Licensing

Forex License
Cook Islands offers three types of licenses for international companies with different business activities. Combined license is the one to be chosen if you wish to conduct Forex brokerage business.
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Cook Islands company set-up: US$ 17,000.00

Government 1st year fees: approx.US $1,170.00

Total: US$ 18,170.00 (+ US$ 10,000.00 government bond)

Maintenance: US$ 1,500.00 / per month

Renewal fees: US$ 5,000.00 / per annum

Government renewal fees: 805.00 USD / year

Total per year: approx. 23,805.00 USD

Money changer’s license allows you to conduct only money changing business, Remittance license allows you to accept clients’ money and transmit it to another person residing abroad. To conduct Forex brokerage business in Cook Islands the Combined license should be obtained since it authorizes the licensee to do both activities (money changing and remittance). Minimal capital is not specified however, it shall be decided by the applicant, according to the level and scale of business operations.

It is required that the applicant maintains permanent place of business in the Cook Islands. Upon receipt of the license, it is not allowed to open additional place of business outside Cook Islands, without obtaining approval from FSC.

Each shareholder, director or other officer of the applicant must be proper to hold such position.
Fee for the first year will amount in approx. US$ 18,170.00 (set-up and government fees) + US$ 10,000.00 mandatory security bond.
For each next year maintenance and renewal fees must be paid – US$ 23,805.00

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Facts & Info for Cook Islands Money Changing-Remittance License

Notable features
Procedure
Documents Required

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

Timeframe

IBC incorporation – within 24 hours License application and approval from the Financial Supervisory Authority – 6-8 weeks

Registered Agent - Required

Registered Office - Required

Local Employees - Required (at least 1)

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

Audit

The Regulator may determine in its discretion to have accounts of the company audited. We can provide auditors if required. We can also provide accountancy services if that is required.

No specific capital requirements (the amount depends on the level and scale of business operation of each applicant).

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 for FSC and submission of the documents;
  • Application for a combined money-changer’s and remittance license to FSC.
In order to obtain license, we 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
  • 2 Character Reference Letters issued by professionals
  • Certified Diplomas of Higher Education
  • Detailed CV dated and signed by the applicant

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. 

General Requirements
  • Payment of security bond (US$ 10,000)
  • Permanent place of business in Cook Islands (registered office)
  • At least 1 local employee
  • Local office