APGI Cook Islands International Business Company
Cook Islands International Business Company Incorporation
Cook Islands IBC Company Overview
The Cooks Islands are a group of 15 islands situated in the South Pacific Ocean, approximately due West of Tahiti and due South of Hawaii. The largest island and administrative center is Rarotonga. The Islands became self-governing in 1965 but New Zealand retains responsibility for external affairs and defense. The Government of the islands is carried out by a locally elected parliament consisting of 24 members but executive authority still remains with Her Majesty, The Queen of England in her capacity as head of the Commonwealth.
The legal system of the Cook Islands is common law and is closely based on applicable statutes of England. English is widely spoken within the islands. Communications are excellent and both New Zealand and local currency are legal tender.
Cook Islands IBC Company Information and Features
- Cook Islands Key Corporate Features
- Cook Islands General Information
- Cook Islands Company Information
- Cook Islands Compliance
- Cook Islands Schedule of Fees
Key Corporate Features
| General | |
|---|---|
| Type of entity: | IBC (International) |
| Type of law: | Common |
| Shelf company availability: | No |
| Our time to establish a new company: | 7 Days |
| Minimum government fees (excluding taxation): | US$500.00 |
| Corporate taxation: | Nil |
| Double taxation treaty access: | No |
| Share capital or equivalent | |
| Standard currency: | US$ |
| Permitted currencies: | Any |
| Minimum paid up: | US$1 |
| Usual authorized: | US$5,000 |
| Directors or Managers | |
| Minimum number: | One |
| Local required: | No |
| Publicly accessible records: | No |
| Location of meetings: | Anywhere |
| Members | |
| Minimum number: | One |
| Publicly accessible records: | No |
| Location of meetings: | Anywhere |
| Company Secretary | |
| Required: | Yes |
| Local or qualified: | No |
| Accounts | |
| Requirement to prepare: | Yes |
| Audit requirements: | No |
| Requirement to file accounts: | No |
| Publicly accessible accounts: | No |
| Other | |
| Requirement to file annual return: | No |
| Change in domicile permitted: | Yes |
Cook Islands General Information
General Information:
The Cook Islands comprises a group of 15 islands located between Tahiti in the east and Samoa and Tonga in the west. The main island of Rarotonga is 3,000 km northeast of Auckland, New Zealand.
Population:
Total population of the Island group is approximately 19,000. The indigenous population is Polynesian but English is spoken by most of the community.
Political Structure:
Great Britain proclaimed a Protectorate over the Cook Islands in 1888 and in 1901, the Islands were ceded to New Zealand. The Cook Islands became fully self-governing in 1965 under the Cook Islands Constitution Act 1964. Since obtaining self-government, the Cook Islanders have retained New Zealand citizenship.
The Government has reaffirmed continuing support and encouragement for the development of Rarotonga as a financial center.
There are two main political parties, the Democratic Alliance Party and the Cook Islands Party, which between them hold all seats in Parliament. Both parties support the Cook Islands status as an offshore financial center.
Executive authority is vested in Her Majesty the Queen. The Queen's Representative is appointed upon the advice of the Cook Islands Government. Executive Government lies with a cabinet comprising the Prime Minister and nine other Ministers appointed by the Prime Minister. The Cook Islands has growing international stature and is a member of the South Pacific Forum, the Asian Development Bank and the Economic Commission for Asia and the Pacific.
Economy:
The Cook Islands economy is primarily tourism based however there has been a substantial expansion in the offshore industry with the advent of innovative and progressive legislation to facilitate the establishment of a variety of offshore structures including international business companies, offshore banks, offshore insurance companies and wealth preservation trusts. Air New Zealand operates various flights through Rarotonga to Auckland, Tahiti, Hawaii, Los Angeles and Fiji, which provide direct access to the United Kingdom, USA, South East Asia, Australia as well as Europe. Rarotonga has a satellite international telephone and facsimile system. Direct dialling to Rarotonga is available from most countries. Internet and e-mail access is also freely available.
Official Language:
The official language is English however the Cook Islands Maori dialect is spoken widely.
Currency:
The official currency is the New Zealand Dollar.
Exchange Controls:
Only in relation to certain dealings in New Zealand Dollars. There are no local restrictions on the movement of funds to or from the Cook Islands in other currencies and funds may be held and business transacted in the Cook Islands in any currency.
Type of Law :
The legal system of the Cook Islands is based on English Common Law.
Principal Corporate Legislation:
The Cook Islands International Companies Act 1981-1982.
Cook Islands Company Information
TAXATION:
International Companies are not subject to any form of Cook Islands taxation.
SHAREHOLDERS:
A minimum of one shareholder is required and bearer shares are permitted. No details of shareholders appear on the public file.
DIRECTORS:
A minimum of one director is required and corporate directors are permitted. Details do not appear on public file.
ANNUAL REPORTING:
A brief annual return must be filed but no accounts have to be lodged.
TIMESCALE:
Incorporation can be achieved within 24 hours but it does take a few days for documents to arrive from the Cook Islands. We do not generally keep ready-made companies in stock.
RESTRICTIONS ON NAME AND ACTIVITY:
There are a few restrictions on the names which can be used for incorporation in the Cook Islands but the following words and their associated activities cannot be used without prior authorization and/or licensing: Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Cooperative, Imperial, Insurance, Municipal and Royal.
LOCAL REQUIREMENTS:
As a matter of local company law the company MUST maintain a registered office address within the Cook Islands and must also appoint a Cook Islands resident as registered agent. We would generally provide these services as part of the domiciliary service fee.
Compliance
Issued Share Capital:
There are no minimum requirements.
Classes of Shares Permitted:
Preference shares, redeemable shares, shares with or without voting rights and shares of no par value.
Taxation:
International entities including International Companies are exempt from taxation. US$500 payable on the registration of the company and US$300 annually thereafter.
Financial Statements:
All companies must lodge annual returns accompanied by audited accounts however this latter requirement can be dispensed with by company resolution.
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.
Company Secretary:
A Cook Islands resident secretary must be appointed.
Shareholders:
The minimum number of shareholders is one.
