaçao Chamber of Commerce and Industry represents the private sector in Curaçao, voicing the interests of the whole business community, keeping a record of both domestically active and internationally operating legal entities and companies and providing support and information to local and international companies interested in setting up a business in Curaçao, or trading or exporting through or from Curaçao.

In order to do this effectively, the Chamber has various divisions that promote business in Curaçao, as well as track economic growth. Mr. Dennis Dare is a senior economist at the Chamber and has worked in various sectors providing unique insights to the island’s economy. Curaçao Business Magazine

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had the opportunity to interview Mr. Dare, and learn more about his background and ideas.

CBM: What did you study? DD: I have a degree in macroeconomics, with a specialization in development economics. Basically this entails the ability to utilize historical, social, economic, monetary, financial, fiscal, institutional and geographical factors to establish the right policy mix to resolve issues that developing countries are facing, and in particular, spur economic growth. Development economics therefore has to balance a combination of structural policy actions to achieve consistent economic development. This is certainly a challenging but rewarding feat.

CBM: Upon completing your studies, why did you decide to move back to Curaçao? DD: After my studies, I was working in Suriname. One day, it dawned on me that I needed to return home. I moved back and

for a while, I worked for the government in the Department of Development Cooperation. After completing the Business Development Scheme, which had the purpose of strengthening businesses in Curaçao, a job at the Chamber of Commerce opened up, so I moved to the private sector.

CBM: As a senior economist at the Chamber of Commerce, what does your job entail exactly? DD: The work of a senior economist at the Chamber is very demanding, with a mix of scientific and practical roles. In the past, I worked towards setting up institutions to improve the island’s economic and financial infrastructure. One example of this is the Export Risk Insurance Agency, supporting local export companies to insure their risks in the case of a default with an overseas importing company. Another example is the Dutch Caribbean Securities Exchange, with the view to matching savings with investment, facilitating a company’s expansion, and providing safe exit routes for business owners of listed companies.

The work of a senior economist at the Chamber is very demanding, with a mix of scientific and practical roles.

I am also responsible for weighing in on national policies that directly affect the island’s financial and economic conditions. I have provided advice on labor force development, a private capital-based pension system, export incentives and tax reform, among other things. Economic impact studies and other research on the balance of payments, as well as the impact of private and foreign direct investment on employment are also part of the job. Recently, special attention has been given to researching the various service industries and their potential target markets to support firms in their quest to increase overseas sales, as well as devising economic policy focused on innovation and exportable businesses.

CBM: What does your average day look like? DD: My days vary a lot; that’s the beauty of it. It’s always exciting and challenging. One day I might work on an impact study of a proposed new tax or minimum wage law. The next day I will do research on the potential impact of a global trend on our island or a high-impact event in a certain country or I may work on some investment infrastructure issue. The following day a benchmark study is needed

in the area of export or investment promotion or taxes. An average day can also include a review of the labor market, balance of payments, or advice on international trade. Attending Chamber board meetings and answering economic inquiries from business owners, students, public servants, international organizations or foreign entities are also all part of a typical day’s work.

CBM: What impact does your job have on the development of Curaçao? DD: I am principally an advisor and that says it all. Years ago, with the general expenditure tax, the economic model pointed out that passing the law could result in a loss of jobs for more than 2,000 citizens. The law was, despite the admonition, approved by Parliament. Consequently, 2,000 persons lost their job in the private sector and 1,900 were laid off in the public sector. As an advisor, I see the importance of carrying out economic impact studies and cost-benefit analyses before making decisions, because as demonstrated above, these models do have truth to them. In addition, one always needs to consider the long-run implications, whether a specific development serves the general interest in creating a better economy, generating more jobs and foreign exchange. Working in a tripartite setting on structural improvements of the labor market and business climate is, therefore, crucial.

CBM: What is your vision for Curaçao in the near future and ten years from now? DD: I think one of the most important aspects of my vision is improved cooperation between the Parliament, Government, Non-Profit and Private Sector, fostering economic development and growth. Once collaboration is optimized, the potential of Curaçao will actually be realized. This will lead to transparent rules and regulation compliance with accountability across all sectors. The decision-making process will be clear and the adherence to higher standards will build trust. Courageous decision-makers take the necessary steps to stimulate sound public-private dialogue and cooperation, taking the general interest of our citizens into account. Curaçao will be exceptionally successful in the global arena, as we encourage innovation and support new startups with exportable business models and at the same time, build national capacities through contemporary education systems and specialized skill development. Our successful private enterprises will continue to thrive generating employment, higher wages, and thus higher living standards for our citizens.

CBM: If you had a message for future generations in Curaçao what would it be? DD: Always think positive, speak positive, act positive and expect your miracle. Be courageous, be open for dialogue, listen carefully and dare to act.

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End in Sight of Property Settlement of Former Netherlands Antilles After years of work, the effort to settle the assets of the former Netherlands Antilles, which was split on October 10, 2010 in the autonomous states Curaçao, St. Maarten and the three BES islands (Bonaire, St. Eustatius and Saba), was in its final stages in early November 2014. A Small Commission handed its report to Mr. Faroe Metry, president of the Settlement Commission. The committee will hand over its preliminary final report to the Ministers of Finance of Curaçao and St. Maarten, and also the Minister of the Interior and Kingdom Relations in The Hague. The report will include a proposal as to how to divide the estate on the islands, and will be accompanied by a report from KPMG on its findings. The estate includes real estate properties, interests in public companies and trade receivables, as well as outstanding debts. The ministers will have three months after receiving the report to make a judgment about the proposals.

Historical Museum opens in The Ritz Studios hotel The small hotel, The Ritz Studios, which is located in the district Scharloo, includes a small museum that displays the rich history of the building. Owner Hans Robben and his partner Christine McAdam have collected many documents, photographs and valuable attributes of the history of the Ritz. Images of the Ritz’s history will also be projected on a screen. The ice cream factory operated out of the building for 70 years. Previously, there was only a mini museum in the office, but now there is a separate area accessible to visitors. The museum would like to welcome any objects that deal with the Ritz history.

Curaçao Signs Protocol for Exchange of Tax Information In 2017, Curaçao will join the automatic exchange of information to prevent tax evasion and fraud. Last October, Minister of Finance, José Jardim, signed a protocol at an international forum of the Organization for Economic Co-operation and Development (OECD) in Berlin, Germany. More than 50 countries gathered to learn what they can do about tax-related issues by 2017 or 2018. Curaçao grabbed this opportunity to make it clear to the international community that its jurisdiction serves an international financial services center that is reliable, modern and transparent. At that meeting, discussions were held on new standards to be used and how tax information could be exchanged effectively and efficiently. Only with a global approach it will be effective, according to participants at the international conference. Tax evasion adversely affects governments as well as communities, resulting in the lack of funding for the basics and simultaneously places an additional burden on honest taxpayers.

New Terminal for Private Aircraft at Hato Airport Even without the amenities normally provided for private aircraft, Curaçao’s Hato International Airport receives around 3,300 private jets and airplanes annually. Curaçao Airport Partners has now dedicated a special terminal designated specifically for receiving the passengers and crews of private aircraft called Jet Centre Curaçao. This terminal will be inaugurated by the end of the first quarter and will offer exclusive services such as immigration, customs, general aviation, security, food and beverage, meeting room facilities and more. Once Jet Centre Curaçao is in use, it is anticipated that the influx of private aircraft will increase. The facility will be especially useful for large events, like the annual Curaçao North Sea Jazz Festival, where top artists as well as other VIPs come to the island in private aircraft.

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Real Estate Tax:

The Value of Checking the Valuation The Curaçao National Ordinance on Real Estate Tax 2014 entered into force on January 1, 2014, stipulating that an annual tax is levied on the value of real estate located in Curaçao. It is very important to check the accuracy of the valuation as mentioned on the (provisional and final) assessment real estate tax. The valuation depends on many factors and directly affects the amount of real estate tax due. In principle, the valuation is indisputable for the next five years once the objection period of the final assessment 2014 has expired. TEXT MARJOLEIN N.H.M. VAN DEN BERG MSC LLM, TAX CONSULTANT KNOWLEDGE MANAGEMENT AT KPMG MEIJBURG & CO CARIBBEAN

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Former Land Tax The National Ordinance on Real Estate Tax 2014 replaces the former Land Tax Ordinance 1908. The legislator chose to introduce a new Ordinance instead of amending the former Ordinance due to numerous changes. The changes concern inter alia an increase of the tax rate, the introduction of a progressive tax rate up to 0.6% and a change in the valuation method(s) to determine the taxable amount.

Taxpayer The real estate tax is generally an owner’s tax. The person who enjoys the real estate based on ownership, possession, or a limited right at the beginning of the calendar year is subject to real estate tax. In principle, this will be the person who is registered as such at the Cadaster, unless it appears that someone else enjoys the real estate.

If the enjoyment transfers from one person to another during the year, only the person who enjoys the real estate on January 1st is subject to real estate tax. The persons involved can only share costs if they have contractually agreed upon this. In the case that several persons enjoy the real estate on January 1st (shared enjoyment), the tax will be levied jointly on these persons. An exception to the aforementioned situations occurs when a building is situated on top of land owned by the country of Curaçao and no right of superficies has been established (rental of land). In that case, the real estate tax regarding the value of the building is levied from the tenant instead of the owner.

Taxable Real Estate In general, real estate tax is levied on the value of all immovable real estate located in Curaçao. The term real estate has a wide range of applications. Not only are certain (privately owned) houses affected by taxation, but also office buildings, warehouses, restaurants, shops, grocery stores, petrol stations, (vacant) land, et cetera. On the other hand, certain real estate is explicitly exempted from real estate tax, such as certain hotels, hospitals and cemeteries.

Valuation In principle, the market value of real estate is considered the taxable amount. The value will be determined for a five year period starting from January 1, 2014 (which is the value reference date). The taxable amount is generally the value of real estate in case the full unencumbered ownership could be transferred and the acquirer could start using the real estate immediately and in full extent. Therefore, the establishment of a right of superficies or rental does not affect the value of real estate. Several valuation methods are allowed by the Ordinance under certain conditions. The value of real estate is determined by systematic comparisons in case sufficient market data is available (mainly used for houses). When there is not enough market data available, the value will be determined by the rent-value-capitalization method or the discounted-cash-flow method (mainly used for current non-houses). In specific situations, it is also possible to apply the corrected-replacement-value method (mainly used for incurrent non-houses).

Provisional Assessment Since the valuation method recently changed with the introduction of the new Ordinance, the Curaçao Tax Authorities appointed several appraisers to determine the value of all taxable real estate located in Curaçao. It will take a while to finish all the valuations. In the meantime, taxpayers can expect a provisional assessment for real estate tax purposes that is probably based on the former valuation method (as used to determine the amount of land tax due). As soon as the provisional assessment is imposed, the

amount of real estate tax principally has to be paid to the Curaçao Tax Authorities. The payment can be completed in as many equal terms as there are months left in the calendar year after the date of the provisional assessment.

Final Assessment Once the appraisers have determined the value of real estate, the taxpayers will receive the final assessment for real estate tax purposes. The amount payable on the provisional assessment will be offset against the amount payable on the final assessment. The final assessment of 2014 is the only assessment on which the value of real estate can be disputed definitely for the period 2014-2019. Only in the case that the value of real estate changes substantially during that period (e.g. due to building, rebuilding or destruction) can an adjustment be made to the valuation on the next assessment.

In general, real estate tax is levied on the value of all immovable real estate located in Curaçao.

Objection In case an allowed valuation method results in a lower value of real estate than determined on the assessment, the amount of real estate tax due should be decreased as well. In that situation, it is important to timely submit an objection against the valuation. The objection can be submitted within two months after the date of the assessment. In most cases, it is recommended that the objection contains a request for postponement of payment.

Summary Several valuation methods can be used to determine the value of real estate. Each valuation method will probably result (more or less) in a different value of real estate. It is very important to check the accuracy of the valuation of real estate on the assessment. The valuation directly relates to the amount of real estate tax due. As soon as the objection period of the final assessment has expired, the value basically cannot be changed for the next five years. If you have any questions or need assistance with regard to real estate tax, please feel free to contact the tax professionals of KPMG Meijburg & Co Caribbean. You can also send the real estate tax assessment for a quick scan to meijburgcaribbean@ kpmg.com.

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Innovation

A New Way Of Doing Business in Curaçao “Running a sustainable company is more than just installing some solar panels and recycling…it’s what happens when the profit motive, environmental benefit, personnel and community satisfaction align. That’s the future!” Mr. John Amarica, Vice Chairman, Curacao Business Council for Sustainable Development (Bedrijvenplatform Milieu – BPM) TEXT NEELAM MELWANI

What is a Sustainable Business Model? The Financial Times defines business sustainability as being resilient over time. It is a business that is able to survive shocks because it is intimately connected to healthy economic, social and environmental systems. These businesses create economic value and contribute to healthy ecosystems and strong societies. In essence, sustainable business models refer to the balance between the ‘3 P’s’, or People, Planet and Profit. This means making sure that your employees and your community are satisfied, while taking the planet’s needs into account, and still generating income. Most companies move to more sustainable models because of the

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profit motive. Choices like saving energy are great for the planet, but are also great for business. Through the installation of LED lights or decreasing electricity costs by installing solar panels, companies are able to help the planet while saving money in the long run, despite necessary initial investments. While this is definitely a good start, changing some light bulbs is just the tip of the iceberg when moving towards sustainable business models. Finding a balance between the “3 P’s” is becoming more and more important when determining the success of a company today.

In essence, sustainable business models refer to the balance between the “3 P’s,” or People, Planet and Profit.

Launching Change in Curaçao The Curacao Business Council for Sustainable Development (Bedrijvenplatform Mileau - BPM), which is a business platform that promotes sustainability, was founded in 2007 and has now grown to almost 60 local business members. It plays an active role

Easy Sustainable Solutions: Getting your Business on the Right Track As Amarica said, most companies tend to be driven by the profit motive: how can we increase our profit by decreasing our costs? Reducing your carbon footprint while mitigating your electricity costs is a good start, but there are other things compa-

in the corporate world, organizing seminars and events not only for its members, but also for the general public in Curacao. According to John Amarica, BPM’ Vice.

nies could be doing to be more sustainable. Many business owners are now driven to ask for concrete solutions: • Reduce meeting costs: believe it or not, meetings cost a lot of money. If you only have to discuss something briefly with a colleague, walk over to his or her desk. If it is with a third party, make a quick phone call or conduct a virtual meeting to save on business trip costs. • Go paperless: Instead of printing everything, archive files digitally and urge colleagues to switch to digital document viewers and editors. Techno-

BPM recently hosted a seminar entitled, “The New World of Sustainable Business.” Mr. Ralph Wieriks from PriceWaterhouseCoopers, who spoke at the event, claimed that approximately 50% of CEOs in Curaçao don’t even know what sustainability means. While this might be considered a negative thing, Amarica claims that perhaps that’s actually a good thing, because then there are no preconceived notions of the concept. Nevertheless, Amarica stated that those who do know what sustainability means tend to think that it’s impossible to run a successful and sustainable business in Curaçao.

logy now gives us the opportunity to make hand-

member companies to choose different things to implement to make their business more sustainable. Businesses are then awarded points depending on the implementation of the different criteria, which are then added up to meet different levels: caterpillar, cocoon, and butterfly (BPM’s symbol).

Sustainability Manager One of the requirements in the second level of the Sustainability Minimum Standards is designating a member of the staff to function as a sustainability manager. Having manpower available to work towards a more sustainable business model is the first step in the process of ensuring your company’s continuous sustainability. It is recognized that this can be a challenge for smaller companies that function with limited manpower, but it’s doable; in a small company, functioning as a sustainability manager is only a part-time job.

written notes right onto tablets, laptops and telephones. Use your devices to avoid wasting paper. • Reduce waste: instead of serving coffee in disposable paper cups, urge staff members to bring a mug from home to work or supply them with mugs. This can significantly reduce your waste. Instead of throwing out printer cartridges every time they are empty, consider refilling the ink rather than disposing of the cartridge.

We, as an island, need to prepare for cooperation and look for community-based solutions.

• Recycle it: From re-using envelopes, to making use of recycling bins. While recycling is limited in Curacao, the possibilities are growing. Install four waste bins instead of one at the office and urge colleagues to separate their trash. One recycling run a week/month does the environment a lot of good.

While BPM has been growing over the years, Amarica stressed that the time has now come for action. Recently, BPM launched a Working Group to implement Sustainability Minimum Standards for its members. The Minimum Standards allow

The days of what Amarica referred to as the “me, me, me mentality” are over. We, as an island, need to prepare for cooperation and look for community-based solutions. Curaçao is a unique place, it is an island, but it is also a semi-autonomous country. We have such a small population and resource base, that we need to start being sustainable by working together so that we can move forward. According to America, “Businesses on the island have a responsibility to be sustainable, whether or not the government is taking steps to improve things. Sustainability is just good business, worldwide everyone is doing it, so you should be too!”

• Turn it off: On many occasions, employees have the tendency to leave everything on: computers, air conditioners, monitors and printers, when they are not in use for extended periods. Install timers to turn devices off or ensure that everyone does so before heading home for the night. • Outsource it: Technology is a gift and we should use it. Instead of using space and energy for a physical server, consider moving to a cloud system and virtual office systems. • Buy green: If you are purchasing products from external suppliers, make sure you actively ask where the raw materials come from and ensure that the source is not only sustainable, but not doing any long-term damage to the planet. • Give back: Remember that your business is part of a larger community. Try to give back to the community and get your colleagues actively involved in improving the local society. Participate actively in community service projects and clean-ups. Curaçao is a small island, and by helping out, your company boosts its morale as well as its credibility.

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Do you App? Developing Apps to Boost Your Business The possibilities, features and capabilities of mobile applications, known as apps, are improving at an extraordinary rate. In a few years, most of what is now done through web applications will be available on your smartphone or tablet through an innovative, often user-friendly, app. With a drastic move from desktops to mobile devices, the change of how applications are used and developed is a natural progression. TEXT PRISCILLA J. LOTMAN

employees, regional businesses, including the telecom companies, are also taking note and developing their own useful apps. Ictual, a Curaçao based company established in 1992, started developing mobile applications over three years ago, based on their experience with web applications for the telecom companies in the region. “The company has developed two main app solutions, the Phonebook and the Customer Self Care Service (CS2x), which are currently used by telecom companies in Curaçao, St. Martin and Suriname,” said Darrell Rosalia, team manager of the mobile and web application division at Ictual.

Telecom Apps The social media industry, financial information sector and the online store giants are all succeeding marvelously with their apps. On most smartphones you will undoubtedly find the apps of Facebook, YouTube, Bloomberg, The Weather Channel and Whatsapp, located prominently on the main screen of one’s device. These are daily indulgences for most people. With companies now following this trend for both their consumers and

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The Phonebook, used by UTS in Curaçao for their White pages app, provides the consumer with easy access to the company directory on the island. “With CS2X, Ictual is paving the way for the future of apps,” said Rosalia. “Now telecom companies provide their clients with incentives through Short Message Service (SMS). These incentives and functionalities can now also be provided via apps. In Suriname, with My TeleG, and in St.

Martin, with TelCell Customer Selfcare, this is already possible. For Curaçao, we are in the final development phase,” he continued.

The use of apps improves the usability and communication between companies and their customers.

Rosalia is certain that apps will improve the usability and communication between companies and their customers. With the apps now available on iTunes and Google Play, customers of UTS, TelCell (Telem Group) and TeleG (Telesur) can check their balance, data usage and purchase more credit or transfer credit to other subscribers using the CS2X platform. They can also search for phone numbers using the Phonebook option.

Enterprise Services Small and medium sized businesses are now also moving into the “app era”, as Rosalia labeled it, by providing their employees

Darrell Rosalia

with the efficiency of enterprise apps. Moving company directories, sales applications and knowledge sharing systems from the web to apps is an expected advancement. “Whether you have 5 or 500 employees, you may want to make it easier for people to share ideas, work outside the office or access their customer relation information. With mobile apps, this becomes more efficient and you can customize it to your business needs and branding profile,” Rosalia explained. “We have created a plat-

form to make the development process more effective by bringing the entry barrier down and making it less expensive for companies to have an app.”

Moving company directories, sales applications and knowledge sharing systems from the web to apps is an expected advancement.

With the global move towards mobility, local companies and entrepreneurs are persuaded to improve their systems by incorporating the use of apps in their business. Whether this is done primarily to engage customers or to facilitate employees in their daily work depends on the strategy of each individual company. “Not every company has a web or app developer in house,” said Rosalia. “Working with the app solutions we have created, we can provide a solution for companies looking to innovate.” In the future, local companies on Curaçao should also have a range of apps to improve their overall user experience. This will probably be sooner rather than later.

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Corporate Social Responsibility:

Sustainable Business Models in 2014 On 5 November 2014, the Curaçao Chamber of Commerce and the Association for Industry in Curacao (VBC), held a lecture on Corporate Social Responsibility: Sustainable Business Models in 2014. TEXT NEELAM MELWANI

Mr. Willem Jonckheer, President of the Chamber of Commerce, opened the event. He spoke about Curaçao’s transition to more sustainable business models, including the

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role of the Chamber and VBC in facilitating these processes. Among other things, Mr. Jonckheer referred to the important role of entrepreneurs in the small community of Curaçao. He mentioned the upcoming launch of the Better Business Bureau, which endeavors to use self-regulation by the private sector to ensure compliance in the various areas of Corporate Social Responsibility (CSR). Mr. Jonckheer drew specific attention to rising youth unemployment and the importance of cross-sector approaches to alleviate the problem. The keynote speaker was Mr. Dr. Jan Peter Balkenende, whom many know as the former Prime Minister of the

Netherlands (2002-2010). Upon stepping down from the position in 2010, Dr. Balkenende has continued to play an active role in Dutch politics. Moreover, as of 2011, Dr. Balkenende joined Ernst and Young as a partner, leading the Dutch Sustainable Growth Coalition.

Planet and Profit is an intrinsic part of making your business successful. As he stated, stability is important, and CEOs need to make sure that they are able to make a profit without being at the cost of future generations. By asking this question, companies are able to identify shortcomings in the field, and thus, restructure their business models to ensure sustainability.

Time to Change your Business Model In the 21st century, doing business is far more complex than it was previously, mostly because companies are now forced to be competitive on an international level. Technology connects citizens all around the world and that means international eyes are on your company all the time. It is for this reason that moving towards policies focused on CSR is also important in Curaçao. Dr. Balkenende discussed moving away from quick-win solutions and moving towards longterm thinking, while focusing on sustainable growth and quantifying improvements. Today, making a profit no longer means that a company is successful. CEOs should start asking themselves: “How did I make my profit?” in order to make sure that their business is durable and sustainable in the longterm. As explained by Dr. Balkenende, “Sustainability should be at the core of any company wishing to be successful.” Essentially, the alignment of People,

Essentially, the alignment of People, Planet and Profit is an intrinsic part of making your business successful.

Business and Government are Synergistic In addition to the focus on sustainable growth, Dr. Balkenende pointed out that “The business of business is business,” and that essentially, there is nothing wrong with that. This is where collaboration with the government becomes important. In South Korea, the

From left to right: Joop Kusters, VP VBC; Jan Peter Balkenende, Partner Ernst & Young; Lucille George, Governor; Mike Franco, President of Parliament; Billy Jonckheer, President of the Chamber

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car industry was failing miserably. In order to revamp it, the government instituted policies that awarded sustainable behavior, making it profitable for companies to start to invest in green technology. This push by the government allowed for the Korean car industry to gather momentum and to eventually be introduced to the international market place.

Incorporating CSR into Sustainable Models CSR does not solely equate to giving money to charity, but rather constantly asking whether or not the profit generated by your company harms future generations. CSR also entails ensuring that your company is compliant with all laws and that employees and consumers alike are happy with the way the company functions, as well as the products and services offered. That said, Dr. Balkenende explained the different facets of CSR:

• Human Rights: the rights of your employees, but also the rights of the employees of your suppliers and communities that come into regular contact with your business. As a company and a stakeholder in a community, it is important to make sure that the socio-economic and cultural rights of people surrounding your company are not abused.

• Integrity & Transparency: the way you operate your company is reflected in how transparently it operates. This basically means that reporting channels are clear and open

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and that you are complying to all existing regulations. Your company should also be able to keep all the promises made to any and all third parties.

• Environmental Sustainability: Dr. Balkenende referred not only to direct business activities, but that of your suppliers as well. As a business, you should ensure that you keep your carbon footprint to a minimum, while still generating a profit. This is important, because as Dr. Balkenende indicated, success is based on making a profit today, without generating costs to future generations.

Why Is This Important in Curaçao? Dr. Balkenende highlighted the fact that Curaçao has plenty of potential, but that people need to want change. With new generations, universities have started educating people on how important it is to make significant changes to the ways our companies operate. In such a small community, it is becoming increasingly important that companies reassess business plans to make them more sustainable and focus not only on the business of business, but the business of our societies, in the present and in the future, as well.

Willemstad Maintains Good Member Designation on Heritage List The Organization of World Heritage Cities (OWHC) informed the Ministry of Communications, Transport and Regional Planning in Curaçao that Willemstad is a member “in good standing.” This is an important announcement for the city of Willemstad that, since 1997, has been on the UNESCO’s World Heritage List. The headquarters of OWHC, of which Curaçao is a member, is located in Canada. The government of Curaçao ensured that the island was well represented at the last four meetings of the OWHC. There are 250 other member cities, such as Amsterdam, Cartagena in Colombia, Valparaiso in Chile and Berlin in Germany. In 2015, the bi-annual general meeting is to be held in Peru; the Curaçao government is considering hosting this international gathering in 2017.

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The 86 year old Elsio Isenia recalls how his father took a day off at the Shell refinery to take him along at age six to a spot from where they could see the landing of the Snip. He said that for many of them the very first time they saw an airplane. All the hills around Hato were flocked by persons who witnessed the arrival of the Snip on that special day.

Elsio Isenia and Max Smits, KLM General Manager, Dutch Caribbean.

KLM celebrates anniversary in ABC islands

95 Years of Inspirational Aviation As one of the first commercial airlines in the world, KLM Royal Dutch Airlines was in a favorable position to claim the blue of the sky as its corporate color. KLM is the longest established airline still operating under its original name since its foundation 95 years ago. Of those 95 years, KLM has been flying to and from Curaçao for exactly 80 years. Both anniversaries are worth a celebration. TEXT FRANS HEILIGERS

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History in the Making An aviation exhibition held in the summer of 1919 in Amsterdam convinced a number of Dutch industrial leaders and bankers to invest in the start up of a Dutch commercial airline. Even before its official incorporation, Queen Wilhelmina awarded the upcoming airline its “royal” predicate on September 12, 1919. The organizer of the exhibition and young former flight lieutenant of the Dutch Air Force, Albert Plesman, founded the company on October 7, 1919, at the office of public notary Hendrik Stroop in The Hague.

The official name then was Royal Airline Company for the Netherlands and Colonies, Inc. In 1946, the name was simplified to just KLM, which internationally became KLM Royal Dutch Airlines. Plesman was in charge of the fledging company’s daily operations. Supported by a staff of seven, he and his colleagues worked through the winter of 1920 to prepare for the first scheduled flight, which took place on May 17, 1920. Pilot Jerry Shaw flew a De Haviland DH-16 from Crowdon

Anniversary Actions The local KLM establishment celebrates the anniversary with a series of activities, such as a sort of a scavenger hunt for a suitcase hidden at the airports of Curaçao and Aruba, with clues on Facebook about to find the suitcase. There is also the opportunity to make a “selfie” and submit it to possibly win a KLM ticket. Those reaching the beautiful age of 80 in December this year received a birthday cake from KLM upon submitting their birth date to the company. Two persons who witnessed the arrival of the Snip back in 1934 were special guests at a reception for business relations on November 13th in Curaçao. Terminally ill children of Siloam Village were invited to have a look inside a KLM plane. Furthermore, KLM had a surprise one day of special rates in connection with the anniversary.

Airport in London to Amsterdam, carrying two British journalists and a package of newspapers on board, as well as a letter from the Lord Mayor of London to the Burgomaster of Amsterdam. The aircraft had to land on a muddy strip in the meadows where Schiphol International Airport is now located and to this day is still the home base of KLM. The London-Amsterdam route is the oldest service still operated by the inaugural airline. KLM’s first intercontinental flight took place on October 1, 1924 to Batavia, located in the then, Dutch East Indies. Another landmark in KLM’s history was recorded in October 1934 when KLM entered its first all-metal aircraft, a Douglas DC-2, for the London-Melbourne Air Race, which was organized to commemorate the Australian city’s first centennial. KLM’s standard production DC-2, named De Uiver, had to be modified to meet the criteria of specially designed racing planes. The KLM crew, led by Captain Parmentier, managed to come in first in the handicap category and second in the speed category. The plane carried four paying passengers because, besides gaining publicity for KLM, Plesman wanted to demonstrate that scheduled air services between Europe and Australia were commercially viable.

to receive the flight. A Royal Netherlands Navy submarine was stationed in the middle of the ocean to act as a navigation beacon. Equipped with extra fuel tanks for the crossing the aircraft left Holland on December 15. Stops were scheduled in France, Spain, Morocco and the Cape Verdian Islands before crossing the ocean. It landed successfully at Zanderij in Surinam’s capital Paramaribo on December 20. Two days later, the Snip flew first to La Guaira in Venezuela before ending its journey in Curaçao at 3:00 in the afternoon, where the crew was welcomed by a huge crowd. On that same day they flew over Bonaire and then to Aruba, where they stayed for a short while before returning to its new home base, Curaçao.

KLM is the longest established airline still operating under its original name since its foundation 95 years ago.

of the jetliner. The aircraft’s smoothly running engines and higher flight capability which allowed it to fly above the weather brought new standards of comfort, a sudden increase in airlines’ total capacity and shorter flying times. The globe seemed to have shrunk. Every major city on earth was brought within a 24-hour reach of other cities.

The Global Village Since KLM’s incorporation 95 years ago, commercial aviation has developed from an exclusive transportation mode for the happy few to a highly sophisticated industry serving the travel needs of billions of people around the globe each year. The concept of the “global village” would never have developed had there not been an airline industry to carry its inhabitants across it within the span of a day. The same applies to logistic concepts such as overnight and just-intime delivery in the cargo transport sector. For many years the Curaçao airport carried Dr. Albert Plesman in its name, before it was decided to name it the Hato International Airport of Curaçao. The bust of Dr. Plesman, which in the past was in the airport terminal, is now located near KLM’s office at Hato Airport.

Curaçao Connection The first transatlantic flight between Amsterdam and Curaçao came about in December of 1934 using the Fokker F-XVIII Snip. The local government prepared a piece of open land at Hato

The Jet Era The late 1950’s saw the birth of a new generation of commercial aircraft and the dawn of a new era in the history of civil aviation with the entry

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Celebrating 25 Years of Tourism with Visionaries and Pioneers Recently the Curaçao Tourism Board celebrates its 25th Anniversary, promoting our island to the world. This industry has seen an enormous evolution over the years, as it journeys towards become a leading economic pillar for the island. TEXT KATY BRANUM

Hilton Hotel, which opened its doors in 1967. Following this, many other chains quickly emerged including, Holiday Inn, Hazeleger Hotel (renamed Princess Beach Hotel), and The Arthur Frommer Hotel. Rapidly, Curaçao developed into a leading Caribbean tourist destination, which supported a thriving commerce industry that also relied on hotel rooms for those visiting the island for business purposes. Amazingly, between 1967 and 1969, seven new establishments opened in just two years.

Dinner and a Show

Shaky Times

Historically visitors to the island developed naturally; Curaçao was a centre for commerce in the region and a popular destination for shopping. It also attracted visitors servicing the offshore industry as well as family and friends coming to spend time with those who worked at the Shell Refinery. In addition, the island enjoyed many cruise ship visitors who often stayed overnight to enjoy dinner and a show, spending big money in the island’s casinos.

A difficult economic era occurred in the late sixties with a series of factors affecting tourism; Shell Oil (Petroleum) left the island, labour unions increased wages and the devaluation of the Bolivar all greatly impacted the tourism industry. Unfortunately, hotels were greatly impacted by this, so the government stepped in to manage the hotels, securing valuable local jobs.

The Plaza Hotel opened as the InterContinental in 1957. Since room occupancy remained high, this lead to the construction of the

The government decided that there was potential to redevelop the tourism industry and thus implemented a series of projects to restore this economic pillar. Significant projects included; the

• 1967 Sunset Waters Beach Resort & Casino 1967 Hilton Curacao Hotel & Casino 1967 SuperClub Breezes Curacao 1967 Trupical Inn & Casino • 1968 Holiday Beach Hotel & Casino • 1969 Floris Suite Hotel 1969 Piscadera Bay Resort

1940

• 1997 Chogogo Resort • 1999 Livingstone 1999 Papagayo

1990 1980

• 1949 Avila Beach Hotel

• 1957 Hotel San Marco & Casino 1957 Plaza Hotel & Casino

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• 1991 Lodge Kura Hulanda 1991 Hotel Seru Coral • 1990 Otrobanda Hotel & Casino

1960

Timeline of hotel/resort creation in Curacao

• 1993 Hotel Kura Hulanda • 1992 Marriot Beach • Resort & Casino 1996 Habitat 1992 Hotel Pelikaan Curacao Hotel

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• 1989 Lions Dive Hotel 1989 Airport Hotel Holland & Casino

2002 Howard 2002 The The Sea

To be successful in tourism, you really have to love your job. It is as simple as that. - Frank Maynard Frank Maynard

privatization of the hotels, the extensive rehabilitation of Willemstad and the development of the beach at the Sea Aquarium with the resulting Lion’s Dive resort area. These investments increased the island’s attractiveness as a tourist destination, and they are continuing to be developed today. To celebrate Curaçao’s rich tourist history, three pioneers in the industry have come forward to share their stories and words of wisdom for the future.

Ben Rosheuvel

Resort Resort

• 2005 Clarion Hotel & Suites

to become the manager in just six months. Frank transferred to the Arthur Frommer Hotel in 1972, which was a three star resort with entertainment facilities, a swimming pool, tennis court and bungalows set in lush tropical gardens. Initially the resort had a fairly low occupancy, however Frank quickly built this up after successfully tapping into the Dutch market. He understood the value of personal connections, and spent the majority of his time travelling to meet with holiday agents, encouraging them to send their clientele to his resort. A key facet he discovered once tapping into the lucrative Dutch market was not only the desire to entice Dutch tourists to visit Curaçao, but also to utilize the island as a central point to explore Latin America.

Frank Maynard

Frank was recognized for his hard work by the new investor of Princess Beach Hotel, who invited him to come onboard as the General Manager in 1984. Under Frank’s leadership, the hotel was renovated and it, along with the casino, prospered.

Frank formally stepped into the industry when he was approached to become assistant manager at the Country Inn (now the Trupial Inn) in 1966. He worked hard, was popular with both the staff and guests, and was quickly promoted

In 1994, Frank stepped out of the tourism industry, however he has maintained his close association to his passion, where he has been president of the hotel association for many years.

• 2006 Blue Bay Village 2006 Bahia Lagoon Ocean Resort 2006 Lagoon Ocean Resort

• 2012 Papagayo Design 2012 The Garden – Blue Bay 2012 The Beach House • 2011 The Ocean – Blue Bay 2011 The Hill – Blue Bay 2011 Boca Gentil • • 2013 Piscadera 2010 Hyatt Regency Curacao Resort Harbour Village

2006 2000

• • Johnson Plaza Hotel 2004 La Vista Resort Royal Resorts/ 2004 Marazul Quality Suites Dive Resort Aquarium Resort • 2003 Lido Hotel

2014 2009

• 2007 Caribbean Beach Resort

• 2008 Bon Bini Resort 2008 Toucan Beach Resort 2008 Sea Aquarium Dolphin Therapy Hotel • 2009 Academy Hotel 2009 Renaissance Curacao Resort & Casino 2009 Morena Resort - 2009 Baoase 2009 Curacao Suites - 2009 Hotel ´t Klooster

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The government decided that there was potential to redevelop the tourism industry and thus implemented a series of projects to restore this economic pillar.

property and has continued to build on Ben’s vision. Ben shares that the key to continued success in this industry is being open to change and constant improvement.

Richard Hart

He believes the key to his success is his ability to connect with his staff and guests with respect and grace. This is a true art, in a local environment where hierarchy and egos are often the drivers of behaviour rather than compassion. Frank explains, “It is these skills that, if practiced daily, will create respect and love from your employees, rather than managing with aggression and resentment. In this way, even the guy that sweeps the floor in the lobby recognises that he makes an important contribution to the team.”

Ben Rosheuvel Ben stepped into the tourism industry in the eighties, when Curaçao´s economy was experiencing enormous challenges as a result of the departure of Shell and the diminishing role of the offshore sector. During this period, the islands tourism industry was also struggling, and the Government was subsidising hotels to secure jobs. It was at this important juncture that Ben was asked to head Holding Company Curaçao Inc, the company that was managing a larger proportion of the hotels on behalf of the Government. The brainstorming process involving various civil groups resulted in the decision to develop the islands natural resources so that tourism could prosper and become a key economic pillar. As a result, the hotels owned by the Government had to be privatized. The plan was to sell the hotels to experienced entrepreneurs who would be able to make these resorts profitable within a three to five year period. All Government owned hotels were successfully privatized; the last being the Trupial Inn, which Ben himself purchased in 1991. Ben transformed the Trupial Inn from a rundown property to a desirable resort with the main idea of creating an environment where guests really feel that they are in the tropics. To achieve this, he made many changes, which included the renovation of all the rooms and the addition of balconies that enables guests to enjoy the tropical atmosphere. In 2005, his son Bart took over the

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Ben’s strategic role in privatizing the hotels and his experience through the years as a hotel owner has provided him with great perspective in regards to further developing the tourism industry. He shares, “As we have seen historically, when Government commits to new economical developments and delivers on its plans, investors will follow. Further, listening to valid development proposals by investors will go a long way in bringing increased prosperity to the island. “ Ben believes this is especially important for the future of the island, as it provides our youth with a vision that they can embrace, something of which they can be proud and to which they would like to contribute. “Understanding the island’s future career opportunities will help the youth foster dedication and a sense of duty to the island. This commitment will enable them to contribute as active members of society and help lift the island to a better place for future generations.”

Richard Hart In 1965, The InterContinental welcomed a new team from Aruba to manage the casino in Curaçao. Richard joined shortly afterwards as the first local bookkeeper for the casino. He quickly learned not only about the casino business, but also gained knowledge about the hotel business. He was eventually promoted to a management position within the InterContinental team. Richard was one of the first locals to hold such a senior position, overseeing both local staff and more junior American managers. The Casino and Hotel in Curaçao were part of a larger group of similar establishments in Aruba, Ecuador, Suriname, St Martin, Santo Domingo, Antigua and Lebanon. In 1976, a key stakeholder from the business passed away, sparking a strategic board meeting of the remaining shareholders. At this meeting, a unique opportunity to buy out the other stakeholders presented itself, and thus Richard emerged as the controlling owner. There were some further changes to the portfolio of establishments over time, however Richard’s core portfolio included casinos in Curaçao, Aruba, and Ecuador. He began to expand the hotel side of the business and took over operations of the Plaza Hotel in Curaçao, the Sheraton in Aruba and he bought the Flamingo Hotel on Bonaire.

Business was doing well. He was preparing to take the company public when there was the sudden devaluation of the Bolívar, dramatically reducing guest numbers at the Plaza Hotel. Richard ultimately emerged from this difficult time by recognising the need to form a partnership. He learned that the Van Der Valk family was interested in purchasing the hotel, so he approached the family. The Government, which had part ownership, and Richard completed the sale. Van Der Valk had a strong brand name in Holland, so it was able to leverage its reputation to lure Dutch visitors to the island.

east of the USA and Canada, to compliment the direct flight services. This initiative also includes working with local hotels and resorts to ensure that they deliver on the expectations of these visitors. The goal is that when they return home, they will encourage others to come to the island. Subsequent reviews on TripAdvisor will quickly identify who can deliver a positive customer experience and help others learn where they need to invest to lift their product offering.

When asked about advice he would share, Richard emphasises that success comes when people work together. He shares, “There has always been challenges, but it is about being pro-active and working together to find solutions.” He reminds us that in the past, it was action groups that bought unions, private investment and government together. “Everyone stepped up and pulled together,” says Richard.

A secondary market focus is to continue to build visitor numbers from Northern Europe and the Scandinavian Countries. This has been made easier with KLM airlines introducing an afternoon flight departure from Schiphol, permitting connecting flights from these countries to arrive into Schiphol in time to join the ongoing service to Curaçao. This will dramatically shorten the travel time from Scandinavian capitals and other locations around Europe, increasing Curaçao’s attractiveness as a destination.

Going forward, he encourages all sectors of the community to work together to continue building on the foundation that has already be set to promote tourism. Government should create policies that make the island attractive for investment. This will help investors choose Curaçao over other locations. He believes if everyone has the same goal, success is almost ensured.

In 2015, Curaçao will host the State of the Industry Conference (SOTIC). The SOTIC conference has become the leading tourism conference in the Caribbean region, gathering together government ministers and officials, tourism directors, media and others in the industry to discuss the future of the region’s largest economic driver.

Looking Forward

Local businesses interested in getting involved should contact the CTB directly.

The current focus for the Curaçao Tourist Board (CTB) is to create more awareness for Curaçao, especially in the north-

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You can focus on your business. If you leave your cash flow up to us. Darrell Rosalia

Team Manager of the Mobile and Web Application at Ictual Here are some apps I use on a daily basis:

ChromeCast I use this often to mirror my tablet’s screen on a projector or tv for presentations or demos Hangouts I use this to comunnicate with colleagues at work and with friends Google Drive I manage and vbackup my personal files and to have them always accesible everywhere Google Plus To follow and keep up with tech news and trends Play Newstand Buy and read magazines (mostly tech)

Soundcloud Play music in the car mostly.

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Curaçao Ports Authority Plans to Repair the Pier at Klein Curaçao Considering Klein Curaçao is a big part of tourism, the Curaçao Ports Authority (CPA) has taken it upon itself to renovate its pier. Islanders and tourists visit the small offshore island for day trips, enjoying the sunbathing, snorkeling, diving and fishing the small island has to offer. Due to storms, rough seas and poor maintenance, the only pier is seriously deteriorated. The intention is to make the island accessible to everyone again. When the pier is repaired, boats can easily drop off people and goods. While the pier is for drop off only, vessels can dock at one of the four buoys available to prevent help anchoring in order to conserve the coral reefs. The government will provide funding which will allow CPA to execute the project. CPA hopes to finish this job by early 2015.

USA Consulate General Eases Visa Services for Residents of Curaçao Last December, the USA consulate general in Willemstad, James Moore, announced that applicants for a US visa who live for 10 or more years in Curaçao and other islands in the Dutch Caribbean must just show proof of their legal residency to obtain a visa for the USA. The consulate allows interviews for applicants wishing to obtain a visa every Tuesday morning. Appointments and applications are available online via the website at https://curacao.usconsulate.gov. The US consulate general is continually working to offer better customer service and to facilitate travel to the United States of America for the purposes of business, tourism and higher education.

Hotel accommodation will be expanded Minister Stanley Palm of Economic Development and Tourism told the US magazine Travel Weekly that in the next five years, Curaçao will expand its hotel accommodations by 1,500 additional rooms. There are several new hotel projects in the pipeline, including the construction of a Marriott Courtyard hotel. Curaçao currently has 5,500 hotel rooms, of which half are spacious apartments. Now that JetBlue started two weekly non-stop flights out of JFK Airport in New York and Air Canada expanded its services out of Montreal, it is expected that the number of visitors from North America will increase.

Free Zones in Curaçao Ban Counterfeit Branded Goods Minister of Economic Development, Stanley Palm, spoke at the IACC (International Anti-Counterfeiting Coalition) conference last October in the US city of Orlando. He pointed out how Curaçao has taken measures to counterattack the trade of counterfeit goods in its free zones in the harbor and at the airport, which is managed by the government agency Curinde. He explained that earlier this year in Hong Kong, Curaçao signed a memorandum of understanding with the IACC board to ban all types of counterfeit trade. The conference was attended by 300 experts in the field of trademark law. It is the ardent wish of the Minister to explain at international forums how this is incorporated structurally in all the activities in the free zones of the island. Officials of Curinde were also on site to give further explanation and attract possible new merchants to establish themselves in the free zones.

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Curaçao Welcomes Foreign Investors with Fast Tracked Residential Permits By implementing fast track residency permits for high net worth individuals, Curaçao´s government ensures that the immigration process does not get in the way of investment in the island’s future. TEXT KATY BRANUM

Curaçao’s history has been built on people that came to the island, saw opportunity and acted upon it. From the early Spanish, to the Dutch, to the Shell Refinery, to the development of the offshore business sector and to where we are today, we are all working together towards Curaçao’s strong future. It is this melting pot that drives Curaçao’s economy, and why it makes absolute sense to encourage others who would like to join us to come forward. Recognising the needs of the modern businessperson and to help encourage high net worth investors to invest in Curaçao, the Government has implemented a fast track residency permit process so that bureaucracy does not get in the way of business. This is a refreshing approach, as many savvy business people who consider investing in the Caribbean often come to the island only to find themselves wrapped up in a sluggish process and red tape. This result is in not being able to secure the necessary visas in a timely manner, thus greatly impeding their ability to stay on island and their confidence to invest. Esther Cheri, Interim Director at the Immigration office explains, “By quickly obtaining residency approval, the investor can have the peace of mind to continue with their projects without worrying about the airport immigration and coming and going from Curaçao.” The most natural applicant for the Curaçao residential permits are those that would like to buy a second home in Curaçao and/or would like to invest in a business venture here. The benchmark for this investment is a minimum investment of ANG 500,000, which is equivalent to approximately USD $283,000. For an

investment of ANG 1.5 million an investor can be immediately granted a residence permit for an indefinite period.

Nelson Navarro, Minister of Justice, explains, “The goal of the investor permit is to facilitate the investment in Curacao by high net worth foreigners, thus contributing to our economy.

per their bank statement, and have valid health insurance. Once submitted, the residential permit approval will be received within two weeks. An initial permit will be offered for one year and then an automatic renewal will occur if conditions have not changed. For larger investments, residency permits can be issued for longer periods depending on the investment amount. The application process and paperwork are available in English and Spanish, as well as Curaçao’s official languages. This process is designed to be straightforward so that applicants can complete the process themselves without the need to engage with a third party, such as an immigration consultant or similar to assist them. Those investors who are already on island on a temporary residence visa could qualify for this new visa and, if eligible, should make use of the ‘Investor Permit 2014’ to adjust their status. Investors are already taking advantage of this new process. One businessman from the USA receiving approval in less than a week expressed his appreciation, via email:

The funds that the investor is using to invest in Curaçao must be from a legitimate source and not obtained from illegal activities. There are no restrictions on country of origin, however the applicants have to genuinely intend to invest in Curaçao for a lawful purpose, and be a bonafide foreigner to be eligible for this permit. Nelson Navarro, Minister of Justice, explains, “The goal of the investor permit is to facilitate the investment in Curacao by high net worth foreigners, thus contributing to our economy.” In addition to the submitting the completed application form and paying the required registration fee, the applicant must have a valid passport, be able to prove supporting funds as

“Many pay lip service to serving the needs of the international investor everybody is trying to attract, while Curaçao delivers the goods! Across the Caribbean basin there are boundless opportunities to invest in the island economies that compete relentlessly for sources of fresh capital, but few, if any, match the interest so eagerly expressed with the thoughtful and efficient service that Curaçao makes accessible to all prospective investors. Service, which the fiercely competitive environment we face today, can make all the difference when an investment decision is made. “In short, Curaçao ‘gets it.’ “ For more information and application forms please visit: www.gobiernu.cw/investorspermit

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Petro Industrial B.V. was founded in 2009 as a Company of Industrial Services and Supplies, with a full team of trained experts to help you analyze and solve problems related to storage of hydrocarbons and all kinds of liquid, solid and gaseous products under the building and environmental regulations currently in force. We have a highly qualified team of professionals with more than 20 years of experience in this sector and state of the art equipment.We design, manufacture, install and do the maintenance of storage facilities for petroleum, petrochemical industry as well as offer services of electrical and hydraulic systems.

Currently, Petro Industrial B.V. develops its products using the knowledge, experience, abilities and skills of our personnel, with the support of our corporate partners. We have extensive experience in the development of highly complex multidisciplinary projects. Currently, it is developing new activities that highlights international marketing, processing and transportation of hydrocarbons and its derivatives. Among our customers, we have the most prestigious companies from the oil and petrochemical sector on a regional level.

International Award for Business Excellence

Nestor Herrera, Architect Engineer, CEO Petro Industrial B.V. (above right) is receiving the International Award for Business Excellence 2014 from the president of the Global Trade Leaders Club.

n June 30th 2014, the award presentation of the International Award for Business Excellence took place at the Madrid based Meliรก Castilla Hotel. The distinction brought together businessmen from many countries worldwide, awarding 25 companies from different industrial and commercial braches.

Geomaly Martes with Long Term Employees Honored

SOAB Celebrates 20th Anniversary with a Symposium:

Building Strong Foundations To celebrate its 20th anniversary, the independently operated Government Accountant Bureau, SOAB, wanted to give back to all the government entities with which it has been working since it came into existence in 1994. TEXT FRANS HEILIGERS

Thus, SOAB’s Corporate University set up a symposium with the central theme: “Building strong foundations based on belief, perseverance, knowledge, integrity, consistency and trust.” The symposium, held on October 3, 2014, was

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opened by SOAB’s CEO, Geomaly Martes, and closed off by SOAB’s President of the Board of Directors, Freddy Curiel. Five guest speakers from St. Maarten, St. Eustatius, Saba, Bonaire and Curaçao presented various, interesting topics. Those in attendance also had the pleasure of experiencing an introductory motivational speech by Ms. Ona Brown, expert in personal and professional transformation. To have her present in Curaçao as the first guest speaker in front of this selected audience proved to be a shot on target and the best possible start of the event.

Durable Government In his welcoming words, Mr. Martes thanked all the governments and related entities for their cooperation, confi-

dence and understanding through the last two decades. He stressed that the ultimate goal for SOAB, based on a vast knowledge of government and similar experience in the public sector on each of the islands once forming the Netherlands Antilles, remains working on a durable government. The governments of the islands and their entities are entitled to demand professionalism from SOAB, which in turn provides products and services that are characterized by independence and integrity – the mission of the organization.

Leadership The symposium took off like a rocket when Mrs. Ona Brown used the theme “When Seasons Change” to point out, in her special way, the importance of personal leadership to realize personal and professional goals in a fast-paced, changing environment. As the daughter of the well-known Les Brown, Ms. Brown knew how to engage and entertain the public for one hour, planting a seed on how to become intentional about one’s personal growth.

General Trust With her experience in the forensic discipline, Mrs. Nelly Schotborgh, through her office SRA-Caribbean NV, assists organizations in preventing fraud cases. For the symposium, she prepared a presentation based on research for her doctoral thesis on fraud and corruption in the Dutch Caribbean. She stressed that while the islands in general already have a lot in place to fight fraud and corruption, as Transparency International concluded in 2013, the negative trends have not come to a standstill. This may be due to the fact that the rules are not generally known and the judicial system lacks general societal trust. Therefore, there still remains a lot to be done to eradicate the causes and sources of the misuse of competencies, functions and circumstances. Too often people are appointed based more on whom they know, instead of based on what they know. It is not generally applied that people in high public positions should act as role models for others in society.

in the community – and it has not yet calmed down completely. Many of measures have been taken to determine how government should limit itself to govern more effectively and why the board of directors should just supervise the deeds and actions of management. He explained how this process is still taking place in the Netherlands, from which the Dutch Caribbean can also learn. Former Prime Minister Etienne Ys laid out how everybody sustains the principles of good governance on paper, but in the political reality of these islands, politicians claim that they and the coalition parties need to hold a strong grip on all government entities. Political parties should use their influence on government bodies; their representatives in the board should report back to the individual parties about what is happening. In fact, as long as politics play such an important role in government entities, there is little chance something will really change or improve soon.

Cybercrime Retired General Dick Berlijn and Mr. Jacques Buith outlined how far reaching the cybernetic world has developed in the last couple of

decades and how nowadays, organized crime has taken over these very same devices to steal from individuals, organizations, companies and governments worldwide. In individual countries, but also jointly with large institutions, everything should be in place to be able to counteract the cybercrimes committed continuously on a national and a global platform. This trend can also be handled by collective strategies and actions. The leading companies and government entities should also be prepared for immediate action when cybercriminals start knocking at their door, both in a pro-active and in a reactive mode. They referred to the joint initiative of CEO’s and public sector leaders, Partnering for Cyber Resilience, which focuses on cyber risk management for organizations and societies.

Merits At the closing ceremony of the symposium, special merits were given to several employees of SOAB with 15 or more years of loyal collaboration, with special thanks given to Mr. Geomaly Martes, who has been at the helm for the 20 years of the organization’s existence.

Geomaly Martes opening the event

Good Governance As one of the managing directors of the Auditdienst Rijk of the Dutch Ministry of Finance, and member of the board of the Dutch association of accountants NBA, Mr. Paul Scholte spoke about public interest. The role of accountants in both the private and public sectors have been topics of discussion

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Professionalising the Family Business:

Moving to the Next Level Family businesses are important to the economy of Curaรงao. They represent a large part of Curaรงao business, which makes them an essential part of our economy. Through the years, the family business model has proven that it is usually less affected by economic unrest than non-family owned businesses, as they take fewer risks and are more focused on the longer term. Generally, family businesses are strong and unique, but also complex. Regardless of where they are established in the world, they face the same challenges as any other businesses and as both the business and family grow and expand, they must also deal with a range of specific problems. The economic environment is tough, and there are significant shifts underway in the family business sector. They have to manage the challenges of operating in a difficult global economic environment alongside inevitable generational change. TEXT LENNART HUIJSEN, DIRECTOR TAX PWC DUTCH CARIBBEAN

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PwC Family Business Survey In 2014, PwC conducted its latest global family business survey. Key decision makers in family businesses over 40 countries worldwide were interviewed, from entrepreneurial start-ups to companies that have survived for five generations or more. This study is conducted every two years to examine the strengths and weaknesses of family owned businesses in the rapidly changing world economy. The results were published by the end of 2014 and they show us that the family business sector is dynamic and resilient, but also that significant shifts are underway. Evidently, these worldwide changes also affect our local family business sector. From society’s point of view, it is crucial that local family businesses continue to be strong and healthy. For this reason, it is time that both the family businesses themselves and society as a whole pay attention to the specific challenges faced by this important group.

There are still some family firms that manage without a formal business process. Most larger firms, however, now have documented procedures and policies in place.

accelerate and family businesses acknowledge that they will have to adapt faster, innovate earlier and become far more professional in the way they run their operations.

The New Economic Reality The “new” economic situation has led to more intense competition, growing price pressure, more demanding customers and tight margins. Family businesses have to accept that the conditions they enjoyed before the recession are now

From society’s point of view, it is crucial that local family businesses continue to be strong and healthy. For this reason, it is time that both the family businesses themselves and society as a whole pay attention to the specific challenges faced by this important group.

unlikely to return. The economy is now a colder and harder place for the family firm. The so-called global megatrends like demographic change, globalisation, urbanisation, and the digital revolution also have their profound shifts that are underway. These trends will significantly impact the economy and will make the business landscape more unpredictable and disruptive. The speed of change continues to

Professionalising the Firm and the Family A remarkable finding of the 2014 report is that there is a clear need to professionalise the family as well as the business. Professionalising the family business is about giving structure and discipline to the vision and the entrepreneurial drive that launched the family firm in the first place. On the other hand, this has to be accompanied by an approach to professionalise the family, for example, developing processes to govern how the family interacts with the business, including establishing an infrastructure for decision-making and formal channels for communication. There are still some family firms that manage without a formal business process. Most larger firms, however, now have documented procedures and policies in place. Younger and more ambitious businesses are especially more likely to mention professionalising as a business goal in order to grow their business.

Attracting and Retaining Skilled Professionals If family firms are to diversify into new markets, expand internationally, manage risk better, or innovate more effectively, many of them will probably need to hire outside talent to bring in the skills and experience needed. Attracting and retaining qualified talent is, for most firms, a concern and a challenge. Family firms indicate that they find it difficult to compete with the structured career path that other businesses and large firms often offer. There is no point in hiring highly skilled talent unless the system and internal processes have been professionalised. This is essential for these skilled professionals to do the job effectively.

Successful Succession In many cases, the transition to the next generation is a difficult and emotional moment for the family firm.

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Nowadays, a number of factors are coming together to make the succession process more complicated than it has ever been before.

Nevertheless, the day will come when the controlling owner must renounce his or her ownership interests to another party. Unfortunately, many business owners choose to ignore this inevitability. As a result, they fail to document and discuss a succession plan for the firm. Nowadays, a number of factors are coming together to make the succession process more complicated than it has ever been before. One of these factors is that, since people have children at a later age, there is a bigger

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gap between generations. In many cases, there is also a significant communication gap between those running the business and the next generation that is slated to take over. Lack of a formal succession plan can lead to a number of problems, especially when the moment of transition arrives. For instance, next generations may be reluctant, unprepared, or unable to take over. On the other hand, the owner might identify a willing successor but family members and other key stakeholders do not support the decision. The business owner could also discover that keeping things in the family simply is not feasible. While these types of issues can be difficult to face, it is better to deal with them now than at the last minute, when options may be limited. Family businesses would not have survived in such a tough business environment if they did not have the qualities necessary to succeed. In todayâ&#x20AC;&#x2122;s economic environment, however, to maintain the success that family firms have enjoyed in the past, it is essential to address these new challenges.

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5,500 youngsters at Curaçao Study & Career Fair 2014

“Step-by-Step” into the Future At a young age many kids have all kinds of dreams. All too soon, when they reach adolescence, they are expected to make life choices that will lead them to a more advanced study that must prepare them for a bright career. School counselors, as well as the internet, are a good sources of information. TEXT FRANS HEILIGERS

Another resource that has helped many young adults make those important life choices about what to study and which profession they will pursue is the annual Curaçao Study & Career Fair. The most recent one was held November 6-7, 2014, in the Exhibition Hall of the World Trade Center. During the two-day event, over 5,500 local youngsters, as well as teachers, counselors and parents, visited the various booths where they could get ample information about options for specialized studies and career opportunities, both locally and abroad.

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Since 1993, Mon Art Productions has been in charge of organizing this yearly event under the auspices of the Curaçao Chamber of Commerce and Industry. Organizer Daisy Casimiri of Mon Art Productions believes that the fair has gained a solid reputation as a prime source of information on what is relevant to a future career, and also what is required to grab opportunities that lie ahead. A great number of schools and educational institutions of all types and levels, which included local and foreign universities, as well as companies and educational organizations, were represented.

Right Choices Correct and complete information, along with the best possible preparations, are of vital importance to these young people to make the right choices from all that is presented to them. This is relevant for those who want to stay in Curaçao, as well as for those who wish to study abroad. The Study & Career Fair aims primarily at the youngsters from the last two grades of the secondary schools in Curaçao. In large numbers they attended the two-day fair in the morning hours, accompanied by their

school counselors and teachers. The fair was also open in the evening to the general public, so students could return with their parents if they wanted to ask for additional or more specific information.

Potholes The theme for the study fair was “step-by-step.” This theme was chosen to indicate that a well-organized plan will help young adults accomplish their goals. Along the way they will have to keep updated on the current trends in their respective fields to maintain competency at a professional level. Organizers gave the following advice to the future professionals: “Having the job of your dreams won’t happen overnight. It takes a long journey on a road with many curves and potholes. Reaching your destination is only

Having the job of your dreams won’t happen overnight. It takes a long journey on a road with many curves and potholes. Reaching your destination is only possible through a stepby-step approach.

Parents’ Role Equally important were the parent information meetings, which were introduced for the first time at the fair in 2013 and were an immediate success. Parents play an important role in the decision making process, so they should also be well informed about what is required for their child to start down his/her career path. A workshop for parents was held on both days of the fair. Jealaine Alexander-Wawoe of “My Future Career” organized the workshops in cooperation with the counselors. Alexander-Wawoe stated, “The parents show interest because it is about the career of their son or daughter. The timing is terrific, because it takes place in the time of the year when students and their parents are in a process of making choices.” In the workshops the parents not only received general information about what is needed to start the planning process, but also received practical advice on how to guide their children.

Supply and Demand Mr. Billy Jonckheer, president of the Chamber of Commerce, took the opportunity to recommend that youngsters not only to look at what they want to become, but also at which option gives them the best possible chance to get a job afterwards and succeed in the Curaçao society.

He also said that the private sector should indicate more clearly which positions are available, both in the short and long term, to help students know which positions are in greater demand. He believes the sector should strive for a better balance between the supply and demand of the labor market, which is in the best interest of all stakeholders.

Challenge for 2015 Planning for the 21st Annual Study & Career Fair is already taking place; a similar successful event is anticipated for next year. While most ingredients will remain virtually the same, the goal is always to make improvements. In previous years, on each day of the fair, the students were a mix of different entry levels. The idea has come up to reserve one morning for students with a level required for colleges and universities (MBO, VWO, Havo, Universities), while the other morning will focus more on advanced vocational schooling and preparation. This would also make it easier for the schools and universities to concentrate on the target groups that will be attending. The organizers have the challenge of working out a new plan of this kind for the Study & Career Fair 2015, which will again take place in November.

possible through a step-by-step approach.” It was stressed that their dream job is only within reach if they prepare diligently, with the first step being to gain all the relevant information and data needed to decide on a career path.

One-on-one Talks The fair offers a rather unique chance for one-on-one talks about specific issues related to studies and jobs overseas, often to young students who have no idea how to start down the path of continuing education to pursue their desired careers. There was also a lot of information available to those who prefer not to leave their family and island. However, when the opportunities for certain studies are not available in Curaçao, it is always a big help when foreign institutions that offer these studies are at the fair to give personalized information to local adolescents.

Jealaine Alexander-Wawoe

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Facebook or Twitter at Work - Is That Allowed? Who doesn’t have a Facebook profile, Twitter account or Instagram page nowadays? The use of social media has continued to increase in the past few years. With the global emergence of the smartphone, the internet is accessible anywhere. Status updates are posted from the beach or the bar in the disco. Social media is also accessible at work. But is it allowed to be active on social media during work? And to what extent does an employer have a say on this? TEXT DIRK ORMEL AND EMMA HARLAAR

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The most common conflicts between employer and employee regarding the use of social media are related to the time spent on social media and the comments employees post. Quite a bit of case law has been published to determine what is tolerable and what is not. For instance, use of internet for private purposes for a short duration at work must be accepted by the employer. Therefore, it is not possible to prohibit private use of the internet entirely, but this does not mean that it is permitted without restriction. With regard to posting messages, trade secrets may not be disclosed and the reputation of the employer may not be damaged. Offending your employer online is not allowed either. The latter is evidenced by the so-called Blokker case (Arnhem District Court March 19, 2012, “LJN” [National Case-Law Number] BV9483). In this case, an angry employee posted a rude and offensive message

about his employer on Facebook. After a warning, he did it again, after which he was fired. The judge considered the dismissal justified. To assess whether certain use of social media can be tolerated, a number of criteria have been developed in case law. When someone spends a lot of time on social media, it may be of importance, for instance, how long this

person has been employed and whether his use of social media affects his performance. If an employee is just as productive as when he was not using social media or has already been employed for a long time, this may be a reason to give him another chance.

It is not possible to prohibit private use of the internet entirely, but this does not mean that it is permitted without restriction.

use of internet at work. As the use of social media by employees cannot be prohibited, such a code of conduct gives the employer the opportunity to make clear to his employees what is and isnâ&#x20AC;&#x2122;t considered tolerable within his company. The employer can use this code to outline responsible use of social media. This allows conflicts concerning the use of social media to be prevented, and if they do occur, it is clear to the employee where he failed to comply.

It is advisable for employers to introduce a code of conduct or protocol for the use of internet at work.

In addition, it is important whether an employee has been given a warning for spending too much time on social media or posting inappropriate messages. An employee must first receive a warning before he can be fired because of inappropriate use of social media. The reason for this is that the warning clarifies what is tolerable and what is not. In addition, a warning gives the employee the opportunity to change his behavior and thus, keep his job.

VanEps Kunneman VanDoorne is the leading Dutch Caribbean law firm. Founded in 1937, it has since developed its expertise to become the full service commercial law firm it is today. The firm comprises of approximately 35 attorneys and has offices in CuraĂ§ao, Aruba, Bonaire, St. Maarten and Amsterdam, which also serve St. Eustatius, Saba and Suriname.

Finally, it is advisable for employers to introduce a code of conduct or protocol for the

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Making New Year’s Resolutions – and Achieving Them We’ve all done it. The calendar starts creeping towards January 1st and we start making New Year’s resolutions: going to the gym five times a week, quitting smoking, losing those extra pounds… Sound familiar? Unfortunately, it seems that most resolutions are toast before the toasting of the New Year is over — 88% of them are gone with two months. Who or what is to blame for the failure of accomplishing your goals? Is it the resolutions – or us?

quitting smoking, and generally changing complete lifestyle habits in a matter of months. Rather than realizing that this isn’t realistic, we set these huge goals, get discouraged when they aren’t accomplished in a few months and then give up. Imagine you gave up so quickly when you started your business? Why, then, do we fail miserably at accomplishing our New Year resolutions?

TEXT HEATHER DE PAULO

Following are some tips to lead you in the right direction: • Keep your goals specific. With goal setting, what’s usually missing are the action steps. People think about what they want, but don’t think through what it will take to get there. Rather than making a vague goal like, “I want my business to grow,” make it something concrete: “This year I will double my profits by increasing my customer base twofold and reevaluating my expenditures.” Then you can more clearly outline your small goals to achieve the ultimate goal.

We need to set goals to accomplish the things we desire in life. If we weren’t able to set goals and accomplish them, we would not be in the successful positions we are today. Think about how long it took you to get your education, start your business and begin paying yourself. Most likely it took many years of perseverance. However, the New Year resolutions most people make are huge goals, like dropping 50 pounds,

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How can you keep New Year resolutions achievable?

Keep Your Goals Specific

• W hen you sit down to make your resolutions, think big to small, like a pyramid. Set your ultimate goal and then set the small goals that will lead you to achieve it. For example, if you want to be promoted to manager of your department (your ultimate goal), your next tier down on the pyramid may be, “In the next three months I will take a management course and work on my public speaking skills.” This can be broken down even further into which management course, how many days you will commit to it, etc. If you don’t break your big goal into small, achievable goals, you will drop your resolution like a hot potato. • W hen you are making your goals, keep it realistic. You may want to take night courses, spend longer hours working on growing your business or get to the gym five days a week, but what about your obligations at home – your wife/husband, kids, household — yourself? When you are outlining your goals and steps to accomplish them, it’s important to consider what’s actually doable. On this same note, keep your resolutions to just a few — choose the most important ones. Too many goals will be overwhelming and will ultimately lead to failure.

Usually when we think of New Year resolutions, we think of health goals. However, resolutions can pertain to any ambitions – personal or professional.

• The biggest factor in determining success in accomplishing your resolutions is your level of motivation to achieve them. You may have the best intentions, but if you don’t have the strong desire to stay focused on your tasks at hand, you will not succeed. You may want to lose 30 pounds, but when confronted with that extra glass of wine or that huge piece of cake, what will keep you on track is your motivator – what will motivate you to stay on course? Usually when we think of New Year resolutions, we think of health goals. However, resolutions can pertain to any ambitions – personal or professional. The end of the year is a good time to reflect on the progress of your business over the past year and plan how you want your business to develop in the new year and beyond. Here are six the top 10 New Year’s Resolutions for business success:*

why we’re so tired and frazzled and have no time or energy to do anything else. Determine your personal return on investment and let someone else do some of the tasks for a change. Delegation is the key to a healthy work-life balance. • Make business planning a weekly event. Planning is vital if you want a healthy, growing business. Business planning lets you take stock of what worked and what didn’t work and helps you set new directions or adjust old goals. Set aside time each week, or even daily, to review, adjust, and look forward. Frequent planning not only helps you stay on track, you’ll also feel more focused and relaxed. • Learn something new. What you choose to learn may be directly related to your business or completely unrelated. Learning something new will add to your skills and add a new dimension of interest to your life. Depending on how you choose to learn, you may meet new and interesting people, who may become customers, colleagues, or friends. If you are already practicing delegation, you will have time to do this for yourself! • Join a new business organization or networking group. There’s nothing like talking to other business people for sparking new ideas, refining old ones, and making contacts. Whether it’s a group specifically designed for networking or an organization dedicated to a particular type of business, in person or online, making the effort to be a part of a group will revitalize you and your business. • Put time for you on your calendar. All work and no play is a recipe for mental and physical disaster. If you have trouble freeing up time to do the things you enjoy, write time regularly into your schedule for “me time” and stick to that commitment. If you don’t invest in yourself, who will? • Drop what’s not working for you and move on. All products aren’t going to be super sellers, all sales methods aren’t going to work for everyone and all suppliers or contractors aren’t going to be ideally suited to your business. If something isn’t working for you, stop doing it. Don’t invest a lot of energy into trying to make the unworkable workable. Move on. Something better will turn up. Most of us look at the New Year as the perfect opportunity to set meaningful career and lifestyle goals. The key is to stay mindful of those objectives, have an action plan to execute them and avoid distractions that derail us. Did you make resolutions this year? Be one of the 10% who do stick with their resolutions and goals for the New Year. You just might change your life. *Reference: http://sbinfocanada.about.com/cs/management/a/ bizresolutions.htm

• Learn how to delegate and do more of it. There are so many things to do when running a business and we think we need to do all of them. At the end of the day, we wonder

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Titans of business

Titans of Business Living the mantra, that you need to sow your seeds before the rain, the Goisco management team just completed the latest expansion to their mega club site. Today’s store is built on the original location that once grew the fruit and vegetables that earlier generations of the family sold in their first roadside stall. It is the third generation of the management team who are now benchmarking their business model and ambitions against global giants such as Wal-Mart. TEXT KATY BRANUM

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Strong Family Foundation Like many success stories in Curaçao, this is a story of people moving to the island to have a better life. It was the grandfather of the current generation that originally came to Curaçao from Madeira. The grandfather petitioned the local government to obtain the land for agricultural purposes and began growing produce that he then would sell in a small stall next to the land he was farming. The first stall was a small wooden structure on the same site as the current Goisco Mega Club building. Over time the grandfather expanded the business from a convenience store to a small minimarket. He sold fruit, vegetables and canned goods and it was known as the “Toko Fruteria Nobrega.” At a later stage this expanded to three minimarkets around the island. However, this added complexity was very

The fire presented a unique advantage with a combination of new blood and having a clean slate to rethink the business.

difficult and time consuming to manage and administrate. Ultimately, this became overwhelming. It was time for the next generation to step in and assist; interestingly it was his daughter’s husband that stepped in to help the struggling business. This son-in-law (the father of the current management team) took over alongside two other extended members of the family.

The early days

New Opportunities In 1993, a fire destroyed the building, and along with it, changes within the management team. One of the family members bought out the other managers, gaining controlling interest. This was the father of Joël, Elidio and Elsio Da Silva de Goes, the current generation of Goisco directors. It was also at this time that this new generation was introduced to the business, to support their father in his business endeavour.

was a little nervous, as they were not completely sure if the “mega store concept” would be accepted.

Breaking New Ground

The doors opened, and in the first couple of hours if Goisco sold $100 worth of goods, this was a big sale. Management was sweating. As the day progressed, more people started to come in and sales quickly improved. The next day sales were better, and the following day built on that.

The fire presented a unique advantage with a combination of new blood and having a clean slate to rethink the business. From this tragedy, a new business model was conceived. A key driver that gave them the courage to move forward was discussions held with their bank. The bank encouraged them to offer something new that would dramatically differentiate them from what others were offering on the island. This new business concept took inspiration from stores in the USA such as BJ´s Wholesale Club; these larger stores were selling both supermarket items and non-supermarket items together under one roof as a “club store concept.” This means a customer becomes a member to shop there and receives additional discounts.

Enlightening the Market Today, the Goisco concept is readily accepted, but when this unique concept was first launched, local shoppers were accustomed to going from speciality store, to speciality store to purchase what they needed. This was also reflected with the shoppers, as they were not sure what “a club membership” meant from a shopping perspective. They had not heard of this before, and wondered if it was a kind of sports club. As a management team, they understood that local people were set in their ways so in the beginning management

Gaining Momentum In December 1997, Goisco opened the new concept store as “Goisco Wholesale Club.” Even though the local population did not understand what a “wholesale club” was, they were at least curious to find out.

My Enemy’s Enemy is My Friend After three years, their first competitor arrived. “This was actually good for us, as it pushed us to further improve” said Joël. Their competition also helped to educate the local community about the “mega store” concept, resulting in increased awareness and a greater acceptance within the community. The competition also forced them to react. The management team had to think of smarter ways to compete, leading to their first purchasing partnership with another local supermarket. Goisco discovered that by combining their orders with other local supermarkets and sending combined orders to the manufacturer, they were able to obtain lower prices and could then pass these savings on to their customers. They also learned that in some ways, their competition had a superior offering and thus, the bar had been raised. They responded, expanding again. The additional expansion placed them a long way ahead of the competition, giving them room to breathe. “We felt safer,” explained Joël. “We could sleep at night knowing that our competition really had to do something amazing to catch us.“

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Walking the Walk A key to their success is that they have worked hard over the years to build a very, very strong supply chain where they have a direct relationship with the manufacturers, thus securing the most competitive prices for their customers. Interestingly, it is a combination of factors including: the membership program and earning of points, new offerings such as the Goisco credit card, and emotional connections like Baby Tutu that make Goisco unique.

Benchmarking against Giants Sam Walton the founder of Wal-Mart has always been a role model for Goisco management because of the similar backgrounds they share. Sam Walton started with a small store in Arkansas, USA in 1962. In many ways the Wal-Mart story resonates with the Goisco management team, as both businesses seem to have experienced a very similar journey in regards to building their enterprises. Joël and Elidio explained, “When we visited Wal-Mart, they showed us how they run the business, which was a great insight since they are the clear leaders in our industry. A particular inspiration to learn was that they had adopted a similar strategy of working directly with the manufacturers and removing the middleman in their supply chain. This enables them to buy the product at a cost that no one else can compete with.”

Advice for New Entrepreneurs: Be a Man of Your Word When starting a business, make sure you are always honest, as this builds trust. This means being honest with the bank and the people with whom you do business. Joël explained, “When you give your word, such as “please come by tomorrow and I will pay you,” and then you don’t pay as promised, you will instantly lose half the trust and goodwill that you had the day before.”

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When you stick to any agreements you have made, business will come to you; partners, suppliers, and customers all flow from there.

On the Front Foot Goisco is constantly looking at the market and identifying new opportunities as Joël explained, “Knowing when to expand is about tapping into your gut instincts. When we get the feeling that the time is right and we have access to the right merchandise at the right price, then we know it is time to expand.” To be able to tap into this instinct, Joël makes it clear, “You have to have a clear vision of where your business is going; the more accurate you are, the better. “ Joël believes that people obtain great awareness and clarity in a time of crises. So even when the economy is not as strong as it could be, they invest, they expand. In Curaçao there is a saying; “Plant seeds when it is not raining, because when it starts to rain, it is too late.” When it is time to move, it means it is too late to invest.

Strong Future Goisco is currently considering expanding to the other islands in the Caribbean to service a market in which Wal-Mart has no interest, however, the business model for this has yet to be decided - a franchisee path is one possible direction. Joël and Elidio concluded, “We really like what we do. Everyday we are here, often on the shop floor, we are doing our best to deliver the best customer experience we can.”