The Cook Islands is a self-governing island nation located in the South Pacific Ocean. It is in free agreement with New Zealand and contains 15 islands with an entire land area of 240 square kilometers (92.7 sq. mi).
The Financial Supervisory Commission (FSC) came into life in the Cook Islands on 1 July 2003, succeeding the former Off-shore Financial Services Commission. The Financial Intelligence Unit (FIU) joined with the FSC on 1 July 2012.
- IBC incorporation – within 4 weeks
- License application and endorsement from the Financial Supervisory Authority can take 5-6 months
Minimum capital requirement: The Act does not define the amount of capital needed. The amount is decided on a case-by-case basis by the Committee upon the study of the application. Nevertheless, it is prudent that the capital would be no less than 77,500 pounds.
Money changer’s permit authorizes you to carry only money changing business, Remittance license enables you to receive clients’ money and transfer it to another person living abroad. To conduct Forex brokerage company in the Cook Islands the Combined license should be received because it authorizes the licensee to do both exercises (money changing and remittance). Minimal capital is not defined nevertheless, it shall be determined by the candidate, according to the level and scale of business services.
It is expected that the appellant keeps a permanent place of business in the Cook Islands. Upon acceptance of the license, it is not authorized to open an extra place of business outside the Cook Islands, without getting approval from FSC.
Each shareholder, director or different officer of the candidate must be fitting to hold such a position.