how to register a new zealand financial services provider
DESCRIPTION
Quick guide to the steps that must be followed in order to register a New Zealand Financial Services Provider.TRANSCRIPT
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
+64 7 8080 444
© Abaconda Management Group
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.