Licensing Criteria and Procedures for Applying for Cook Islands Money Changing-Remittance License
General information
Company Structure
- Only one shareholder (can also be a legal person, no nationality restriction or residency restrictions)
- Only one director (can also be a legal person, no nationality or residency restrictions)
- Registered Secretary is required.
Confidentiality
- Beneficial owners' details – Not part of public record
- Shareholders' details – Not part of public record
- Directors' details –Not part of public record
Taxation
International Business Companies are exempt from taxes on income derived from outside of Cook Islands
Registered Agent - Required
Registered Office - Required
Local Employees - Required
Local Office - Required
Security bond - $10 000 USD (not usable)
Audit - It is required to appoint an auditor before lodging the license application.
Company Name
- Language: Any
- Letters: From Roman alphabet
- Company name must end with such suffix or it’s abbreviation: Limited
- Names Requiring Consent or a Licence: Asset Management, Asset Manager, Assurance, Bank, Banking, Broker (s) / Brokerage, Capital, Credit, Currency (ies), Custodian(s), Custody, Dealer(s), Dealing, Deposit(s), Derivative (s), Exchange, Fiduciary (ies), Finance, Financial, Fund (s), Future (s), Insurance, Lending, Loan(s), Lender(s), Option(s), Pension(s), Portfolio, Reserves, Savings, Security(ies), Stock, Trust, Trustees
N.B.
- Both, the FSC and the BTIB require a face-to-face meeting, held in the Cook Islands, with the applicant.
- It is required for the Money-Changing & Remittance Businesses to have a local office with a sufficient number of stuff members in the Cook Islands and to perform all of its operations from the Cook Islands.
In order to obtain a license, the following steps will be carried out:
- Registration of an International Company in Cook Islands
- Preparation of all necessary documents and forms for submission to the FSC and BTIB
- Lodging the application for a combined money-changer’s and remittance license to FSC
- Arranging for a face-to-face meeting with the FSC and BTIB
- Upon securing approval of the FSC, proceeding with application for approval of the BTIB to operate in the Cook Islands
In order to obtain license, Offshorelicense will fill all necessary application forms and also acquire apostilled corporate documents.
For that reason, please provide us with the following documents.
- Notarized passport
- Notarized 2nd ID
- Certified Utility Bill
- Notarized Criminal Record
- Bank reference Letter
- 3 Character Reference Letters issued by professionals
- Certified Diplomas of Higher Education
- Detailed CV dated and signed by the applicant
A total of 2 (two) sets of documents are to be presented for submission to the FSC and BTIB.
All documentation shall be provided in English language or translated to English by a professional and certified by Notary Public.
Every shareholder, director or executive officer of the company-applicant must be fit and proper to hold that position.