Is it easy to choose a jurisdiction and an institution for corporate banking? Well, that depends on your requirements. However, customers usually provide a lot of business details to be taken into account, which complicates the choice. You may need quick and seamless transfers to a particular country, the possibility to deal with large amounts in cryptocurrencies, a certain payment system, and so on. Each additional factor makes the list of suitable options shorter.
However, we closely monitor the international banking market to offer all the best opportunities to our customers, and in this post, we are going to look at the Cook Islands. This is a good destination for corporate banking that is definitely worth considering, and you can read a more detailed article on how to open a corporate bank account remotely in the Cook Islands on our portal called International Wealth.
Most companies need help with account setup, and the good news is that we can provide it! International Wealth is not just a portal but also a brand that unites the best professionals in international business, banking, investment, and more. You can book an initial free session to discuss all the important issues related to your business and banking – and order a turnkey package of services to get your business account with minimum effort on your part!
Cook Islands: Overview
The Cook Islands is a group of fifteen islands located in the South Pacific, and this is a completely sovereign state which means that it can set its own laws and regulations (including those related to banking). This is an advantageous point from a geographical point of view as it gives you an opportunity to conveniently work with Asian and American markets.
The bank we offer was established in the Cook Islands in 1997, and it is a reputed institution that provides high-quality banking services. We can help you with opening a corporate account for your business online, and you are sure to enjoy the excellent banking services here.
You will have to make an initial deposit of 20,000 US dollars to open a settlement account, and this is also the minimum balance you will have to keep to make sure your account remains operational.
The bank offers an online banking platform with enhanced security that will help you make and receive quick and seamless transfers all over the world.
Private Bank in the Cook Islands: Details
The bank is headquartered in the Cook Islands and has no other offices, which gives a certain benefit to its customers: unlike large multinational banks, it operates under the laws and regulations of a single jurisdiction. The legal system of the Cook Islands is very easy to understand and transparent, and the country also boasts a professional and competent judicial system.
The laws adopted in the Cook Islands and the policies that are in place in the bank provide quite a high privacy level, which is a real benefit for many clients.
A typical customer of the private bank we offer is a person who:
- Has quite a considerable amount to take care of
- Looks for new opportunities to efficiently save money
- Enjoys high-class private banking services
- Usually makes conservative investments
- Expects the financial institution to ensure a high level of privacy
The Cook Islands bank has a license which allows it to carry out both local and international operations.
Corporate Account: Peculiarities
Corporate accounts can be opened for different kinds of companies, as well as trust partnerships and funds. Accounts in euros, US dollars, and pound sterling are readily available, while accounts in other currencies can be opened upon request.
The bank gives an opportunity to set up a separate account for a prepaid card that can be provided to the bank clients who have a current account. All you need to do is submit an application and obtain your card to easily access your funds.
Here are some card features:
- The maximum balance on the card is 10,000 US dollars
- You can withdraw no more than 500 US dollars from one ATM
- The maximum transaction amount is 10,000 US dollars if you use one cash terminal
- You can top up the card by 5,000 US dollars a day
- The card will be issued for a fee of 30 US dollars
- The monthly maintenance fee is 15 US dollars
- If you withdraw cash at an ATM, you will have to pay 1.15% of the amount plus 3.5 USD per transaction
- You can reload the card at 2.25% of the amount (however, the fee cannot be less than 4 US dollars)
Restricted Countries
There are some countries and territories whose residents and citizens cannot open an account with the Cook Island bank due to high risks (and if the account beneficiaries come from these destinations, the application will be turned down as well).
Also, if your company is based in certain countries, it will be subject to a more stringent due diligence check and compliance requirements.
Please follow the above link to see the two lists and check whether your country is there – or ask our experts for updated information.
Restricted Types of Business
If your business is related to the following activities, the bank will not approve your application:
- Any unlawful schemes and practices
- Unregulated/non-licensed money services
- Prostitution and sexually explicit material, including pornography
- Online pharmacies and recreational medicines
- Selling non-polished diamonds
- Gambling activities, casinos, and betting
- Private security services
- Manufacturers and suppliers of arms and ammunition
- Companies that issue bearer shares
- Goods and services related to tobacco, cigarettes, e-cigarettes, and so on
- Unlawful activities related to wildlife
- Counterfeit products
- Selling chemicals
- Telemarketing activities
- Dating
And if you engage in the activities below, your application will be checked on a much more stringent basis:
- Consultancy services
- Business that actively uses cash (retail shops, taxis, restaurants, etc.)
- Businesses that invest on behalf of third parties
- Dealers that sell precious stones and metals, as well as jewelry
- Debt collection services
- Sellers of pharmaceuticals
- Exchanges of currencies (non-fiat and foreign ones)
- Online games
- Dealers of second-hand cars and car parts
- MLM companies
If your company is on the list, please discuss it with our experts. Follow the link above to read more details about opening a corporate bank account in the Cook Islands bank or book a session!
