The Cook Islands.
The Cook Islands are represented by a group of 15 islands located in the South Pacific between Tahiti (in the east) and Samoa and Tonga (in the west). The main island – Rarotonga – is located 3000 km northeast of Auckland, New Zealand. Cook Islands consists of two main groups: the southern group of nine “lofty islands” & raquo; volcanic origin and the northern group consisting of six atolls. Most of the population lives in the eastern group of islands.
The total population of the island group is approximately 19,000 people. The indigenous population is Polynesians, but the majority of the population speaks English.
The United Kingdom proclaimed the establishment of a protectorate over the Cook Islands in 1888 and 1901. The islands were transferred to New Zealand. Cook Islands received full self-government in 1965 in accordance with the Law on the Constitution of the Cook Islands & raquo; from 1964 onwards. Since the receipt of the island’s self-government for the inhabitants of the islands, the citizenship of New Zealand has been secured.
The government reaffirmed its intention to continue to support and contributed to the development of Rarotonga as a financial center.
The two main political parties – the Democratic Union Party and the Cook Islands Party – share seats in the Parliament. Both parties support the status of the offshore financial center of the islands. The executive power is in the hands of Her Majesty the Queen. The representative of the Queen is appointed on the recommendation of the Government of the Cook Islands. The Executive Government is represented by a Cabinet composed of the Prime Minister and the other nine Ministers appointed by him. The Cook Islands are characterized by an international prestigious status and are a member of the South Pacific Forum, the Asian Development Bank and the Economic Commission for Asia and the Pacific.
The main economic sphere of the Cook Islands is tourism. However, recently there has been a significant expansion of the offshore sector with the advent of innovative and progressive legislation, which has contributed to the creation of a multitude of offshore structures, including international commercial companies, offshore banks, offshore insurance companies and trusts for capital preservation.
Air New Zealand offers various flights to Auckland, Haiti, Hawaii, Los Angeles and Fiji via Ragotongu, which provides direct connections to the United Kingdom, the United States, Southeast Asia, Australia and Europe. Rarotong has an international satellite telephone and facsimile system. In most countries of the world, direct dialing is available in Rarotonga. There is also free access to the Internet and postal services.
The official language is English, however, the language of the Cook Islands – Maori is also a widely spoken language.
There is only in certain transactions with the use of New Zealand dollars. Local restrictions on the establishment of capital on the islands or the withdrawal of capital from the islands in a different currency are absent. Any currency can be used to store funds or conduct business.
It is based on general English law.
Law on International Business Companies & raquo; from 1981-1982.
Law & about companies with limited liability & raquo; from 2008.
International commercial companies with a liability limited by shares or guarantees, as well as companies without liability, with unlimited liability and companies on a reciprocal basis.
Submission of the memorandum of association to the registrar of international commercial companies licensed fiduciary.
The company can not conduct trading activities on the Cook Islands or conduct banking or insurance activities without a license obtained under the Law on Offshore Banking & raquo; or the Law on Offshore Insurance & raquo ;.
An international company established on the Cook Islands is vested with the authority of an individual.
It is forbidden to use names that are similar to the names of already existing companies.
The name can be generated in any language with the application of translation into English.
There are no minimum requirements.
Preferred shares, shares with the right of redemption, shares with voting rights and without voting rights, shares without par value.
International legal entities, including international companies, are exempt from taxation. When registering a company, a fee of USD 300 is paid, with an extension of USD 300.
Annual reports are compulsorily submitted by all companies with the application of audited accounts. However, the latter requirement can be canceled based on the decision of the company.
The minimum number of directors is one. Directors may be individuals or legal entities. There are no requirements for residency or citizenship.
It is necessary to appoint a secretary who is a resident of the Cook Islands.
The minimum number of shareholders is one.
a) Taxation of companies 2.a. – There is no taxation of international commercial companies and limited liability companies.
The Cook Islands.