Cook Islands Offshore Guide
The Cook Islands has offshore banking and offshore companies as one of its major industries. This self-governing democracy is composed of a group of small islands located in the South Pacific area, surrounded by the French Polynesia and Fiji. These islands were known to have been created by a volcanic eruption, and were first sighted by a Spanish navigator, Alvaro de Mendana in 1596. There are a total of 15 islands; nine of them are situated in the southern region while six of these islands are located in the northern part. There are only about 19,000 in population, and majority of these have taken up residence in Rarotonga.
The foremost and most successful industry in the Cook Islands is tourism, followed by offshore banking, and pearl exportation. Businesses all over the world, especially in the US and UK are increasingly becoming aware of the advantages of putting up offshore companies. Offshore businesses in Cook Islands are already a regular phenomenon, providing steady revenue for the government. Offshore companies provide asset protection for those who want to safeguard their wealth and businesses and also greatly reduce the costs of taxation. The cost of taxation is not the only concern of business founding offshore companies, but also the concern of generating lower productive and manpower costs, and lower expense on supplies.
The offshore companies industry in Cook Islands has become a steady revenue-generating system for the entire country, notwithstanding the fact that it has only been developed during the early eighties. This financial commerce was jumpstarted by the International Companies Act and Offshore Banking Act in 1981, and then followed by the Offshore Insurance Act in 1982. Finally, in the year 1998 the Offshore Financial Services Act came about, and this generated the office position concerned with the issuance of offshore banking and insurance authorizations, known as the Commissioner of Offshore Financial Services.
There are fees for incorporation involved in the founding of offshore companies in Cook Islands, and these may also include registered agent and government fees. A certificate of incorporation is also required, along with the minimum number of directors and shareholders. Normally, the minimum number of shareholders and directors is one. A company secretary must also be selected, and this one has to be a resident of Cooks Islands. There may also be a minimum annual tax or license fee the amount of which is generally much lesser than putting up a regular business in your home country.
Putting up an offshore company in Cook Islands is certainly a good investment. When the offshore business sector was founded in 1981, Cooks Islands has become a prime location for the creation and maintenance of offshore companies. There is substantial support from the government in making Cook Islands an even more competent and stable financial site of offshore businesses. There are in fact quite a number of offshore service providers in Cook Islands, and they provide expense consultation services, free quotes, and continuing support. Creating offshore companies in Cook Islands is a smart move for any business that desires better asset protection and lower costs of taxation.