There is a different type of license called Financial Service Provider or FSP in New Zealand, which is recognized a well-reputed onshore jurisdiction, hence, it is not blacklisted by any nation throughout the world or any foreign financial organization. Furthermore, it is a part state of the OECD and WTO.

Timeframe: Within 90 days

Minimum paid-up capital: Is depends case-by-case basis

Overview

In order to appeal for FSP license, a business must be listed within New Zealand as this opportunity is not available for foreign legal bodies. Notwithstanding, there is no limitation on the residency or citizenship of the corporation’s directors or shareholders.

FSP license authorizes a licensee to make the following key business activities:

  • Portfolio Management on part of third parties
  • Provision of credit following a credit contract
  • Foreign money exchange

Lately, the Financial Markets Authority or FMA and the Registrar of Companies have executed New significant conditions for a licensee to have a compulsory local office and to be actually physically present at the company address. In other words, physical office with an agent is needed and it needs to be the place of taking out commercial exercise. In order for a business to comply with the condition, the officials of the FMA shall face no difficulties while examining the business address and making queries of administration of the corporation or its employees in the event that a grievance is received.

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Notable features

Company structure

  • At least one director. Who can be only natural persons, advisable to have at least one resident in Hong Kong.
  • At least one shareholder. Who can be natural or legal persons, no nationality or residency limitations.

Taxation

  • 28% corporate tax rate
  • 15% GST, not implemented to domestic rents and financial services
  • Around 40 Double Taxation Avoidance agreements confirmed

Accounting & Audit

  • Accounting year begins on the 1st day of April
  • Yearly Returns needs to be filed to the Companies Office
  • An annual report is mandatory

Secretary – Needed

Registered Agent – Needed

Registered office – Needed

Company name

  • Language: Any
  • Letters: From the Roman alphabet
  • Names holding royal, political, foreign, and financial or other signs are forbidden
  • Names that are misleading or deceitful are forbidden
  • Identical or nearly identical names are forbidden
  • Offensive names are forbidden
  • An only suffix “Limited” is acknowledged. After incorporation, the suffix “Ltd” can be applied everywhere
  • The next abbreviations whenever they arrive in a name are allowed: “&” for “and”; “co” or “coy” for “company”; “no” for “number”;  “N.Z.” or “NZ” for “New Zealand”; “Bros” for “Brothers”
Procedure

In order to get a license, the following actions will be carried out:

  • Gathering reports in an agreed form
  • Drafting of the fund’s offering record
  • Development of application forms
  • Introduction of the license obtaining process
  • Following up and observing your submission until Regulator permission
  • The application is being processed and conditional endorsement is granted by the FMA
  • Provision of proof of the local presence
Document

For each beneficial partner, stockholder, administrator, authorized signatory, and secretary:

  • A notarized photocopy of valid passport
  • Notarized proof of residential address
  • Bank recommendation letter
  • CV
  • Lawyer/CA recommendation letter

For directors and shareholders:

  • Educational qualification document

For shareholders:

  • Bank balance evidence
  • All documentation shall be provided in English*
  • * If records are not in English, then they must be brought by a notarized translation.