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Can you register a New Zealand Financial Services Provider?

Registering a New Zealand Financial Service Provider can be a straightforward process if the business already meets a number of requirements. This guide will show you whether your business is eligible to apply for Financial Services Provider Status.

If you answer "YES" to all of the following questions you may be registered as a New Zealand FSP. However, if you answer "NO" to any of the questions you will need to address the issue before you can proceed with an FSP application.

Are you an individual residing in New Zealand, or a New Zealand business entity, or a overseas entity registered in New Zealand? New Zealand Financial Service Provider status is only available to entities registered in New Zealand or individuals who reside in New Zealand. If you do not already have a New Zealand business entity, we can assist you with registering a New Zealand Company, a New Zealand Limited Partnership or a New Zealand Look Through Company.

Do you intend to provide "financial services" from New Zealand? Section 5 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 defines financial service to be any of the following:

o a financial adviser service: o a broking service: o acting as a deposit taker: o being a registered bank: o keeping, investing, administering, or managing money, securities, or

investment portfolios on behalf of other persons: o providing credit under a credit contract: o operating a money or value transfer service: o issuing and managing means of payment (for example, credit and debit

cards, cheques, travellers’ cheques, money orders, bankers’ drafts, and electronic money):

o giving financial guarantees: participating in an offer of securities to the public in the capacity of

an issuer of the securities, or as a promoter: o acting in any of the following capacities:

as a trustee, or unit trustee: as a statutory supervisor: as a superannuation trustee: as a manager:

KIRILL KRUGER

Development Manager at

Abaconda Management

Group , Director of AMG

Business Development.

Kirill Kruger is a young but

experienced financial

consultant, with a

specialization in

international and New

Zealand taxation research,

management and planning.

Being a successful

entrepreneur he has also

authored advanced studies

in the field of financial

academics, and regularly

writes reports on current

affairs and developments in

international and New

Zealand finance, taxation

and management.

www.businesscompass.co.nz

info@businesscompass.co.nz

+64 7 8080 444

© AMG Business Development

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o changing foreign currency: o entering into derivative transactions, or trading in money market

instruments, foreign exchange, interest rate and index instruments, transferable securities (including shares), and futures contracts on behalf of another person:

o providing forward foreign exchange contracts: o acting as an insurer:

Do you already have a working office in New Zealand?

New Zealand Financial Service Provider status can only be granted to entities with a genuine place of business in New Zealand.

As part of the FSP registration process, representatives from the New Zealand Companies Office will visit the place of business to determine whether the entity can genuinely provide all of its services from the location.

The place of business requirements will not be met with a "virtual office" or any other "virtual" solution.

We can assist you to find and lease an office space in line with your requirements and plans for the New Zealand Financial Services Provider.

Will you or a member of you staff be working from the place of business?

In order to obtain FSP status, the business must demonstrate that it is capable of providing all of its financial service and products from the place of business in New Zealand.

The place of business will need to be staffed by employees who are at the location regularly and who are able to assist clients with all of the offered services.

The staff member will also need to be able to provide all perspective clients will adequate information regarding all of the products offered, and not just pass clients to staff outside of New Zealand.

As part of our services we can assist you to find and take on New Zealand staff to operate the place of business for your New Zealand Financial Services Provider.

Is the business already a member of a Dispute Resolution Scheme?

Before a business can be accepted as a Financial Service Provider it is first required to be a member of a government approved Dispute Resolution Scheme.

The Dispute Resolutions Scheme are intended to act as intermediaries in the event that a dispute arises between a New Zealand Financial Services Provider and its clients.

If your business in not yet a member of a Dispute Resolution Scheme, we can assist you apply for membership to a suitable scheme.