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New Zealand Financial Service Providers

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Guide to New Zealand Financial Service Providers and the current requirements for registering as an FSP or providing financial services in New Zealand.

Guide to New Zealand Financial Service Providers and the current requirements for registering as an FSP or providing financial services in New Zealand.

Published in Business , Economy & Finance
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  • 1. TAX AND CORPORATE NEWS Latest news and information about tax and corporate legislations in New Zealand New Zealand Financial Service Provider Since the creation of the New Zealand Financial Service Provider registration system, New Zealand has become a popular destination for international investors and multinational businesses looking to establish a new entity providing financial services. However, the surging interest has been accompanied by some misinformation and misunderstandings regarding New Zealand Financial Service Providers, and what an entity must do in order to qualify as a Financial Service Provider. Current New Zealand regulations clearly set out that:  Only entities which provide financial services in the territory of New Zealand areKIRILL KRUGER required to have an FSP license, and  entities which do not provide financial services in New Zealand and do not have aDevelopment Manager at place of business in New Zealand are not eligible to apply for FSP status.Abaconda ManagementGroup , Director of AMG In order for a business entity to maintain its New Zealand FSP registration, it must at allBusiness Development. times:  Offer financial services from New Zealand, and  Have a physical place of business in New Zealand, andKirill Kruger is a young but  Offer all of its services and products from its place of business in New Zealand, andexperienced financial must be able to transact the service from the place of business.consultant, with aspecialization in Under current regulations, representatives from the New Zealand Ministry of Economicinternational and New Development can (and will) conduct an inspection of the specified place of business toZealand taxation research, determine whether it is a genuine working premise which offers all of the company’smanagement and planning. products and services. Entities which are not offering their services from the place ofBeing a successful business can be removed from the FSP register.entrepreneur he has alsoauthored advanced studies Companies are not required to hold an FSP registration if they offer their services outside ofin the field of financial New Zealand and do not have a local place of business. The regulations of New Zealand doacademics, and regularlywrites reports on current not place restrictions on the activities that may be performed by a New Zealand company,affairs and developments in as long as they are compliant with local and international laws. It is the company’s owninternational and New responsibility to check if it is required to register as a financial provider in the jurisdictionZealand finance, taxation where it operates.and management. To read more about registering as a New Zealand Financial Service Provider please see our detailed article at www.abaconda.info/new-zealand-financial-service-provide-www.abaconda.info company.phpinfo@abaconda.info+64 7 8080 444© Abaconda Management Group