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Cook Islands LLC Formation

(Cook Islands Limited Liability Company)

Sovereign-LION-logo-Shiny-Button-S    Read about the overall benefits of setting up an Offshore LLC Company

Overview of a Cook Islands LLC Formation

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.

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

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.

Advantages

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

Enhanced Privacy Law

No public LLC Registry—information may only be obtained from the Company itself

Confidentiality

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.

Enhanced Creditor Protection

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.

Requirements for a Cook Islands LLC

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

Taxation of a Cook Islands LLC

A Cook Islands LLC is exempt from all taxes.

Corporate Details of a Cook Island LLC

Official Language

The official language is English although Cook Islands Maori is spoken amongst the local population.

Type of Law

English Common Law

Principal Corporate Legislation

Limited Liability Companies Act 2008

Registered Office

No. But must have a locally registered agent

Minimum Government Fees

USD $200

Publicly Accessible Records

No

Accounts

There are no requirements to prepare, audit, or file accounts

Taxation

Any International Company incorporated in the Cook Islands is exempt from all local taxation.

Managers and Members

Single member LLCs are permitted

Double Tax Treaties

There are no Double Tax Treaties agreements 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.

Legislation and Limited Liability

The Limited Liabilities Companies Act 2008 recognizes that the member/manager and the LLC are separate legal entities. Consequently, an action against a member is not sufficient for any injunctions to be used against the LLC.

Protective Provisions

  • Two year statute of limitations on fraudulent transfers
  • Complete bar on claims against a trust that is funded while the settlor is solvent
  • There must be a substantial burden of proof that is beyond a reasonable doubt
  • Non-recognition of foreign judgments

Protective Provisions

Order a Cook Islands Limited Liability Company from Sovereign (with or without a bank account) today. Click on the Let’s Get Started button below.

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