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New Zealand Financial Services Provider (FSP) Registration: Recent Legal Requirements

Contributed by Wellington Advisors
12 December, 2019


The requirements to obtain and maintain a New Zealand FSP have recently suffered substantial changes.

Concrete proof that the applicant:

  • Has the necessary and required professional experience in the financial area, more specifically in the activity they will be applying for;
  • Has the professional qualification in the financial area;
  • Has set up an office with local qualified employee(s) or legal physical representative;
  • Considers New Zealand based clients as the major target market to develop and carry out their financial activities;
  • Has its website fully compliant with the financial activities it has been granted for;
  • Has a trading platform set up, and marketing strategies are ready to go;
  • Subject to getting FSP registration, is ready, willing and able to commence business from NZ without delay.

We have directly accompanied all such changes, staying on its top, to grant your FSP entity is properly setup from the very beginning.

Our New Zealand FSP services include full compliance with the rules of the Companies Office and FMA and allows for a straightforward process in obtaining your New Zealand FSP Registration. We ensure successful registration and a continued compliance with all regulators on an ongoing basis.

Our New Zealand FSP package provides full compliance with the rules of the Companies Office and FMA and allows for a straightforward process in obtaining your New Zealand FSP Registration. Our services ensure successful registration and a continued compliance with all regulators on an ongoing basis.

Our experts are well versed in the requirements of the Companies Office, FSPR and the FMA at the same time they will guide you through the process of obtaining your licensing and/or registration as a Financial Services Provider.

New Zealand is an excellent choice for regulation and offers many advantages over other jurisdictions, which will provide you low overheads and confidence to your clients at the same time.

Contact us now!

New FMA role

FMA has been shown they are not satisfied about the way the FSPs are conducting their business in NZ. In their view, just having an administrative office in NZ, it is not sufficient by a large measure. An existing FSP or an application for one must show clearly how the FSP is conducting their business from NZ for both overseas and NZ based clients.

FMA expects that a current or prospective FSP must show clearly how they are conducting the business from NZ, in order to justify having a New Zealand FSP registration.

In this regard, and once the registration has been obtained, the FSP has three months to get the FSP business up and running; in case this requirement is not satisfied, any time extensions will not be granted.

All this not entirely unexpected and goes back to earlier years when both foreign and NZ clients were badly ripped off by unscrupulous operators.

Concrete proof that the applicant has set up an office with local employee(s), has its website fully compliant with the financial activities it has applied for, trading platform set up, marketing strategies ready to go, clearly showing how the FSP will be conducting their business from NZ and, subject to getting its FSP registration, is ready, willing and able to commence business from NZ.

Making your application a successful one

Moreover and, in order to get your application exponentially successful, it is our recommendation and important for a client to visit NZ and to meet us personally, as soon as the NZ corporate entity has been registered, so that he may:

  • Understand the business climate in NZ and our approach to new business ventures, which are always positive, provided the client has a proposition, which is of benefit to NZ as well, and not merely to trade off on our good national reputation;
  • Meet his banking representative to open a full NZ bank account;
  • Meet his/her part time NZ Manager, either recruited by ourselves, as per Client's request and instructions, or even if directly and locally recruited by the Client;
  • Have a look at the prospective part time office set up at Regus or elsewhere – service we shall be very pleased to provide you and assist you with;
  • Discuss with us in person all the other issues likely to arise during and post FSP Registration, such as employing a full-time experienced manager, who will run the operation from their NZ office, business plans, etc.

Should you have any question or matter you would like to discuss or clarify with us or should you like to receive further Information about our application services and fees, our multi-lingual team of business advisors is happy to assist you with all upcoming questions and issues in relation to your company.

You may call or email us, and we will be happy to assist you in a fast and efficient manner.




 


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