In an effort to further economic growth and improve the efficiency of business operations, Te Mana Tumotu o te Kūki ʻĀirani/ Ministry of Transport (MOT) and the Business Trade Investment Board (BTIB) are pleased to announce the signing of a memorandum of agreement (MoA).

This collaboration aims to enhance coordination between the two agencies, streamlining business licensing processes that are crucial for entrepreneurs and investors.

BTIB chief executive Repeta Puna and Secretary of Transport John Hosking signed the agreement yesterday (Thursday) which marks a significant step towards reducing duplication of efforts and advancing closer cooperation between the two agencies.

Both BTIB and MOT are committed to conducting thorough due diligence in all aspects of their collaboration which is essential to maintaining the integrity of the business licensing system and safeguarding public interests.

This includes verifying the authenticity and compliance of all business applications and ensuring that all regulatory requirements are met.

Puna says BTIB operations involve engaging with MOT so there is a need to share information to ensure that everyone is complying with legislation, as well as to ensure work progresses more smoothly.

This will make things easier in the matters of monitoring and compliance, she adds.

“We know that there is a lot happening outside of BTIB that we are not aware of,” Puna said.

Hosking said that MOT receives numerous foreign investor applications for licences that must be verified with BTIB, as certain business sectors are exclusively reserved for local businesses.

He said the memorandum of agreement is the best way forward to formalise everything, “strengthen and streamline our processes, and to share information”.

The primary aim of the agreement is to enhance efficiency, effectiveness, and coordination in fulfilling their respective mandates and outcomes.

Both agencies commit to working together in the spirit of partnership to achieve common goals, resolve issues of mutual concern, and pursue opportunities for further teamwork.

Confidentiality will be maintained in shared information, managed in compliance with all applicable laws and codes to ensure protection from unauthorised access or disclosure.

BTIB is responsible for facilitating the registration of foreign investors, defined as individuals or entities not of Cook Islands descent or permanent residents, who wish to invest or conduct business in the Cook Islands.

According to the Cook Islands Investment Code, foreigners are not permitted to conduct business without BTIB’s expressed approval.

Any foreigner applying for a transport licence with the Ministry of Transport must first obtain BTIB approval. The Ministry of Transport is the Government's transport sector regulatory authority. This includes licensing to ensure public safety and security.    

The transport licensing process aims to ensure compliance with BTIB’s approval process for foreign investors interested in reserved investment areas such as motor vehicle rentals, maritime vessels and transport services for diving operations, water sports operations (e.g., water skis, parasailing, jet skis), tourist tours or transfers, motor vehicle dealers, premises or businesses for the sale and supply of liquor, and storage of dangerous goods.