COOK ISLANDS

Cook Islands are situated in south area of the Pacific Ocean.

The territory - 234 sq.km. Administrative centre - the Avarua.

The population - 20,000. Political status - self-governing.

The law system based on Cook Islands Constitution Act of 1964.

The languages - English and Maori.

Currency - NewZealand Dollar (Nz$) - 0.65 US$ (May 1996).

1	Advantages	The flexible corporation legislation Flexibility in international tax planning International Stock exchange listing Property protection in case of political instability
2	Disadvantages	Expensive registration and high government fees
3	Corporate Law	The International Companies Act, 1981, 1982, 1991
4	The form of exempt company	CIIC (Cook Islands International Company)
5	Permitted activities	Any activities, permitted by law; banking and insurance activities have to be licenced
6	Taxation	Nil
7	The period of registration	24 hours
8	The possibility to buy a shelf company	Yes
9	The name of a Company	No restrictions but licence required for 'Bank' or'Insurance'
10	The documents for incorporation	Memorandum, the Articles of incorporation
11	Who signs the documents of incorporation ?	The owner of a company
12	The share capital of a Company	No minimum requirements
13	The recommended share capital of a Company	Usually the 100,000-shared capital is offered
14	Shares	The bearer shares and no-par value shares are allowed
15	Shareholders: - minimum number - nominee - shares ownership by trust	One Yes Yes
16	Directors: - minimum number - ethnic origin and nationality - status	One Not important All rights except those within the exclusive competence of the shareholders (determined by the Articles of Association)
17	Privacy of information about: - beneficiary - banking operations	Yes Yes
18	The necessity in the territory of incorporation: - registered address - registered agent	Yes No
19	Meetings of: - shareholders - directors	Obligatory (annualy, the place to hold - any) Obligatory
20	The requirement of: - the accounting - preparing the annual report - submission of the auditors’ opinion	The accounting in foreign currency is permitted Yes No (except banking and insurance activity)
21	The information available upon request of any third parties	The name of the owner may be disclosed only on permission of all the directors
22	The documents kept in registered office	Memorandum, the Articles of Association, Secretaries' and Directors' appointment documents, the confirmation of the registered address of a company
23	Double taxation avoidance treaties	No
24	Currency control	No
25	Annual government fee	500 USD