Doing Business in the Netherlands 2012 - American Chamber of ...

license under the Financial Supervision Act or has been
exempted from being licensed:
(i) the interest is not held for 45% or more by an entity
which is subject to a profit tax (excluding qualifying
investment institution) or by two or more of these
entities if they are related as defined in the law; and
(ii) individuals may not have an interest of 25% or more
in an exempt investment company quoted on a
financial market under the Financial Supervision Act
or in a non-quoted exempt investment company
which has a license under the Financial Supervision
Act.
f) If the vehicle is not quoted on a financial market under the
Financial Supervision Act or the vehicle or its trust does not
have a license under the Financial Supervision Act or has not
been exempt from being licensed:
(i) at least 75% of the interest must be directly or
indirectly held by individuals or exempt investors or
by investment institutions quoted on a financial
market under the Financial Supervision Act; and
(ii) individuals may not hold a substantial interest of 5%
or more.
g) The interest in the vehicle is not held for 25% or more by
Dutch resident companies via a non-resident corporate
shareholder.
h) A director or more than half of the members of the
supervisory board cannot be a director, a member of the
supervisory board, or an employee of an entity which holds
(alone or together with related entities) 25% or more of the
194 Baker & McKenzie