New Zealand is recognized as a premium jurisdiction for the following reasons: There is no minimum capital requirement. It provides the all advantages of all traditional financial centres, 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 New Zealand repealed its entire Banking Act in 1995 and thereby facilitated free entry into the business of financial services.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.
The requirements to obtain and maintain a New Zealand FSP have recently suffered substantial changes. The Registrar of Companies (Companies Office) has issued strict requirements on who can register as an FSP, inclusive required local presence in New Zealand. We have directly accompanied all such changes, staying on its top, to grant your FSP entity is properly setup from the very beginning. Our New Zealand FSP package provides full compliance with the rules of the Companies Office and allows for a straightforward process in obtaining your New Zealand FSP Registration while providing your company with a real local operational presence in New Zealand. Our services ensure successful registration and a continued compliance with all regulators on an ongoing basis. Our experts are well versed in the requirements of the Companies Office, FSPR and the FMA at the same time they will guide you through the process of obtaining your licensing and/or registration as a Financial Services Provider. New Zealand is an excellent choice for regulation and offers many advantages over other jurisdictions, which will provide you low overheads and confidence to your clients at the same time.
A FSP can legally engage in activities and offer services such as, amongst others: 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; Transferable securities; Other negotiable instruments and financial assets;
The Financial Markets Authority and the Registrar require 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. FSP registration is a license or authority by the NZ Government; however FMA has the power to direct the Registrar to remove companies where it is likely that a company is giving a false or misleading impression about the extent to which it is regulated in New Zealand.
Since March this year (2015) FMA have taken a different administrative view of the workings of FSPR, and are now directly controlling FSP applications and registrations.
FMA has been shown they are not satisfied about the way the FSPs are conducting their business in NZ. In their view, just having an administrative office in NZ, it is not sufficient by a large measure. An existing FSP or an application for one must show clearly how the FSP is conducting their business from NZ for both overseas and NZ based clients. FMA expects that a current or prospective FSP must show clearly how they are conducting the business from NZ, in order to justify having a NEW ZEALAND FSP registration. In this regard, and once the registration has been obtained, the FSP has three months to get the FSP business up and running; in case this requirement is not satisfied, any time extensions will not be granted. All this not entirely unexpected, and goes back to earlier years when both foreign and NZ clients were badly ripped off by unscrupulous operators. Therefore, concrete proof that the applicant has set up an office with local employee(s) or legal physical representative(s), has its website fully compliant with the financial activities it has been granted for, trading platform set up, marketing strategies ready to go, and, subject to getting his FSP registration, is ready, willing and able to commence business from NZ without delay.
COI´s services are subject to its Terms and Conditions.The information provided by coi is intended as informative material and should not be relied solely upon in decision-making, especially if it concerns international tax planning and financial structuring as these areas are subject to frequent changes, although its efforts to keep all information on its website regularly updated. COI strongly recommends that each potential user of its services seek tax and legal advice before deciding on implementing a solution employing international financial structures. COI will not be liable for any damages, costs and expenses resulting from or incurred as a result of any action taken or omitted based upon any such information provided by COI.