The Financial Service Providers (Registration and Dispute Resolution) Act 2008 (‘the Act’) was passed into law on 29 September 2008. Registration for most financial service providers (FSPs) including banks, brokers and even financial advisors became compulsory on 1 December 2010, after which date most FSPs needed to be registered to legally provide their services.
The Act requires those persons providing the financial services to register. However, the Act states that it only applies to a person or entity who is ordinarily resident in New Zealand or has a place of business in New Zealand. In other words, your entity must have a physical place of business in New Zealand and local consultant who deals with your FSP’s clients. Virtual office solutions and mail forwarding addresses do not qualify.
There are some examples of financial service providers required to register are:
At the same time, the company must register with the Financial Markets Authority (FMA). It is obligatory for all companies providing services to financial advisers, trust management, investment.
A world of services will follow you on your business activities. Becoming a Financial Service Provider (FSP), you may need specific services such as Compliance, Clearing System, Web Banking Software, Mobile Banking Software, Stockbrokers, Professional Traders and SWIFT Code. We have years of experience providing Financial Company formations, Fund formations and our legal and compliance team is deeply focused about the real rules that this kind of companies have to respect.