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FINANCIAL SERVICES PROVIDER
FSP REGISTRATION
IN NEW ZEALAND

FINANCIAL SERVICES PROVIDER
FSP REGISTRATION

HOW WE CAN HELP YOU REGISTERING AS A FSP IN NEW ZEALAND
Before taking any step forward to setting up a New Zealand FSP it will be important to note that this process will depend on the intended services you wish to carry on.

REGISTERING WITH FSPR
MOST RELEVANT REQUIREMENTS

The New Zealand Registrar has recently issued an advice while the Registrar has formed the view (supported by the Financial Markets Authority) that "place of business" for the purpose of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 ("the FSP Act") requires the company to have a physical presence at an address in New Zealand from which the financial services are provided.

The Registrar and/or the Financial Markets Authority (FMA) need to be able to visit the business address and make enquiries of management of the companies or its employees in the event that a complaint is received".

The key wording here is "from which the financial services are provided". There is an expectation that the financial service is actually provided from the physical place of business in New Zealand.

According to this new legislation all Companies wishing to carry on financial services, they will be required to show proof of their physical presence in New Zealand, as its place of management and business;

In order to obtain a FSP registration and offer financial services in New Zealand and/or internationally you need:

To register a New Zealand legal entity;
To lease your own premises (office) in New Zealand, as your place of business and management, where your company will be offering its financial services from;
To apply for membership with a government approved Dispute Resolution Scheme (should you decide to provide services to retail customers);
To register with FSPR for those financial activities/services you wish to carry out;
To maintain appropriate financial and corporate records in New Zealand, and complying with bookkeeping, accounting, audit and any other legal local requirements;

All services fees below, related to Accounting and Local Administration, are provided to meet the requirements of the Tax Authority, New Zealand Inland Revenue as well as the FSP Regulator, The Registrar (Companies Office) and The Financial Markets Authority.

NEW ZEALAND FINANCIAL SERVICE PROVIDER
REGISTRATION & LICENSING

New Zealand offers least onerous regulatory obligations, stipulating that providers of financial services must become "registered". This is application does not require any specific extensive background checks or minimum qualifications.

Financial service providers that offer their services to “retail” (i.e. non-sophisticated) clients must also apply for membership with an approved dispute resolution scheme (DRS).

ONGOING REGISTRATION OR LICENSING OBLIGATIONS
Besides all services related to the start-up of the Company, there are ongoing obligations that flow from having a New Zealand license; depending on the nature of the financial service, these requirements may include (a) written client agreements, (b) pre-investment disclosure documents and (c) anti-money laundering & know-your-client obligations.

There may also be New Zealand tax implications. We will provide the appropriate advise on these matters as it applies to your business.

You will find below our proposition as to this tax planning structure as highly recommended.

RESIDENCY REQUIREMENTS
New Zealand Residents, New Zealand Companies & Companies/Persons with a place of business in New Zealand may apply for New Zealand Regulation.

TERRITORIAL SCOPE
Registration is typically mandatory if financial services are being offered to New Zealand residents, however there are no restrictions on overseas persons choosing to become registered and/or licensed voluntarily without providing services to New Zealanders.

We can provide the appropriate advice relevant to your business needs.

SERVICES DESCRIPTION
ACCOUNTING & TAX SERVICES

Preparation of Financial Statements and Reports on a Quarterly Basis:
- Journal Entries for the New Zealand Company
- Tax Reporting and Tax Return Filings
- Preparation of Annual Financial Statements
- Maintenance of New Zealand Company Statutory Office and Related Documentation:
- Government Filings
- Resident Agent Services
- Provision for the Registered Address and Local Telephone

ACCOUNTING SERVICE INCLUDED
22 Hours per Quarter included
- Billing begins upon presentation of your FSP application to Companies Office.
- If you utilize all 22 hours before the end of the current quarter, additional hours of service will be billed at USD $150. + GST (15%) per hour billed as the hours are utilized in increments of 5 hours until the beginning of the next quarter

ADMINISTRATIVE SERVICES
Services Provided by our Administration Company As part of the regulatory requirement in New Zealand, you must maintain an office in New Zealand, which provides Financial Services to both Local Clients as well as International Clients.

Our Administration Company will be providing this service to your FSP. As part of this service, the office will be accepting client inquiries on your behalf as well as inquiries, spot inspections and audits by the FSP Regulator.

NEW ZEALAND FINANCIAL SERVICE PROVIDER
REGISTRATION PACKAGE

Finance Corporation Formation in New Zealand
Registration as a New Zealand Financial Services Provider
New Zealand Dispute Resolution Service Membership
Establishment of a Registered Office in New Zealand with ALL Regulator’s required services, provided on a monthly basis
Recruitment and hiring Employee, as the Company’s Office Manager in New Zealand
Assisting opening Company Business Bank Account

TIME TO COMPLETE THIS PROCESS
Approx. 30/45 days

START-UP SERVICE FEES AND MONTHLY CHARGES
TO COMPLY WITH FSPR, COMPANIES OFFICE, INLAND REVENUE AND FMA

Please contact us.

MONTHLY CHARGES FOR ACCOUNTING AND LOCAL ADMINISTRATION
Services Provided by our Firm:
Preparation of Financial Statements and Reports on a Quarterly Basis
Journal Entries for the New Zealand Company
Tax Reporting and Tax Return Filings
Preparation of Annual Financial Statements
Maintenance of New Zealand Company Statutory Office and Related Documentation.

- Government Filings
- Resident Agent Services
- Provision for the Registered Address and Local Telephone

Administration Services:
As part of the regulatory requirement in New Zealand, you must maintain an office in New Zealand, which provides Financial Services to both Local Clients as well as International Clients.

Our Administration will be providing this service to your FSP.

As part of this service, the office will be accepting client inquiries on your behalf as well as inquiries, spot inspections and audits by the FSP Regulator.

In case you may have any further matter or question to clarify, please don't hesitate to contact us before taking your decision.

 

 

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