Legislation
The International Companies Act, 1981–82 (“ICA”) is the principal corporate legislation of the Cook Islands’ offshore jurisdiction. This legislation offers a progressive legislation with flexible structures to the companies and with efficient incorporation of them.
IBC Structure
- Only one director or shareholder are required for the company’s formation.
- Shareholder(s) and director(s) may be the same person.
- The shareholder(s) and director(s) can be a natural person.
- There is no required of a resident secretary.
Directors
All of the IBCs in Cook Island can have one or more person or corporate directors and they can be of any nationality. Without the needs of any statutory meetings to be held you can have them all or do business activities not being in the country at distance.
In Cook Island the IBCs are tax exempt of offshore jurisdictions for foreigners around any commercial activity or commercial transactions made outside the country.
Taxation
In Cook Island the IBCs are tax exempt of offshore jurisdictions for foreigners around any commercial activity or commercial transactions made outside the country.
Privacy
The shareholders protection is guaranteed which is one of their priorities at the time of doing business, the names will not be published in the public records.
Records/Books
By law a Cook Island IBC should keep accounting records that are able to explain all the transactions of the company and will be enable to show the position of the company with reasonable accuracy. The books and records will not be show in the public records it should be kept at the registered office of the company.