how to register a new zealand financial services provider

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TAX AND CORPORATE NEWS Latest news and information about tax and corporate legislations in New Zealand How to Register a New Zealand Financial Services Provider 1. Register a New Zealand business entity New Zealand Financial Service Provider registrations can me granted to: New Zealand business entities Overseas business entities registered in New Zealand Individuals who reside in New Zealand There are no restrictions placed on what type of New Zealand business entity can be registered as an FSP, and the decision of which entity to use will depend on the particular circumstances and requirements of each application. 2. Establish a place of business New Zealand Financial Service Providers are required to have a physical place of business in New Zealand from which the entity can offer all of its services and products. The place of business will need to be a genuine working location with the adequate staff and facilities needed to transact clients’ orders. New Zealand legislations does not require that the local place of business is the sole place of business for the entity, and it is also not required to be the primary place of business for the enterprise. 3. Obtain membership with a Dispute Resolution Scheme Any entity applying for FSP status is required to be a member of a government approved Dispute Resolution Scheme (DRS). The DRS are government approved bodies which can act as mediators in cases when disputes arise between FSPs and their clients. The types of services that an FSP intends to offer will determine which DRS is the most suitable. 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.abaconda.info [email protected] +64 7 8080 444 © Abaconda Management Group

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Quick guide to the steps that must be followed in order to register a New Zealand Financial Services Provider.

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Page 1: How to Register a New Zealand Financial Services Provider

TAX AND CORPORATE NEWS Latest news and information about tax and corporate legislations in New Zealand

How to Register a New Zealand Financial Services Provider

1. Register a New Zealand business entity

New Zealand Financial Service Provider registrations can me granted to:

New Zealand business entities

Overseas business entities registered in New Zealand

Individuals who reside in New Zealand

There are no restrictions placed on what type of New Zealand business entity can

be registered as an FSP, and the decision of which entity to use will depend on the

particular circumstances and requirements of each application.

2. Establish a place of business

New Zealand Financial Service Providers are required to have a physical place of

business in New Zealand from which the entity can offer all of its services and

products.

The place of business will need to be a genuine working location with the adequate

staff and facilities needed to transact clients’ orders.

New Zealand legislations does not require that the local place of business is the

sole place of business for the entity, and it is also not required to be the primary

place of business for the enterprise.

3. Obtain membership with a Dispute Resolution Scheme

Any entity applying for FSP status is required to be a member of a government

approved Dispute Resolution Scheme (DRS).

The DRS are government approved bodies which can act as mediators in cases

when disputes arise between FSPs and their clients.

The types of services that an FSP intends to offer will determine which DRS is the

most suitable.

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.abaconda.info

[email protected]

+64 7 8080 444

© Abaconda Management Group

Page 2: How to Register a New Zealand Financial Services Provider

2

4. Apply for FSP status

When an entity applies for FSP status it will be required to detail which financial

services it intends to provide, and specify the place of business from which it offers

its services.

As part of the application, the Financial Service Provider Register and the Ministry

of Justice of New Zealand will carry out criminal history checks on all individuals

named in the application, and checks will be conducted to ensure that none of the

directors or controlling owners are disqualified from operating an FSP.

Following the criminal history check the Financial Services Provider Register will

inform the entity if the FSP status has been granted.