Cook Islands Offshore Company Formation
- Last updated on . Written by Offshore Protection.
Cook Islands International Company (IC)
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 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 structures. The last few years the Cook Islands, in order to comply with new international standards by the OECD and anti money laundering directives, have had to institute several automatic tax agreements and reporting requirements.
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.
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. The Cook Islands also offers two other widely-used offshore formation products for their strong asset protection and security measures.
For more information on the Advantages of Cook Islands as an Offshore Financial Center, click here.
Table of Contents:
- Advantages of a Cook Islands Offshore Company
- Efficient Business Regulations
- Confidentiality And Privacy
- Asset Security And Protection
- Enhanced Privacy Law
- No Auditing Requirements
- Top Uses of a Cook Islands Offshore Company
- Key Corporate Features
- Packages Includes
- Incorporation Requirements
- Company Taxation
- Company Corporate Details
Advantages of a Cook Islands Offshore Company
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
Efficient business regulations
- Fast incorporation
- Straightforward registration procedures
- No limitations to the share capital value and currency
- No requirements of minimum paid-up capital
Confidentiality and Privacy
Benefits from a closed registry
Names of directors and shareholders are not made public
Nominee shareholders and directors are also available, providing another layer of privacy
Asset security and protection
Maintained via provisions that restrict seizure, expropriation or confiscation of assets by foreign authorities or creditors
Enhanced Privacy Law
There is no public registry of International Companies, and information can only be obtained with permission from the company itself.
No Auditing Requirements
The Cook Island requirements can be bypassed through a company resolution
Top Uses
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
Key Corporate Features
| Cook Islands Company | Corporate Details |
| General | |
| Type of Entity | International |
| Type of Law | Common Law |
| Governed by | The International Companies Act 1981-1982 Limited Liability Company Act 2008 |
| Registered Office in Cook Islands | Yes |
| Shelf company availability | Yes |
| Our time to establish a new company | 3 days |
| Minimum government fees (excluding taxation) | USD $300.00 |
| Corporate Taxation | No |
| Access to Double Taxation Treaties | No |
| Share capital or equivalent | |
| Standard currency | NZD New Zealand Dollar (NZD 1.15 = USD 1.0) |
| Permitted currencies | Any |
| Minimum paid up | No minimum |
| Usual authorized | USD $5,000 |
| Bearer shares allowed | Yes |
| No par value shares allowed | Yes |
| Directors | |
| Minimum number | One |
| Local required | No |
| Publicly accessible records | No |
| Location of meetings | Anywhere |
| Corporate directorship allowed | Yes |
| Shareholders | |
| Minimum number | One |
| Publicly accessible records | No |
| Corporate shareholder allowed | Yes |
| Location of meetings | Anywhere |
| Company Secretary | |
| Required | Yes |
| Local or qualified | Yes |
| Accounts | |
| Requirements to prepare | Yes |
| Audit requirements | No (by resolution) |
| Requirements to file accounts | No (by resolution) |
| Publicly accessible accounts | No |
| Recurring Government Costs | |
| Minimum Annual Tax | USD $300 |
| Annual Return Filing Fee | None |
| Other | |
| Requirement to file annual return | Yes |
| Migration of domicile permitted | Yes |
Packages Includes
- Government Registration Fee (First year)
- Registered Office Address (First year)
- Registered Agent Services (First year)
- Company Secretarial Maintenance
- Certificate of Incorporation
- Memo & Articles of Association
- Appointment of 1st Directors
- Consent Actions of the BOD
- Share Certificates
- Register of Directors
- Register of Officers
- Register of Shareholders
- FREE Phone and/or email consultations
Incorporation Requirements
The requirements to register a Cook Island IC 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 IC
- Registered address of the IC
- Name and address of the registered agent
Safeguard Your Assets With the Strongest Multi Jurisdictional Asset Protection Structure in the World
Company Taxation
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
Company Corporate Details
Official Language
The official language is English although Cook Islands Maori is spoken amongst the local population.
Language of Company Name
A Cool Islands International Company may be in any language however it must be accompanied by an English translation
Exchange Controls
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
Type of Law
English Common Law
Principal Corporate Legislation
The International Companies Act 1981-1982 outlines the details for all International Business Companies (IBCs)
Other Offshore corporate legislations dealing with companies and services include:
- International Trusts Acts 1984
- Limited Liability Company Act 2008
And other corporate legislation dealing with banking, insurance and investing:
- Cook Islands Monetary Board Act 1981
- Offshore Banking Act of 1981
- Trustee Companies Act of 1981-82
- Offshore Insurance Act, 1981-82
- International Partnerships Act 1984
Restrictions to Company Name
A company cannot use an identical or similar name of a company that is already incorporated
Suffixes of Limited Liability
A Cook Islands International Company must use Limited or Ltd to denote liability
Classes of Shares Permitted
Preference shares, redeemable shares, shares with or without voting rights and shares of no par value are all permitted
Taxation
Any International Company incorporated in the Cook Islands is exempt from all local taxation.
Confidentiality and Anonymity
Nominee services are allowed which ensures confidentiality
Restrictions
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.
Directors
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.
Secretary
A Cook Islands local qualified secretary must be appointed
Shareholders
There must be one shareholder, either and individual or a corporate body
Corporate Meetings
Meetings can take place anywhere in the world
Double Tax Treaties
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.
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