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Good offer Cook Islands STANDARD
The Cook Islands is attractive jurisdiction for conducting offshore business. Popularity of the region is due not only to the loyal tax policy, but also a high degree of confidentiality, which compliance is controlled at the state level. In addition, this island state has unprecedented legislation as for assets protection. In accordance with the law, there are not taken into account the decisions of international judicial bodies concerning the established here trusts and listed companies. Business dealing is in English, which is the state language.
There are the following undoubted advantages of the offshore company in the Cook Islands:
- Absence of requirements to the size of the authorized capital;
- There is no need to submit accounting and audit;
- Minimum number of shareholders and directors (minimum one director and shareholder) for the company registration;
- In the role of directors and shareholders can act private and legal persons;
- Possibility to use nominee services;
- There is no exchange control;
- Ability to change the country of registration both for foreign and for established companies in the Cook Islands;
- Minimum time for company registration (1-2 working days).
Offshore activities in the country governed by the laws "The International Companies Act” 1981-1982, "The International Trusts Act” 1984, "The International Partnerships Act” 1984, "The Trustee Companies Act” 1981-1982.
One can register local and foreign companies in the Cook Islands. The most common form of the foreign company is Cook Islands International Business Company.
In addition, there are also registered:
- Local companies with limited liability;
- Foreign companies with limited liability;
- Limited partnerships;
Offshore registered in the Cook Islands may conduct any of the non-prohibited activities. The company name should not duplicate or be in tune with the existing name. Partly formed the name are the words Limited, Corporation, Incorporated, Public Limited Company or acronyms Ltd, Corp, Inc, LLC.
There are conditions, aimed at the development of investment in the jurisdiction. Thus, foreign businessmen can set up joint ventures with residents, which is regulated by the Investment Code of 2003.
The local are companies that are operating in the territory of jurisdiction or have shareholders with local residency, and must obtain license, from the type of which depends the registration fee. In turn, the local company can be resident and nonresident. Earnings of both companies is taxable at the rate of 20% and 28%. The tax on royalty, interests and dividends paid abroad by the local companies is 15%. VAT rate is 12.5%.
Activities of international companies in the Cook Islands does not require a license (except for the provision of banking and insurance services). The company is exempt from tax if its activity and profit is obtained outside the country. The recommended amount of capital is $ 5000, the payment of which is not required during the registration. For company establishment it is necessary minimum one director and shareholder – private or legal entity. The company secretary must be resident of the country and, as a rule, (s)he is employee of the registrar company. Offshore in the Cook Islands should have registered office address across the country. There are no requirements for the delivery of financial reporting and auditing.
Companies having registration in another jurisdiction, and re-registered here as a foreign company considered as foreign companies in the Cook Islands. For such company it is necessary to obtain a license, as well as registered office and legal address.
For partnership with limited and unlimited company, it is necessary at least one partner-resident in the role of which can be a licensed company - trustee or international company.
With regard to the International trust registration, all its beneficiaries should be foreigners, and the trustee should be resident of the country and have appropriate license. The trust must be registered within 45 days from the date of its establishment.
Information about the data of beneficiaries and the trustor, as well as assets is closed, and its unauthorized disclosure cause criminal liability. For investment activities one should pay attention to the tourism and related with it industries, cargo transportation and agricultural sector.
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