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Cook Islands: Offshore Legal and Tax Regimes

Table of Statutes

This is a non-exhaustive list of the main Cook Islands statutes affecting offshore and non-resident business. The statutes are listed in alphabetical order – click on the statute for a fuller description of the statute, the legal regime it forms part of, or in some cases the text of the law.

Banking Act 2011
Companies Act 1971-2
Development Investment Act 1977 
Entry, Residence & Departure Act 1977
 
Financial Services Act 1998
Financial Supervisory Commission Act 2003
Financial Transactions Reporting Act 2003 
Insurance Act 2008
International Companies Act 1981-2
International Trusts Act 1984

Investment Code 2003
Limited Liability Company Act 2008
Money Laundering Prevention Act 2000
Offshore Banking Act 1981
Offshore (Criminal Provisions) Act 1996

Offshore Financial Services Act 1984

Offshore Insurance Act 1981-2
Proceeds of Crime Act 2003
Trustees (Due Diligence) Regulations 1996

Under the Financial Supervisory Commission (FSC) Act, which was passed in May 2003, the FSC has responsibility for the regulation and supervision of licensed financial institutions and administers the following legislation:

  • The Banking Act 2003;
  • The Trustee Companies Act 1981–82;
  • The Insurance Act 2008
  • The Offshore Insurance Act 1981–82 (which is being replaced by the Insurance Act 2008),
  • The Insurance Companies’ Deposits Act 1970–71;
  • The International Companies Act 1981–82 (as amended);
  • The International Companies Amendment Act 2003;
  • The International Trusts Act 1984; and
  • The International Partnerships Act 1984.

It additionally administers Regulations made under the following acts:

  • Banking (Fees) Regulations
  • Financial Supervisory Commission (Compliance Officers) Regulations
  • International Companies (Evidence of Identity) Regulations
  • International Companies (Prescribed Fees) Regulations
  • Trustee Companies (Due Diligence) Regulations.

The FSC is headed by a Board of Directors comprised of a Chairman and four members. At the professional level, its executive staff is comprised of a Commissioner, a Deputy Commissioner, a senior supervisor, two supervisors, a registrar, and a deputy registrar. The FSC has taken over the role formerly carried out by the Office of the Commissioner of Offshore Financial Services.

 

 

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