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NEW ZELAND
FINANCIAL SERVICES COMPANY

NEW ZEALAND FINANCIAL SERVICES COMPANY (FSC)
The New Zealand Financial Services Company is the prefect vehicle for offering almost any time of financial services around the world due to it's respectability and transparency.

The New Zealand Financial Services Company opens the doors to allow clients from around the world to offer financial services without the complex and considerable costing requirements of maintaining a full time New Zealand office and staff as long as they do not operate in New Zealand.

A specially formed Financial Services Company can always, at a later stage, apply for a FSP license.

A NEW ZEALAND FSC IS A PERFECT SOLUTION FOR:
Any business wishing to accept and manage funds for clients
Forex & brokerage
Asset management
Payment processors
Digital currency exchangers
Investment companies

ADVANTAGES OF NEW ZEALAND
New Zealand is recognized as a premium jurisdiction for the following reasons:

- It provides the all advantages of all traditional financial centers, and is recognized as a true onshore financial centre which is not blacklisted by any jurisdiction or authority in the world. It is not perceived by O.E.C.D. as a harmful tax jurisdiction, and has no connotations as a tax haven.

- It is a member of the O.E.C.D. and World Trade Organization.

- New Zealand is a member of the British Commonwealth, English is the main language, has a common law system, and the majority of legislation including trust law is founded on British law.

- It is not a member of the EU, and is not influenced by the EU Savings Tax Directive and any future developments (should they be extended to apply to companies or trusts).

- It is a signatory to the 1922 Hague Convention and can provide Apostilled documentation as well as Notarized documentation.

- In today’s troubled and unstable times New Zealand is considered a safe location and offers long term security. It has a Westminster style Government and together with its administration, is stable and competent.

- New Zealand has a well-developed infrastructure, including a progressive and robust economy, efficient telephone and internet services, competitive and frequent air travel, experienced reliable professionals serving global clients with trust and company requirements which include legal opinions on tax, trust and company matters, and has reliable internet global banking services.

- New Zealand repealed its entire Banking Act in 1995 and thereby facilitated free entry into the business of financial services.

- If financial services are not offered to the public in New Zealand, the requirements of prospectus, supervisory trustee and investment statements as set out in Part II of Securities Act 1978 do not apply.

- There is no minimum capital requirement

ALL NEW ZEALAND FINANCIAL SERVICES CO0MPANY PACKAGES INCLUDE:
Fast setup of New Zealand Financial Services Company bank account;
Registration of the company as a "finance company";
Registered Office and Agent in New Zealand for the first year;
IRD – local Tax Identification Number;
Notarized and apostilled set of corporate documents;
Optional nominee shareholder and nominee director service maybe available;
Introduction to our bankers for Visa branded debit card program with your company logo;
Introduction to the Laboratory we have protocol with, for the provision of Banking Software (please contact us for pricing).

Total cost: Euros 6,500.00

What can a New Zealand Financial Service Company do?
Issue multi-currency current, trust or savings accounts
Manage client assets
Issue debit cards to clients
Offer trading or brokering services to clients
Provide money transfer services
Engage in Forex/currency exchange services

Important Note: As long as these activities are carried out overseas (outside New Zealand).

What are the reuirements for a New Zealand Financial Service Company?
Director(s) and Shareholder(s) must supply a certified passport and recent proof of residential address in their name; any documents not in English would need to be legally translated and certified by a notary public, in English.
Proposal for name of the company.
Business address outside of New Zealand.
Signed director and shareholder consent forms which we shall provide.
Corporate entities can not serve as directors in NZ; however, shareholders can be corporate bodies.
Client will need to send us scanned copies of items above, and originals to be shipped to our offices.
Client using our nominee director or shareholder service will be required to provide the nominees with a certified passport and proof of address copy as well as business outline.

No Taxes or Accounting Required:
There are no taxes for offshore based financial services companies that operate as a Look Through Company. There is no accounting required, only the submission on an annual report certifying the company is still operating and detailing their registered address, directors and shareholders. The annual confirmation is submitted online.

FINANCIAL SERVICES PROVIDER
FSP REGISTRATION

AUTHORIZED FINANCIAL ACTIVITIES
A FSP can legally engage in activities and offer services such as:

Deposit Taking
Keeping, investing and managing money, securities and investment portfolios on behalf of third parties
Providing credit under a credit contract
Operating a money or value transfer service
Issuing and managing means of payment
Giving financial guarantees
Changing foreign currency
Entering into or trading on an exchange, in an over-the-counter market or otherwise, the following on behalf of another person:
- money market instruments (including cheques, bills, certificates of deposits);
- foreign exchange (including forward foreign exchange contracts);
- derivative products including, but not limited to, futures and options;
- exchange rate and interest rate instruments, including products such as swaps and forward rule agreements;

REGISTERING WITH FSPR
MOST RELEVANT REQUIREMENTS

The Financial Markets Authority and the Registrar have formed the view 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 FMA need to be able to visit the business address and make enquiries of management of the company or its employees in the event that a complaint is received.

For the purposes of enforcement of the registration requirements under the FSP Act, FSPR considers it relevant to consider where a company’s business is being transacted from and by whom in this country. FSPR does not consider that mere incorporation in New Zealand, or the existence of a registered office address here (under the Companies Act 1993), is in itself evidence that a company has a place of business in New Zealand.

The FMA has supported the position taken by the Registrar that a “place of business” in New Zealand is not established by simply being a New Zealand incorporated company and having a virtual office or using the address of a third party (such as an accountant or law firm) in New Zealand.

FSPR has been advised that the FMA is also of the view that the financial services business must be carried on in New Zealand, although the recipients of the services may be offshore. The FMA considers this approach is consistent with the legislative purpose in section 9 of the FSP Act, in particular, to establish a compulsory public register to enable regulation of financial service providers, to prohibit certain people from being involved with financial service providers and to conform to New Zealand’s obligations under FATF.

If you wish to proceed with the application to register as an approved and licensed FSP, you will need to provide information (including supporting documentation) as to how the Company will be transacting its business from your New Zealand office and how it will be providing its financial services from such address. What staff is or will be employed by the company at such address to provide the financial services (employee contracts with job descriptions for the employees, what hours of operation will the business have, will be required as well to be shown to FSPR.

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;
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;
To hire a local resident employee as the Company’s Office Manager.

All service fees 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.

However, important to note that, if you do not intend to provide financial services from New Zealand and do not wish to establish a working office in New Zealand, you are not eligible to apply for FSP registration.

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 advice on these matters as it applies to your business.

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

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 Physical 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

START-UP AND MONTHLY SERVICES AND CHARGES
Should you wish to opt for a NZ licensed FSP Company, please contact us for further information and quote.

TIME TO COMPLETE THIS PROCESS
Approx. 30 days

 

 

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