THE COOK Islands was one of the first offshore jurisdictions, embarking in 1981 on a legislative and infrastructure program to create an offshore centre.
The offshore industry is a major contributor to the Cook Islands' economy with the six trustee companies currently employing approximately 70 people.
Over the past 15 years the Cook Islands has become the foremost jurisdiction for establishing offshore trusts. The Cook Islands is recognised as the world leader in formation of asset protection trusts, safeguarding the assets of high net worth clients.
The Cook Islands also offers international companies, limited liability companies (since 2008), international partnerships and offshore insurers in its offshore sector.
A well-educated, English-speaking workforce and a financial system regulated in accordance with widely accepted global standards are hallmarks of the Cook Islands offshore sector. There is an efficient Registrar's Office which can provide trust and company registration within one working day. In addition there is a well-developed financial infrastructure to service the offshore industry.
As a demonstration of the Government's commitment to the offshore industry, in June 2009 it established a statutory authority, the Financial Sector Development Authority to assist in further development of the industry.
The Authority will perform the functions of strategic planning, liaison, advisory and promotional functions. It will enable the Cook Islands to have generic marketing of the jurisdiction which will assist with international recognition of the Cook Islands as an offshore centre.
Trustee companies operating in the Cook Islands are:-
Asiaciti Trust Pacific Ltd, PO Box 822, Rarotonga. E-mail - firstname.lastname@example.org
Cook Islands Trust Corporation Ltd, PO Box 141, Rarotonga. E-mail - antony @citrust.org.ck
Global Consulting Services (Cook Islands) Ltd, PO Box 92, Rarotonga - www.gcsl.info
HSBC Trustee(Cook Islands) Ltd, PO Box 25, Rarotonga.
Portcullis TrustNet (Cook Islands) Ltd, PO Box 208, Rarotonga Ð email@example.com
Southpac Trust Ltd. www.southpacgroup.com
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Revised: July 23 2009