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
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.