Registration, Filing and Annual-Compliance Checklists

Purpose. This appendix collects in one place the filings, fees, records and deadlines that the chapters examine for the three Cook Islands vehicles: the international trust under the International Trusts Act 1984 ("ITA"), the limited liability company under the Limited Liability Companies Act 2008 ("LLC Act") and the foundation under the Foundations Act 2012. It also collects the duties of the trustee company under the Financial Transactions Reporting Act 2017 ("FTRA 2017"), the Cook Islands reporting dates under the Common Reporting Standard and the principal United States returns. It is a working tool for the trustee company, the registered agent, the manager and the planner. It states no rule that a chapter does not state, and each line carries the section of the statute and the paragraph of this book where the rule is examined.

Arrangement. Paragraphs D10 to D30 cover the formation of each vehicle. Paragraph D40 covers the annual cycle and what happens when it is missed. Paragraph D50 covers the trustee company's due diligence and records. Paragraph D60 covers the Cook Islands information-reporting obligations and the position under FATCA. Paragraph D70 lists the United States returns that a Cook Islands structure with an American settlor, founder, member or beneficiary usually requires. Paragraph D80 covers change events: a new trustee or registered agent, a change of governing law, a transfer of domicile and the ending of each vehicle. Paragraph D90 is the master calendar.

Fees and currencies. The registry fees shown are those prescribed for international trusts by the International Trusts (Prescribed Fees) (Amendment) Regulations 2014, for LLCs by the Limited Liability Companies (Prescribed Fees) (Amendment) Regulations 2014, both in force from April 1, 2014, and for foundations by the Schedule to the Foundations Act 2012 (see supra ¶¶ 580, 1250.01, 1870.08; Tables 5-3, 12-3, 18-4). Each of those instruments states its fees in United States dollars, and the tables in this appendix do the same. The Foundations Act defines "dollar" in its text as New Zealand currency, while its Schedule states fees in United States dollars (see supra ¶ 1870.08; Table 18-6). The thresholds in the FTRA 2017 are stated in New Zealand dollars, and the penalties in the Income Tax Act 1997 in New Zealand dollars. A fee schedule can be changed by regulation without amendment of the parent Act, and the trustee company should confirm the current schedule with the Registrar before each filing.

What the checklists do not do. The checklists do not replace the trust deed, the operating agreement or the foundation instrument and rules, which are set out in Appendices A to C (see infra Apps. A–C). They do not state the law of any country other than the Cook Islands, except the United States returns that chapter 29 examines (see supra ch. 29). Where a chapter records that a practice of the Registrar, and not the statute, governs a step, the checklist says so.