Why Cook Islands

The Cook Islands is a group of islands in the South Pacific Ocean south west of Tahiti and due south of Hawaii. Local time is 10 hours behind London, with 9am in Hong Kong being 3pm the previous day in the Cook Islands. Its geographic location affords the Cook Islands with a strategic advantage in dealing with both the Asian and USA markets. It is also growing in popularity with Europe as Asset Protection Trusts are used in civil law jurisdictions. The legal system is based on British common law and closely reflects that of New Zealand and other common law jurisdictions. The Cook Islands enjoys a highly developed infrastructure for business, and there is a well-educated English speaking labor force. The country has sophisticated telecommunication links with the rest of the world and convenient air services to New Zealand and the USA. There are no foreign exchange controls with complete freedom to repatriate capital and profits. It boasts the highest GDP per capita amongst the South Pacific small island nations. The business and official language is English, with Cook Islands Maori as a second official language.

Why GCSL Cook Islands

GCSL Cook Islands is a registered Trustee Company in the Cook Islands offering a full range of corporate administration services including company formation, provision of directors and nominee shareholders, company management and secretarial services, bank account opening and trustee services.

Several features of its legislation make the Cook Islands an offshore jurisdiction of choice. These include:

		Entities established within the offshore jurisdiction are EXEMPT from any form of taxation in the Cook Islands including stamp duty, capital gains tax, capital duty and withholding tax. There is NO exchange control.
		Strong confidentiality provisions apply in the offshore regime, requiring government officials as well as trustee company and bank employees to observe strict secrecy. These provisions are backed by penal sanctions. The statutory records of the Registrar of International & Foreign Companies and of the Registrar of International Trusts are not open for general search, subject to the provisions of the Financial Transactions Reporting Act 2004 and the Proceeds of Crimes Act 2003.
		International Companies incorporated in the Cook Islands permit a great deal of flexibility in its corporate structure with provisions to ensure ease of administration. They also include asset protection styled escape clauses in relation to transfer of shares when the shareholder is under duress. There is NO need to disclose beneficial ownership to the Registrar. Incorporation can generally be completed within 24 hours.
		The Cook Islands is highly regarded for its “Asset Protection Trusts” legislation, which has since inception been adopted by many offshore centers. The Cook Islands boasts a strong judicial precedent, which supports its asset protection legislation.
		An international trust is NOT required to file any returns, reports, or records.
		An international trust allows the Settlor to retain or acquire: a power of revocation of the Trust; a power of disposition over Trust property; a power to amend the Trust Deed; any interest in the Trust property.
		An international trust is NOT void or voidable in the event of the Settlor's bankruptcy.
		Foreign judgments are NOT enforceable against an international trust. Any claimant must commence new proceedings in the Cook Islands, subject to Cook Islands law.
		Any proceedings to be commenced in the High Court of the Cook Islands to set aside the settlement of any international trust or disposition to such trust must be brought within 2 years of the settlement of disposition.
		Both local government and the regulatory authorities are keen on improving Cook Islands’ legislation and GCSL professionals work closely with these officials and members of the private sector to enhance the jurisdiction’s profile while providing a client-focused service.
		As a member of The GCSL Group of Companies, GCSL Cook Islands is ideally positioned to provide clients with a truly global network of services in a cost-effective, efficient and professional manner.

Click for the Guide to Cook Islands Companies and Trusts

For further information please contact our Cook Islands office at cookislands@gcsl.info

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