The Cook Islands geographic isolation and their lack of natural resources have hindered economic development.
Offshore financial and fiduciary services are now the second largest contributor to Government finances, and there are special regimes for banks, captives and trust management, which is the biggest offshore sector. Domestic companies pay 20% tax on worldwide income. Non-resident companies pay 28% tax on profits derived from income sourced in the Islands. However, offshore entities are exempt from Cook Islands taxation.
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COUNTRY:
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COOK ISLANDS
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Region:
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Pacific
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Currency:
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New Zealand Dollar (NZD) (NZ$), Cook Islands Dollar (CI$)
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Languages:
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English, Cook Islands Maori
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Time Zone:
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UTC -10
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Phone Code:
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+682
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Communications:
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OK
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Formation Cost:
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1800 - 2400 USD$
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Formation Time:
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3-8 days
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Maintenance cost:
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1500 - 1900 USD$
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Suitable for:
- Fund Management
Vehicle Types:
- Limited companies,
- IBCs,
- trusts,
- limited partnerships and exempted limited partnerships
Capital primary business districts:
Avarua
Good Relationships:
Australia, Marshall Islands, New Zealand, Niue, Papua New Guinea, Vanuatu
Bad Relationships:
Burma, Egypt, Iran, Libya, Somalia, Sudan, Syria
Tax Burden - Business:
Moderate
Tax Burden - Individual:
Moderate
Headline tax rates:
CIT 20%, PIT 20%-30%, VAT 17%
Treaty Jurisdictions:
None
TIEA Jurisdictions:
Australia, Denmark, Faroe Islands, Finland, France, Germany, Greece, Greenland, Iceland, Ireland, Italy, Korea, Republic of, Mexico, Netherlands, New Zealand, Norway, South Africa, Sweden
