What kind of business is an ideal company on Cook Islands for?
The Cook Islands is located in Oceania. The archipelago is known for its beauty and cultural diversity. Each of the islands has its own traditional customs. The islands are not very popular among tourists. The territory of the jurisdiction is inhabited by just over 20,000 people.
The capital of the island is Avarua. English is recognized as the official language in the jurisdiction, but the local Maori language is also widely spoken. The state economy is based on tourism and agriculture. Offshore facilities are often registered on the Cook Islands. To find out more about the features of opening a company, please contact our experts at IT-OFFSHORE.
In what area to start a business
Recent reforms related to the island economy have focused on private sector growth and creating an viable environment for investment. For example, the government has decided to reduce taxes.
The most common areas are tourism, agriculture and financial services. One of the most dynamic sectors of the economy has become the service sector. It is profitable to register a company, that is operating in the tourism sector and financial services, as well as offshore banking companies.
One of the most important sectors of the economy is agriculture. The national wealth of the Islands is fishing, which plays an important role in the country's economy.
Features of opening a company
The most common type of company registered on the islands is an international one. There are some features of opening an offshore. Thus, the company can work in areas that are allowed by law.
The firm must have an office in the country and requires a registration agent. The smallest number of directors and shareholders is 1. The person can be both physical and legal. The use of nominal service is allowed.
There is no currency control, and company registration takes about 2 weeks. The firm has no obligation to keep accounts and submit reports every year. An offshore company may not pay taxes.
The advantages of doing business in the Cook Islands
It is profitable to buy a company in the Cook Islands. When you register an offshore company, you can get a tax exemption. There is a high level of confidentiality: the registry of shareholders and directors is closed. It is possible to use a nominal service.
Offshore business is supported by the state. The time of registration is relatively short - it takes an average of 3 weeks to open a new company, but you can buy a ready-made company, in case of which registration is faster. There are no requirements for charter capital.