About Cook Islands jurisdiction
About Cook Islands
The Cook Islands are located in the Pacific Ocean. This state is composed of fifteen islands and extends over 240 km2. It has fewer than 20,000 inhabitants, making it one of the least populated independent states in the world. The Cook Islands is a State recognized by the United Nations as a State in free association with New Zealand and non-member of the United Nations. The capital of the country is Avarua and is located on the island of Rarotonga. The political system of the Cook Islands is a parliamentary monarchy with Queen Elizabeth II as head of state, represented by a governor. The official language of the country is English.
This jurisdiction is one of the most prosperous and dynamic Pacific islands. Indeed, the Cook Islands suffer from their isolation and lack of natural resources. However, they are among the richest jurisdictions in the Pacific. The country’s economy is initially centred on tourism, which accounts for nearly 40% of GDP. There has also been a development of the offshore industry sector through flexible and attractive tax legislation. Fisheries, agriculture and the pearl industry are the secondary sectors of the Cook Islands economy.
Taxation in Cook Islands
The Cook Islands are an interesting tax jurisdiction. For onshore companies, the corporate tax is 20% and the income tax can vary up to 30%. Owning an offshore company in the Cook Islands offers many advantages similar to those of other tax havens. Indeed, offshore companies are exempt from all taxation. They have only a stamp duty to pay and the VAT, which is 12.5%.
Thus, there is political and legal stability in this jurisdiction, due to a legal system based on common law, as well as security and reduction of taxes. It is not necessary to keep accounts but any offshore company in the Cook Islands must have a local secretary. In addition, the Cook Islands are on the OECD White List on cooperative tax jurisdictions. Finally, it should be noted that the Cook Islands have not signed treaties of double taxation, but treaties of exchange of tax information with some countries.
Open an offshore Bnak Account with FBS Banking™
The banking sector in the Cook Islands is not very developed, but some international banks have settled there. The legislation and stability of the country have turned it into an attractive and secure jurisdiction. Asset protection is necessary in the business world and the Cook Islands are therefore an ideal territory to manage your financial assets safely.
FBS Banking™, with its more than 20 years of experience in the offshore banking sector, is the ideal partner for opening your offshore banking account in the Cook Islands. You will have access to a multi-currency bank account, an international bankcard and a simple and efficient eBanking platform to manage your bank accounts remotely.
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