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“Cook Islands Vehicle” means any one of a Cook Islands International Trust; Cook Islands Limited Liability Company; Cook Islands International Company; or Cook Islands Foundation. “Customer” or “Client” means:
“Designated Person” means a representative designated in writing and advised to ORA by the Client to handle specific matters relating to the Client. “Direct cost” means any costs incurred by ORA on behalf of the Client or his/her Structure regardless of whether or not the Direct cost incurred in furtherance of the Services.
“Financial Misconduct” means:
“Legal Person” means any entity not being a natural person or a legal arrangement that can establish a customer relationship with a financial institution or otherwise own property and for the avoidance of doubt includes a Foundation. “ORA” means Ora Fiduciary (Cook Islands) Limited and its subsidiaries.
“ORA office” means the registered office at Global House, Avarua, Rarotonga, Cook Islands and/or the Operations Office at Puai Wichman Building, Kavera, Rarotonga, Cook Islands.
“Person” means any natural person, legal person or a body of persons, whether corporate or unincorporated.
“Politically Exposed Person (PEP)” means a person, whether resident in the Cook Islands or elsewhere, who falls into 1 or more of the following categories;
“Professional Intermediary” means an Attorney, Financial Advisor or any other qualified person who acts as an authorised representative of the Client. “Reporting Institution” means a licensed financial institution who in the course of carrying on business, enters into transactions with or on behalf of customers. “Risk Based Approach” is a process to identify, assess and mitigate a Client’s potential risk for financial misconduct. “Services” includes trust and company formation, provision of registered agent/office services, company administration and secretarial services, provision of nominee services, trustee administration services, consultancy and other similar or related fiduciary services as provided by ORA to its Clients. “Source of Wealth” means verification as to the source of the Client’s personal and business wealth and may include:
“Structure” means a group of or collection of Cook Islands Vehicles or other legally recognised vehicles that have a common ownership or Client, established and/or administered by ORA. “Suspicious Activity” means any activity or information that relates to an intended transaction or an ongoing business relationship which causes Ora to know or suspect that financial misconduct or a serious offence is intended or has occurred. “Ultimate Principal” means one or more natural persons who ultimately owns or effectively controls the Cook Islands Vehicle or on whose behalf a transaction or activity is being conducted and includes:
ID Plus is an Artificial Intelligence driven Know Your Client solution that allows Ora to onboard its customers and comply with ID verification, proof of residency and anti-money laundering protocols of the Cook Islands.
There are three steps with this process
1. ID verification:
2. Anti-money laundering protocols:
3. Proof of residency:
All data generated throughout this process is kept and held under GDPR Regulations (EU) as well as being subject to strict privacy laws of the Cook Islands.
ORA reserves the right at any time to refuse to or to discontinue providing Services, without notice and without reason to any Client and related Structure.
ORA maintains Client and Structure information, such as the name, contact details and any other information concerning the Client or Structure as private and confidential. As such, the information provided by the Client to ORA or that acquired by ORA during the provision of Service is accessible only by designated staff of ORA, and is and will be used only for the purpose for which the Client provides the information. Client and Structure information will not be disclosed to third parties without the Client’s express written consent or to further the purpose for which the information was provided or if disclosed is required by Cook Islands Law or is compelled by a competent court of law.
ORA’s current Fee Schedule as well as the individual charge out rates of its staff are available upon request.
4. Where agreed, ORA may charge administration fees based on the percentage of total funds under its direct administration and management, as well as charge fees which take into account other factors such as complexity of the matter, the importance of the matter and the value of the proposed
5. The Client will be responsible for payment of all disbursements and out of pocket expenses necessarily incurred as part of the delivery of services to the Client and includes all Government imposed levies and
6. The Client understands and confirms that ORA shall not be liable for any penalties, fines or other liabilities incurred by the Client or by the Cook Islands
7. The Client is responsible for informing ORA in a timely manner regarding the Client’s decision to discontinue the relationship or the provision by ORA of services to the Client. Any failure by the Client to provide such information in a timely manner and the adverse consequences that may result from such failure are the sole responsibility of the
A. Directors or nominees provided by ORA shall at all times review and consider requests from the Client in relation to the Cook Islands Vehicle, and will only act on the same unless such request will result in actions or conduct that may amount to Financial
B. Nominee shareholders provided by ORA shall issue a declaration of trust to the Client or the Client’s designated persons in relation to shares owned by such
(a) for loss or damage to the Cook Islands Vehicle or any assets of the Cook Islands Vehicle whatsoever except where the same shall be proved to have been caused by acts done or omissions made in personal conscious and fraudulent bad faith by ORA; or
A. All instructions or requests by the Client must be given in writing to ORA.
B. All communications in relation to Services provided by ORA to the Client or Cook Islands Vehicle shall be deemed received by the Client if sent to the most recent postal address, email address or facsimile provided to ORA by theclient.
C. ORA shall not be liable for any failure to comply with any instructions or requests (in whole or in part) not received from the Client. The Client has responsibility to ensure that ORA has confirmed receipt of any such instruction or request particularly if the instruction or request is substantial, time sensitive or material.
D. ORA reserves the right to read, review or inspect any communications, documents or other items received at ORA’s office for and on behalf of the Client or the Cook Islands Vehicle or Structure.
E. These Terms and Conditions supersede any other understanding the Client believes he/she has with ORA, whether oral or written, and no variation of these Terms and Conditions shall be effective unless agreed in writing by ORA.
F. Any and all obligations of ORA shall cease immediately if the Client fails to observe these Terms and Conditions or if ORA learns that the Cook Islands Vehicle or Structure is or has been used for activities other than that disclosed by the Client or the Client has provided incorrect or false information at any time to ORA with regard to any aspect of his/her Structure.
G. These Terms and Conditions shall be governed by and interpreted in accordance with the laws of the Cook Island.