Registering a company and opening an account on the Cook Islands will be a promising solution for those, who are looking for a project for investment, as well as for those, who want to start a business from scratch.
The Cook Islands is a small state. They are located in the South Pacific Ocean in Polynesia and are loosely associated with New Zealand. The archipelago includes 15 large islands, 12 of which are inhabited. The closest neighbors are: French Polynesia, American Samoa, Tokelau, Kiribati and Niue.
More than 48 jurisdictions, as well as the European Union, maintain diplomatic relations with them.
The capital is Avarua. Administrative centers: Arutanga, Avarua, Omoka. Official languages are Kuk, as well as English. A national currency is New Zealand dollar (NZD).
Doing business on the Cook Islands
Many foreign businessmen seek to open a company on the Cook Islands remotely, and this desire is justified by a number of the following reasons:
- A stable economic growth;
- A calm political situation;
- The dynamic development of infrastructure;
- An important tourist center of Polynesia;
- A participation in the Hague Convention;
- The presence of an exclusive economic zone (EEZ);
- A flexible taxation;
- Lack of currency control;
- Minimum requirements for a set of registration documents.
If you are interested in setting up a commercial firm on the Cook Islands, then in 2020 we recommend choosing one of the following business areas: a hotel business, a restaurant business, a food industry, a banking and insurance, the IT technology, a transport, a medicine, a trade.
Types of companies on the islands
Those, who plan to register an enterprise on the Cook Islands remotely, in the first place, will need to decide on the most suitable form of business activity. The following options will be available on the Cook Islands:
- A local Limited Liability Company (DLC);
- An International Business Company (IBC);
- A foreign company (FC);
- A Limited Partnership (LP);
- A trust (T).
The most popular is an IBC, which is characterized by the most comfortable conditions for managing activities, a special tax regime, a simplified registration scheme.
A registration process
If you intend to open a company on the Cook Islands, you will need to fulfill the following conditions of the Regulator:
- a unique company name (indicated at the end of Ltd/Corp./Inc./SA);
- a number of shareholders and directors is from 1 (the individual/legal entity);
- a resident status of directors/shareholders is any;
- the nominee service is allowed;
- a presence of a secretary is required (a resident);
- a registered capital is 5,000 NZD;
- the presence of a local office/agent is required;
- to open corporate bank account on the Cook Islands;
- the annual reporting is not required.
If you are interested in opening an account on the Cook Islands, our staff is ready to advise you in detail on all options available and help you to choose the most suitable one.
For those, who intend to register a company on the Cook Islands remotely, we advise studying carefully tax conditions, provided for legal entities:
- A basic income tax rate is 20% (a reduction in the rate is possible, as well as a full exemption from tax). Non-resident companies pay 28%;
- None: a VAT, a dividend tax, capital gains, a stamp duty.
How to open a business on the Cook Islands?
This process will be quick and successful, if you turn to services of trusted YB Case experts. We will offer you the most relevant and profitable solutions for registering a business in any jurisdiction, help in opening an account with a bank or payment system, in obtaining a business license, and help you to complete all related documents.