The Cook Islands are located in the South Pacific, northeast of New Zealand and between American Samoa and French Polynesia. There are a total of fifteen islands split into the more populated Southern Cook Islands formed by volcanic activity and the Northern Cook Islands which compromise of mainly coral atolls, which are scattered over 770,000 square miles of ocean. The Cook Islands are named after Captain Cook, who explored them in 1773. Great Britain proclaimed the Cook Islands to be a protectorate in 1888, however in 1901 they were ceded to New Zealand and were finally given self-governing status in 1965. The Islands are under ‘free association’ with New Zealand, that is, they are under the protection and jurisdiction of New Zealand, though are independently governed; however, the Islands remain part of the British Commonwealth. The Cook Island is a parliamentary system with a representative democracy and Common Law system; a Prime Minister exercises executive power and the Queen of New Zealand is the head of state, while legislative authority is held by the Parliament. There are two main political parties, which are the Democratic Alliance Party and the Cook Islands Party that are represented in Parliament, with both parties supporting the island being an offshore financial jurisdiction. Though the Cook Islands political structure remains centralized they still seek advice on some matters from a council of hereditary leaders known as the House of Ariki. The Cook Islands, in hoping to propel itself into the international arena, have been pursuing global recognition and is now a member of the South Pacific Forum and the Economic Commission for Asia and the Pacific. The economy of the Cook Islands in highly influenced by the geography of the area. The islands are isolated and lack the capacity and infrastructure of more formal economic activities. Tourism remains the basis of the economy, which makes up 67.5% of its GDP, while its offshore sector accounts for 8%, followed by fishing and local manufacturing industry, which includes black pearls, fruit processing, clothing and handicrafts. In recent years the Cook Islands offshore industry has expanded significantly due to the signing of several pieces of progressive legislation. The Cook Islands GDP is estimated to be at USD$183.2 million (2005) with a per capita GDP of USD$9,100, while the workforce is divided along three main sectors: services 56%, agriculture 29%, and, industry 15% (1995). The Cook Islands are estimated to have a total population of 13,000 inhabitants, the main population living on the island or Rarotonga, however it was estimated that nearly 60,000 individuals are living in New Zealand who identified themselves as being of Cook Island Maori descent. Cook Islanders are entitled to New Zealand citizenship, which has led many people to migrate to look for better economic opportunities. Although the government has encouraged islanders to return, often giving individuals incentives to due so, it has had little effect and local population has continued to fall. The cultural and ethnic makeup of the Cook Islands was estimated to compromise of: 81.3% Cook Island Maori (Polynesian heritage), 6.7% part Cook Island Maori, and 11.9% were labeled as ‘other’ (2011). English is widely spoken and is the official language of the Cook Islands, spoken by 86.4% of the population, along with Rarotongan (Cook Islands Maori), which was spoken by 76.2%, while 8.3% of the population was seen as being mixture of local tribal languages. There are a number of dialects in Rarotonga, which reflect the distinct cultural and linguistic makeup of the region and the islands, reflecting variations of Samoan, Tahitian and to New Zealand Maori. Culturally, the Cook Islands reflect many aspects of the South Pacific Islander culture, though with some distinct Cook Islander flavors especially within the traditional arts of woodcarving, weaving and quilt making. Similarly, Polynesian culture has had a big influence of the development of Cook Islander performing arts, with much of the music and dance originating from the Polynesian Islands. The Cook Islands currency is in New Zealand dollars, which currently trades at NZD 1.15 = USD 1.0 (2014). There are no local restrictions on the movement of funds to or from the Cook Islands and funds may be held and transacted in the Cook Islands in any currency. Cook Island law is based off of English Common Law, which was established when the Cook Islands were under British protection in 1888. The country was annexed by New Zealand in 1901 and received self-governing authority Zealand in 1965. There are three main pieces of legislation in the Cook Islands dealing with international offshore companies and services that are: – Limited Liability Company Act 2008 – International Companies Act 1982 – International Trusts Acts 1984 There are several other pieces of legislation that establish the rules and procedures for international investors, offshore insurance schemes, as well as the offshore banking sector, which are: – Trustee Companies Act of 1981-82 – Offshore Banking Act 1981 – Offshore Insurance Act, 1981-82 – Cook Islands Monetary Board Act 1981 – International Partnerships Act 1984 – The Development Investment Act 1977 All international entities are exempt from taxation. The Cook Islands have enacted strong protective measures ensuring the confidentiality and secrecy of all international companies, bypassing foreign authorities seeking tax or financial information. Contact Us for A FREE Consultation – There are no taxes on offshore profits – Only one director and shareholder needed to form an IBC or LLC – Corporate directors are allowed – Meetings can take place anywhere in the world – Do not need to submit accounts – Confidential, secure and private – Reasonable annual license fee USD$300 – The Cook Islands have very strict legislation that keeps foreign authorities from getting access to financial, tax or an any offshore account information – Nominee account holders may be used for an additional level of privacy – No minimum share capital requirement. – Shares may be of no par value – Shares may be in all currencies – No public registry of International Companies Information can only be obtained with permission from the Company itself (unless there is a criminal offences pending) – There are no requirement to file annual accounts Contact Us for A FREE Consultation
The Cook Islands remain a popular destination among individuals and businesses seeking a tax-free environment in which to establish themselves through one of the various offshore packages offered to international clients. These include: The Cook Islands offshore structures offer some of the best advantages for asset protection, tax planning and offshore banking, making it one of the most sought-after jurisdictions in the world. The Cook Islands have an Exclusive Economic Zone, which is a free zone area covering all the islands and nearly 2 million square kilometers of surrounding ocean. The Cook Islands have been specializing in asset protection trusts and offshore services since legislation passed in 1989 and 1982 respectively. The legislation circumvents tax requirements and gives individuals and corporations the ability of added layers of privacy and confidentiality. The Cook Islands have very strong asset protection legislation in place that prevents foreign authorities from accessing account information. Unlike many other foreign jurisdictions, the Cook Islands generally disregard foreign court orders, and thanks to their discretionary laws makes it illegal to disclose any names of information related to Cook trusts. Contact Us for A FREE Consultation
A Cook Islands International Company (IC) or International Business Company (IBC) as it is refereed to in other jurisdictions, is an offshore entity giving individuals and corporations numerous advantages such as security, anonymity, and tax planning benefits. The Cook Islands are a total of fifteen islands located in the South Pacific, northeast of New Zealand and between American Samoa and French Polynesia. The Cook Islands offshore financial sector emerged in 1982 with the passing of the Cook Islands International Companies Act, which was later accompanied by an amending piece of asset protection legislation that is regarded as the most comprehensive and secure pieces of legislation in the world, firmly ensuring the assets of foreign Cook Island investors. Over the years, the Cook Islands government has, time and time again, supported its position as an offshore financial center, refusing to comply with foreign directives and court orders seeking to strong arm the local government and breech the impenetrable Cook Islands offshore sector. While many other jurisdictions have come under the scrutiny of foreign governments, the Cook Islands have been able to escape such investigative processes. Companies incorporated in the Cook Islands enjoy structural flexibility and simple administrative procedures in a highly secure and confidential location. There are minimal reporting and regulating restrictions with comprehensive protective offshore laws that ensure client security and confidentiality. There are no other offshore jurisdictions that can boast of such extensive asset protection measures—the Cook Islands are truly the safest place in the world. A Cook Islands IC enables companies and individuals to benefit from a number advantages including, but not limited to: – Zero tax – Political and economic stability – Strict enforcement of legislation – The worlds most secure asset protection trust legislation – An English Common Law System – English speaking country – Minimum disclosure requirements – Currency diversification – Limiting personal liability – Flexible requirements – Minimum financial reporting requirements – Strict Privacy Laws – Fast incorporation – Straightforward registration procedures – No limitations to the share capital value and currency – No requirements of minimum paid-up capital Benefits from a closed registry Maintained via provisions that restrict seizure, expropriation or confiscation of assets by foreign authorities or creditors There is no public registry of International Companies, and information can only be obtained with permission from the company itself. Cook Island corporations share certificates can be issued in Nominative or Bearer form with or without par value. The Cook Island requirements can be bypassed through a company resolution There are no restrictions from doing business anywhere outside of the Cook Islands, except where activities are deemed as being illegal or require a license to legally conduct such business. The only limitations are in conducting business within the Cook Islands and when such activities are in banking, insurance or real estate, which require an appropriate license. The formation of an IC can be used for, including but not limited to: – Offshore savings and investments – Manufacturing – Transportation – Trade and distribution – Forex and stock trading – E-commerce – Professional service company – Confidentiality – International trading – Financial management A Cook Islands offshore International Company is exempt from all taxes. This includes, but is not limited to: – No income tax – No capital gains tax – No sales tax – No stock sale or transfer tax – No capital stock tax – No property tax – No estate tax – No gift tax – No stamp tax – No succession tax – No inventory tax The official language is English although Cook Islands Maori is spoken amongst the local population. A Cool Islands International Company may be in any language however it must be accompanied by an English translation There are a few restrictions when dealing in New Zealand Dollars; however there are no restrictions on the movement of funds in any other currency English Common Law The International Companies Act 1981-1982 A company cannot use an identical or similar name of a company that is already incorporated A Cook Islands International Company must use Limited or Ltd to denote liability Preference shares, redeemable shares, shares with or without voting rights and shares of no par value are all permitted Any International Company incorporated in the Cook Islands is exempt from all local taxation. Nominee services are allowed which ensures confidentiality An International Company is restricted from conducting business within the Cook Islands, as well as holding any business in real estate, insurance, or banking without the proper license. The minimum number of directors is one. Directors may be either a body corporate or a natural person. They may of any nationality and need not be resident in the Cook Islands. A Cook Islands local qualified secretary must be appointed There must be one shareholder, either and individual or a corporate body Meetings can take place anywhere in the world There are no Double Tax Treaties although the Cook Islands have signed sixteen different Tax Information Exchange Agreements with other countries. However, this provision is only related to criminal matters as the Cook Island authorities never respond to foreign court orders or tax information related requests. Contact Us for A FREE Consultation
A Cook Islands LLC (Limited Liability Company) formation is a flexible, offshore, international LLC company model that gives a broad foundation, allowing the company to form its structure according to its own rules, rather than through a rigid mandate. company model that gives a broad foundation for overseas business operations. As the demand for flexible offshore company structures became apparent within the offshore market, The Cook Islands International Limited Liability Companies Act 2008 was passed, echoing the continuing growth of the Cook Islands offshore sector. The passing of this piece of legislation makes the Cook Islands one of the most strategic jurisdictions to form an international LLC. An LLC is a blend of both partnership and corporate structures by providing a layer of limited liability, protecting owners from the debts incurred by the LLC. A Cook Islands LLC offers further protection from the strong arm of foreign governments and creditors, by separating the rights of its members and that of the overseas LLC. A Cook Islands LLC coupled with an International Trust is the strongest, single-jurisdiction offshore asset protection product currently available. The Cook Islands continue to grow as an offshore financial destination, while at the same time frequently amending their offshore protection laws, ensuring the security of investors. A Cook Islands LLC enjoys structural flexibility, complete confidentiality, as well as minimal reporting and regulating procedures. It is no wonder why today the Cook Islands is the most exciting place in the world to establish an offshore presence. The operating agreement of a Cook Islands LLC may contain provisions for the conduct of any type of business as long as it is lawful. This includes, but is not limited to businesses dealing in: – Real estate – Estate planning – Tax structuring flexibility – Asset protection* – Confidentiality of assets * Used in conjunction with a Cook Islands International Trust, provides the most secure form of asset protection available. A Cook Islands LLC has a number of advantages that individuals and investors may benefit from, including but not limited to: – Annual filing of accounts are not required – Shareholders and Directors is known only by the trustee company – Foreign creditors are limited in their capacity – Foreign court orders are not recognized by the Cook Islands – Members and Managers cannot be held liable for the debts of the LLC – Flexibility of LLC structure as defined by the LLC rather than a restricting legislative mandate – The LLC can be managed by the members or by managers independent of the members – Complete confidentiality – Less administrative processes than most corporations – Asset protection benefits are not found anywhere else in the world – Anonymity – Flexibility – Single Member LLCs are permitted – No requirement for local presence – Transfer of existing LLCs to the Cook Islands is possible – Supportive and strong asset protection and privacy legislation No public LLC Registry—information may only be obtained from the Company itself No requirement to prepare annual accounts, appoint auditor or disclose any information to any Cook Islands authority. The only information that is given is through an annual return with the Registrar, giving the name of the LLC and address of the Registered Agent. A creditor cannot issue a charging order or interfere with the operations of the company nor seize, liquidate or force the dissolution of the company, however a Cook Islands LLC is not a substitute for an International Trust—the Cook Islands flagship asset protection product. The requirements to register a Cook Island LLC are straightforward. A registered agent, acting through a Cook Islands trustee company will submit the necessary documents needed to the Registrar, including: – Name of the LLC – Registered address of the LLC – Name and address of the registered agent A Cook Islands LLC is exempt from all taxes. Contact Us for A FREE ConsultationBackground Information about the Cook Islands
Location
Political Structure
Economy and Infrastructure
Population, Language and Culture
Exchange Control
Type of Law
Principal Corporate Legislation
Taxation – Cook Islands Tax
Benefits of Setting up a Cook Islands Offshore Entity
Why Choose Cook Islands as an Offshore Tax Haven
– Cook Islands International Company (IC)
– Cook Islands Limited Liability Company (LLC)
– Cook Islands International Asset Protection Trust
Cook Islands IC Company Formation
(Cook Islands International Company/IBC/Corporation)
Advantages & Top Uses of a Cook Island IBC
Advantages of a Cook Islands IC
Efficient business regulations
Confidentiality and Privacy
Names of directors and shareholders are not made public
Nominee shareholders and directors are also available, providing another layer of privacyAsset security and protection
Enhanced Privacy Law
Anonymous Ownership
No Auditing Requirements
Top Uses of a Cook Islands IC
KEY CORPORATE FEATURES
General
Type of Company
International
Political Stability
Good
Common or Civil Law
Common
Disclosure of Beneficial Owner
No
Migration of Domicile Permitted
Yes
Tax on Offshore Profits
Nil
Language of Name
Latin and other alphabets
Corporate Requirements
Minimum Number of Shareholders / Members
One
Minimum Number of Directors / Managers
One
Corporate Directors / Managers Permitted
Yes
Company Secretary Required
Yes
Usual Authorised Capital
US$5,000
Local Requirements
Registered Office/Agent
Yes
Company Secretary
Yes
Local Directors
No
Local Meetings
No
Government Register of Directors / Managers
Yes
Government Register of Shareholders / Members
No
Annual Requirements
Annual Return
Yes
Submit Accounts
No (by resolution)
Recurring Government Costs
Minimum Annual Tax / Licence Fee
US$300
Annual Return Filing Fee
Nil
Other
Requirement to file annual return
Yes
Taxation of a Cook Islands International Company
Corporate Details of a Cook Islands International Company
Official Language
Language of Company Name
Exchange Controls
Type of Law
Principal Corporate Legislation
Restrictions to Company Name
Suffixes of Limited Liability
Classes of Shares Permitted
Taxation
Confidentiality and Anonymity
Restrictions
Directors
Secretary
Shareholders
Corporate Meetings
Double Tax Treaties
Overview of a Cook Islands LLC Formation
Key Corporate Features of a Cook Island LLC
Cook Islands LLC
Corporate Details
General
Type of Entity
Limited Liability
Type of Law
English Common Law
Governed by
Limited Liability Companies Act 2008
Registered Office in Cook Islands
No (but must have a registered local agent)
Our time to establish a new company
3 days
Minimum government fees (excluding taxation)
USD $200
Corporate Taxation
No
Access to Double Taxation Treaties
No
Managers
Minimum number
One
Local required
No
Publicly accessible records
No
Location of meetings
Anywhere
Corporate directorship allowed
Yes
Members
Minimum number
One
Publicly accessible records
No
Corporate shareholder allowed
Yes
Location of meetings
Anywhere
Company Secretary
Required
No
Local or qualified
No
Accounts
Requirements to prepare
No
Audit requirements
No
Requirements to file accounts
No
Publicly accessible accounts
No
Recurring Government Costs
Minimum Annual Tax / License Fee
USD $200
Annual Return Filing Fee
USD $200
Other
Requirement to file annual return
Yes
Migration of domicile permitted
Yes
Top Uses & Advantages of a Cook Islands LLC
Top Uses
Advantages
Enhanced Privacy Law
Confidentiality
Enhanced Creditor Protection
Requirements for a Cook Islands LLC
Taxation of a Cook Islands LLC