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 The Cook
Islands is located in
the South Pacific
Ocean due south of Hawaii and is named after captain James
Cook, the English explorer. The country consists of 15 islands spread over 1 million
square miles of ocean. The population is approximately 15,000 and is
predominantly Polynesian. The island of Rarotonga is the capital, and home to more
than 60% of the population. English is the every day language.
Originally a colony of Britain, then New
Zealand, the Cook Islands achieved limited self government
in 1957, and became “self governing in free association” with New Zealand in 1965. It is now a fully
sovereign state with its own parliament, universal suffrage, and general
elections every 5 years. All Cook Islanders hold dual New Zealand and Cook Islands nationality and the country continues to enjoy a close
relationship with New
Zealand.
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The
judicial system in the Cook Islands
is highly regarded. The Court system is hierarchical, beginning with the
High Court, the Court of Appeal, and a further and final right of appeal to
the Privy Council in England. All judges are senior judges
chosen from the Court of Appeal in New Zealand.
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The offshore centre was established in 1981 initially
targeting markets in Australasia and driven by merchant banking
transactions. In 1989 the Cook Islands became
the first country to introduce asset protection laws and it remains the
leading jurisdiction for asset protection trusts. This industry now dominates
the financial centre.
 The Cook
Islands is in the
same time zone as Hawaii making it particularly
well placed for doing business in the United States. While the Cook Islands is geographically isolated it maintains excellent
connections with the rest of the world with modern communication systems and
regular flights to Los
Angeles, Honolulu, Tahiti, and Auckland.
The thriving offshore industry is a major contributor to
total government revenue. The other important contributors to the economy are
tourism and cultured pearl farming.
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