We often combine services to make a unique offer that our customers will surely appreciate, and this is one of the cases when it works well. A company in Singapore and a corporate account in the Cook Islands is a powerful duo that will create all the best conditions for your business! You will save time as you will get two services in one package, and it will cost you less than if you decided to buy both options separately. You will not need to participate in the procedure as we will take all the administrative steps required – that is, you can delegate everything to us and concentrate on the business!
We would like to invite you to our portal called International Wealth. Click the link to read more about international business and banking, investments (including citizenship by investment), asset protection, relocation, and much more – in short, everything associated with money accumulation and preservation! You can also book a session with our expert to discuss your needs and find the best possible option – this is free! And if you decide to use our turnkey services, we will be happy to open a company and a personal/corporate bank account for you!
Cook Islands Bank: Limitations
Money is the lifeblood of business, you know, so it should flow freely. This requires choosing a suitable bank and knowing what possible challenges you may face. The Cook Islands bank we offer for cooperation is a reliable institution that does not onboard any customer. It has stringent checks in place, and it will turn your application down if your company is incorporated in an unreliable country or if your business seems dubious.
There are some blacklisted countries whose residents cannot open an account with the Cook Islands bank:
- Middle East: Lebanon, Syria
- Africa: CAR, Congo, Côte d’Ivoire, Egypt, Eritrea, Ethiopia, Haiti, Liberia, Libya, Somalia, Sudan, Tunisia, Zimbabwe
- Asia: Afghanistan, Iran, Iraq, DPRK, Laos, Myanmar, Pakistan, Sri Lanka, Yemen
- Central America: Cuba, Trinidad and Tobago
- Europe: Bosnia and Herzegovina, Serbia
If you are based in one of these, please get in touch with our experts to find another solution.
There are some other countries whose residents will need to pass more stringent checks if they want to open an account with the Cook Islands bank:
- Oceania: Papua New Guinea, Vanuatu
- Africa: Burundi, Republic of the Congo, Ghana, Guinea, Guinea-Bissau, Kenya, Morocco, Sao Tome and Principe, Sierra Leone, Tanzania
- Asia, Transcaucasia: Algeria, Armenia, Azerbaijan, Indonesia, Philippines, Thailand
- Middle East: Gaza Strip, West Bank
- Europe: Albania, Belarus, Kosovo, Moldova, Russia, Ukraine
- Central and South America: Bolivia, Brazil, Ecuador, Guatemala, Nicaragua, Panama, Venezuela
There are also limitations by activities, and those mentioned below will be an obstacle to cooperation with the Cook Islands bank:
- Gambling, including betting, casinos, lotteries, and games
- Telemarketing activities
- Any activities connected with non-permitted use of wildlife resources
- Doubtful financial services, such as shell banks, and any institutions that are not properly regulated, authorized, or licensed
- Sales of certain products: counterfeits, rough diamonds, or various tobacco products (electronic cigarettes included)
- Dating services
- Any services related to prostitution and pornography
- Operations with drugs that are prohibited: online pharmacies, precursors, or drugs (including recreational ones)
- Companies that issue the rights to their ownership or bearer shares
- Security companies
- Any products or components related to ammunition, weapons, or military affairs
There are also activities that are subject to additional checks:
- Companies that use the multi-level marketing scheme
- Consultancy services
- Online gaming (it will be hard to prove that it is not related to gambling)
- Labor brokerage services
- Business connected with cash: taxi services, HoReCo companies, or shops
- Trading companies
- Exchange of digital/foreign currencies
- Non-state debt collection companies
- Some retail activities: pharmacies, computers, precious metals dealers, used cars and spare parts to them, any technical means/equipment, and so on
- Services connected with financing of any legal proceedings
Don’t get frustrated at such a long list of limitations: they are imposed to help your business develop in Singapore on a perfectly legitimate basis and raise minimum questions on the part of regulators. Moreover, they prove that the Cook Islands bank we offer is a serious and reliable institution, which will add to your company’s business reputation.
Terms of Account Opening
The bank combines reliability and favorable terms for its customers. Even though this is an offshore bank, it is just as respected as the banks of Switzerland and Liechtenstein, with one difference: the requirements are a little bit more relaxed. Other offshore banks may be inappropriate for a company set up in a solid jurisdiction like Singapore, but this one is.
Basic conditions:
- The minimum balance we recommend is USD 20,000, or the account will be serviced at higher rates.
- The initial registration in the system costs USD 500.
- The monthly maintenance fee is USD 50.
- You can open an account in the following currencies: EUR, USD, CAD, CHF, AUD, NZD, NOK, HKD, JPY, and SGD.
Some points to be taken into account:
- Be prepared to provide additional documents to prove the business interests of your company in Singapore: a system of settlements, turnover, regions of work, etc.
- The approximate period of account opening is 14 days. However, if the bank needs additional documents, the term may be longer (fortunately, Singapore companies are not usually required to provide them). Be prepared to send the original personal/corporate documents by post.
Banking Opportunities
If you open an investment account:
- You will have a personal manager
- You will not face any significant restrictions
- You will not be required to provide any additional documents
If you open a precious metals account, you will take advantage of:
- Ample possibilities of online banking
- Secure storage in New Zealand
- Gold, platinum, and silver storage in coins and bars
- Visiting the storage facility personally or transporting the assets to any other place
These are just two examples of the services you can get at the Cook Islands bank, and you can book a session with our expert to find out more. Please click on the above link to talk to a specialist or read more information on our portal!
