Ministry of Economic Development - Business Update 2010


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Business Update presentation for the Business Update 2010 Seminar Series - New Services for a New Decade.
Focusing on legislation changes, tips, statistics and what’s on the horizon for, the Companies Office, Personal Property Securities Register, and the Financial Service Providers Register.

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Ministry of Economic Development - Business Update 2010

  1. 2. BUSINESS UPDATE Seminar Session <ul><li> </li></ul><ul><li>The Companies Office </li></ul><ul><li>The Personal Property Securities Register (PPSR) </li></ul><ul><li>The Financial Service Providers Register (FSPR) </li></ul>
  2. 3. The New Zealand Government Business Portal
  3. 5. <ul><li>Managing your cash flow </li></ul><ul><li>What to do if you want to employ staff </li></ul><ul><li>How to develop sound environmental practices </li></ul><ul><li>Marketing and promoting your business </li></ul><ul><li>Where to go to get more specific business advice </li></ul><ul><li>Tax </li></ul><ul><li>ACC </li></ul>Information available to help your business:
  4. 6. Government Initiatives <ul><li>Tools and services from: </li></ul><ul><ul><li>Inland Revenue </li></ul></ul><ul><ul><li>Statistics New Zealand </li></ul></ul><ul><ul><li>Department of Labour </li></ul></ul><ul><ul><li>Companies Office </li></ul></ul><ul><li>You can find information on: </li></ul><ul><ul><li>Job support package </li></ul></ul><ul><ul><li>Tax changes </li></ul></ul><ul><ul><li>90 day trial period for new staff </li></ul></ul>
  5. 7. Health and capability tools for your business
  6. 8. Survival templates <ul><li>Cash flow templates and calculators </li></ul><ul><ul><li>Collecting debt calculator </li></ul></ul><ul><ul><li>Calculate your charge out rate </li></ul></ul><ul><ul><li>5 ways to increase profit </li></ul></ul><ul><li>Marketing templates and calculators </li></ul><ul><ul><li>Market research survey </li></ul></ul><ul><ul><li>Profile your customers </li></ul></ul><ul><ul><li>Advertising budget timeline </li></ul></ul><ul><li>Business planning templates </li></ul><ul><ul><li>Setting your goals </li></ul></ul><ul><ul><li>Conducting a SWOT analysis </li></ul></ul>
  7. 9. What’s in the Pipeline for the Business Portal? <ul><li>New look and feel – 28 June 2010 </li></ul><ul><li>Introducing Online Transactions in 2010 for </li></ul><ul><ul><li>Companies Office </li></ul></ul><ul><ul><li>Personal Property Securities Register </li></ul></ul><ul><ul><li>Intellectual Property Office of New Zealand </li></ul></ul><ul><ul><li>Department of Labour </li></ul></ul><ul><li>Your ‘First Stop’ for doing business </li></ul><ul><li>Content Partner </li></ul>
  8. 11. Immigration Act 2009 – Employer Obligations <ul><li>Employers to exercise due diligence when hiring </li></ul><ul><li>Act removes sighting an IR330 tax code declaration as a reasonable excuse - if employer fails to check a person’s entitlement to work and the person is not entitled to work for that employer - the employer could be prosecuted. </li></ul><ul><li>Reducing compliance costs by providing a new online service to employers to check prospective employees’ entitlement to work </li></ul><ul><li>Act commences late 2010 </li></ul>
  9. 12. Online Employer Enquiry Service <ul><li>Online Enquiries at employer’s convenience </li></ul><ul><li>Simple, easy-to-use, reliable, authoritative source </li></ul><ul><li>Maintain records of Enquiries, protect Privacy </li></ul><ul><li>Meet compliance requirements </li></ul><ul><li>Use igovt (Government Logon Service) </li></ul><ul><li>Soft launch of service planned August 2, 2010 </li></ul><ul><li>More information can be found at </li></ul><ul><li> </li></ul><ul><li>Immigration New Zealand Contacts: </li></ul><ul><ul><li>Lisa Johnstone (Senior Business Analyst) [email_address] </li></ul></ul>
  10. 13. Contacts Website Twitter Facebook | | |
  11. 14. The New Zealand Companies Office
  12. 16. New Services Introduced | 2008/2009 <ul><li>Director and banned person search for mobile phone devices </li></ul><ul><li>New validation service for company extracts and certificates of incorporation </li></ul><ul><li>Business Industry Code online search </li></ul>
  13. 17. More Companies Office Services <ul><li>World Bank Doing Business 2010 rankings </li></ul><ul><ul><li>New Zealand ranked number one country for ease of doing business </li></ul></ul><ul><li>Australian Securities & Investments Commission (ASIC) </li></ul><ul><ul><li>Data exchange between Australia and New Zealand </li></ul></ul><ul><li>New ways of interacting with our clients </li></ul>
  14. 18. Statistics | July 2008 - June 2009 <ul><li>Close to 48,000 New Zealand companies were registered </li></ul><ul><li>Over 27 million register searches </li></ul>
  15. 20. Focus: New IT platform for corporate registers <ul><li>Personalisation </li></ul><ul><li>Intuitive and self-driven user experience </li></ul><ul><li>igovt logon </li></ul><ul><li>Catering for an easy integration of future technologies and services </li></ul><ul><li>Rollout plan: </li></ul><ul><ul><li>New Zealand Companies Office – 28 June 2010 </li></ul></ul><ul><ul><li>Financial Service Providers Register – July 2010 </li></ul></ul><ul><ul><li>Other Corporate Entities (e.g. Incorporated Societies) – progressively throughout year </li></ul></ul>
  16. 22. Social Media <ul><li> </li></ul><ul><li> </li></ul><ul><li> </li></ul><ul><li>NewZealandCompaniesOffice </li></ul>
  17. 26. Companies Office Contacts Website Mobile site Phone Skype | | | 0508 COMPANIES (226 726) | NewZealandCompaniesOffice
  18. 27. Personal Property Securities Register (PPSR)
  19. 35. PPSR Contacts Website Email Phone Twitter Facebook | | [email_address] | 0508 PPSR INFO (777 746) | |
  20. 36. Financial Service Providers Register (FSPR)
  21. 37. New Legislation <ul><li>Why? </li></ul><ul><ul><li>To address consumer and government concerns about the financial industry in New Zealand </li></ul></ul><ul><li>What? </li></ul><ul><ul><li>Two companion pieces of legislation were passed: </li></ul></ul><ul><ul><ul><li>Financial Service Providers (Registration and Dispute Resolution) Act 2008 </li></ul></ul></ul><ul><ul><ul><li>Financial Advisers Act 2008 </li></ul></ul></ul>
  22. 38. What are the benefits of the new regime? <ul><li>Good for business and competition </li></ul><ul><ul><li>Transparency and availability of business information </li></ul></ul><ul><li>Good for consumers and integrity </li></ul><ul><ul><li>Consumers now have an avenue of redress – Dispute Resolution Schemes dedicated to financial services disputes </li></ul></ul><ul><ul><li>The Act prohibits certain people from being involved in the management or direction of registered FSPs </li></ul></ul><ul><ul><li>Consumers wanting financial advice can choose people that are registered and those that also have authorisation from the Securities Commission </li></ul></ul>
  23. 39. What is the FSPR? <ul><li>A public, searchable register of financial service providers who operate in New Zealand. Examples are: </li></ul><ul><ul><li>Financial advisers </li></ul></ul><ul><ul><li>Money changers </li></ul></ul><ul><ul><li>Credit providers </li></ul></ul><ul><li>Where is the Register held and where do FSPs apply for registration and authorisation? </li></ul><ul><ul><li>Online at from July 2010 </li></ul></ul><ul><ul><li>Financial Service Providers Act comes into force 1 December 2010 </li></ul></ul><ul><ul><li>Financial Advisers Act comes into force 1 July 2011 </li></ul></ul>
  24. 41. Who is behind the FSPR? <ul><li>The New Zealand Companies Office </li></ul><ul><ul><li>Maintenance of the electronic Register </li></ul></ul><ul><li>Ministry of Consumer Affairs </li></ul><ul><ul><li>Administering the approved Dispute Resolution Scheme regime and the government’s Reserve Scheme </li></ul></ul><ul><li>Securities Commission </li></ul><ul><ul><li>Financial advisers (AFA and RFA) and Qualifying Financial Entities (QFE) regimes </li></ul></ul>
  25. 42. What are common financial services? <ul><li>Mortgages, saving and cheque accounts, and loans </li></ul><ul><ul><li>Services your bank, building society, or credit union may offer </li></ul></ul><ul><li>Insurance </li></ul><ul><ul><li>Including life, health, home/contents, and vehicle </li></ul></ul><ul><li>Money management and/or advice </li></ul><ul><li>Investment management and/or advice </li></ul><ul><li>Consumer loans and credit </li></ul><ul><ul><li>Such as when you sell an item on credit or provide a cash loan </li></ul></ul><ul><li>Foreign currency exchanges </li></ul><ul><ul><li>Whether buying or selling </li></ul></ul><ul><li>Money transfers </li></ul>The full definition of financial services is provided in section 5 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008
  26. 43. Examples of common financial service providers <ul><li>Building Societies </li></ul><ul><li>Credit Providers </li></ul><ul><li>Credit Unions </li></ul><ul><li>Financial Advisers (including financial planners) </li></ul><ul><li>Finance Companies </li></ul><ul><li>Foreign Currency Exchange Dealers </li></ul><ul><li>Fund Managers </li></ul><ul><li>Insurers </li></ul><ul><li>Investment Portfolio Managers </li></ul><ul><li>Issuers </li></ul><ul><li>Money Changers </li></ul><ul><li>Registered Banks </li></ul>Excemptions are provided in section 7 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008
  27. 44. Application for FSP Registration Criminal History Check by Ministry of Justice Yes No further action Applied for Authorisation? No Application referred to Securities Commission for processing FSP Registration Complete Join a Dispute Resolution Scheme (DRS)
  28. 45. Dispute Resolution Schemes <ul><li>Two options </li></ul><ul><ul><li>One of the approved Dispute Resolution Schemes </li></ul></ul><ul><ul><li>Government’s Reserve Scheme </li></ul></ul><ul><li>Sort your membership before beginning the registration application process </li></ul><ul><li>Each scheme will have its own membership fees, requirements, and rules </li></ul><ul><li>Visit for more information </li></ul>
  29. 46. To summarise: <ul><li>If in doubt, check with your lawyer about your need to register </li></ul><ul><li>Get your dispute resolution scheme membership sorted before you start to register </li></ul><ul><li>If you need to be authorised, get ready now – Securities Commission has the information you need </li></ul><ul><li>Registration is designed to be simple and easy, but if you need help, FSPR provides online help and a freephone </li></ul>
  30. 47. FSPR Contacts Website Website Website Email Phone Twitter Facebook | | | | [email_address] | 0508 FSPR INFO (377 746) | coming soon | coming soon
  31. 48. Questions? <ul><li> </li></ul><ul><li> </li></ul><ul><li> </li></ul><ul><li> </li></ul>Receive up to date and late breaking news from the Ministry of Economic Development - subscribe to the Business Update at | 0508 COMPANIES (266 726) | 0508 PPSR INFO (777 746) | 0508 FSPR INFO (377 746)