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Cook Islands IC Company Formation

(Cook Islands International Company/IBC/Corporation)

Overview of a Cook Islands International Company

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.

Top Uses of a Cook Islands IC

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

Advantages of a Cook Islands IC

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

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.

Anonymous Ownership

Cook Island corporations share certificates can be issued in Nominative or Bearer form with or without par value.

No Auditing Requirements

The Cook Island requirements can be bypassed through a company resolution

Key Corporate Features [Chart] of a Cook Islands IC

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 / License Fee USD $300
Annual Return Filing Fee None
Other

Requirement to file annual return Yes
Migration of domicile permitted Yes

Taxation of a Cook Islands International Company

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

Corporate Details of a Panama Cook Islands International Company

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

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.

Cook Islands International Company (IC) Formation
Products from Sovereign

Basic Cook Islands IC  | USD $1,275

Includes:

  • Certificate of Incorporation
  • Certified copy of the Memorandum & Articles of Association
  • Registered office & agent fee for the first year
  • Government fees for the first year
  • Company Secretarial Maintenance for the first year
  • Certificate of Endorsement
  • Articles of Incorporation
  • Transfer of Subscription Rights
  • Share Certificate(s)
  • Initial corporate minutes resolution
  • Apostille
  • Register of Directors
  • Register of Members
  • Appointment of First Directors
  • Consent Actions of the Board of Directors
  • Company Seal

Order a Cook Islands International Company (IC/IBC/Corporation) from Sovereign (with or without a bank account) today. Click on the Let’s Get Started button below.

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