Registration of a vessel in Cook Islands Ships Registry is governed by the Ship Registration Act 2007; vessel ownership requirements state that a ship or yacht is or will be owned (in the majority of shares) by a “qualified person.” This is defined as a person who is resident in the Cook Islands; or an entity which: – Is incorporated in the Cook Islands; or An existing international company registered in the Cook Islands;
Or the Company or person owning the vessel is member of: For yachts Cook Islands Yacht Squadron – CIYS and For other vessels Cook Islands Ship Owners Association – CISOA
Ships – Cook Islands Ship Owners Association
The easiest and fastest way to fulfil ownership requirements is via the Cook Islands Ship Owners Association (CISOA). A member of the association is a qualified person in accordance with s2 the Cook Islands Ship Registration Act. Members of CISOA are eligible to have their vessels registered in the Cook Islands without having to register a company in the Cook Islands. A member may be an individual, existing company registered in another country, or a trust. See http://www.cishipowners.com/
Yachts – Cook Islands Yacht Squadron
The Cook Islands Yacht Squadron (CIYS) was established in 2006 to create a fast and efficient way for yacht owners to fulfill ownership requirements. Members of the Cook Islands Yacht Squadron (CIYS) are eligible to have their yacht registered in the Cook Islands without having to register a company. The definition of person includes companies and trusts as well as individuals or partnerships of individuals. In this way foreign corporation can become a member of CIYS without having to register that corporation in the Cook Islands.