About Wellington & Advisors
We are a Leading International Corporate and
Legal Consultancy firm
Advising Financial, Institutional, Business and
Private Clients around the world
We take pride in our high professional level within the industry; our local and experienced team provides the highest quality ongoing operation and management of an FSP, which is a requirement to operate and maintain the FSP status.
Our team includes the most qualified and experienced professionals. We at Wellington Advisors understand our clients’ needs whether you are looking to start your own brokerage or are an established brokerage looking for additional solutions to cater to your size and growth.
We are specialists with years of experience and, more importantly, success-behind us.
Forming a company in New Zealand is straightforward and reflects the modern corporate code which New Zealand adopted in 1993. The salient features of the company law include:
A company must have at least one Director and one share.
Directors have to be natural persons.
At least one of the Directors must be resident in New Zealand.
There is no capital requirement, while the minimum value for a share is 1NZ$.
Shareholders may be corporate bodies or natural persons and may be either resident or non-resident.
The company needs to have a business or management service office in NZ.
A New Zealand company can be formed in 24 hours.
New Zealand Limited Partnership
Full tax-exempt entity for International Business …
Since income has been generated overseas
Limited partnerships are fiscally transparent for New Zealand tax purposes. This means that the limited partnership itself is not taxed. Instead, the income and expenditure of the limited partnership flow through to each partner, in proportion to that partner’s partnership share in the limited partnership.
Where the partners of NZLP are tax resident outside New Zealand, and the NZLP derives non-NZ sourced income, then the Partners will not be liable to New Zealand income tax on their portion of foreign sourced partnership income. Any New Zealand sourced income derived by foreign resident partners of a NZLP, or any foreign sourced income derived by New Zealand resident partners of the partnership will be subject to New Zealand Tax.
New Zealand Shelf Company
For those wishing to Start Doing Business
Almost Immediately
Recent and Aged Companies Available!
There are many advantages of choosing a shelf company. The older your company is, the more trustworthy it appears. Your clients are likely to have more confidence in businesses that have a longer history; therefore, the older the company is, the easier it should be for you to increase your client base.
The company is already registered at Companies Office and, changing officers and ownership is the only requirement, and a quite fast straight process.
Next step, to start immediately FSPR application, which will mean a considerable save of time and, most importantly, you can start your business activities much earlier.
New Zealand
Financial Services Provider Registration
Advantages to be licensed in NZ
New Zealand is recognized as a premium jurisdiction for the following reasons:
There is no minimum capital requirement.
It provides all advantages of all traditional financial centres and is recognized as a true onshore financial centre which is not blacklisted by any jurisdiction or authority in the world.
It is not perceived by O.E.C.D. as a harmful tax jurisdiction and has no connotations as a tax haven.
It is a member of the O.E.C.D. and World Trade Organization.
New Zealand is a member of the British Commonwealth, English is the main language, has a common law system, and the majority of legislation including trust law is founded on British law.
It is not a member of the EU and is not influenced by the EU Savings Tax Directive and any future developments.
Meaning of
Financial Services
Some examples of common financial services are below:
Providing financial advice
(including investment planning)
Issuing and managing means of payment (for example, credit and debit cards, cheques, travellers’ cheques, money orders, bankers’ drafts, and electronic money)
Money transfers
Foreign currency exchanges – whether buying or selling
FSP
Permitted Services
Once registered, the FSP can offer:
Financial adviser service
Broking service
Acting as a deposit taker as defined in the Reserve Bank of New Zealand Act 1989
Keeping, investing, administering, or managing money, securities, or investment portfolios on behalf of other persons
Operating a money or value transfer service
Issuing and managing means of payment (for example, credit and debit cards, cheques, …
Who needs
To be Registered?
Entities and individuals who:
– live or have a place of business in New Zealand; and
– are in the business of providing financial services (in New Zealand or overseas) must register to provide that particular financial service on the FSPR.
Those entities and individuals will have to register as a financial service provider (FSP).
This means that entities which …
For a license to be granted, there must be no doubt
That the applicant meets or can meet
All of the licensing requirements
New Zealand
Cryptocurrency Services
Licensing
Cryptocurrencies are digital tokens available online via exchanges, initial coin offers (ICOs), and token events.
If you provide a ‘financial service’ related to cryptocurrencies, you need to comply with the ‘fair dealing’ requirements in the Financial Markets Conduct Act 2013 (FMC Act). The Financial Service Providers (Registration and Dispute Resolution) Act 2008 and anti-money laundering obligations may also apply. Key activities considered ‘financial services’ include exchanges, wallets, deposits, broking and ICOs.
Exchanges
Wallets
Broking
ICOs and financial services
Fair dealing, registration and other obligations
Due to the nature of cryptocurrency-related financial services, we suggest you approach us about the services you plan to offer.
We are happy to discuss requirements with you and your legal advisers on an individual basis.
FSP Registration
Recent Requirements
The requirements to obtain and maintain a New Zealand FSP
Have recently suffered substantial changes
Concrete proof that the applicant:
1. Has the necessary and required professional experience in the financial area, they will be applying for;
2. Has the related professional qualification;
3. Has set up an office with local qualified employee(s);
4. Considers NZ based clients as the major target market to develop;
5. Has its website fully compliant with the financial activities it has been granted for;
Your FSP application and FMA
What you need to take into consideration
When applying for FSP registration
New FMA Role
The Financial Markets Authority (FMA) is the New Zealand government agency responsible for financial regulation. It is responsible for regulating all financial market participants, exchanges and the setting and enforcing of financial regulations.
FMA does not oversee or maintain the FSPR, the Companies Office performs this role. But FMA does have the power to deregister a business or individual or prevent them from registering in the first place.
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.
Get your Application a Successful one!
It is our suggestion for a client to visit NZ and
Meet us personally, as soon as
Your NZ corporate entity has been registered
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 your local NZ Manager, either directly recruited by you or by Wellington Advisors, should you wish our help and support;
Have a look at the prospective part time office set up at Servcorp or elsewhere – service we shall be very pleased to provide you and assist you with;
Information we need from you
For further compliance
We need you to provide us:
Company Application Form to be filled and signed;
Organizational/structure chart showing board of directors, shareholders, list of senior persons (compliance officer, Money Laundering Reporting Officer and deputy) and other officers who will would be responsible for the day to day operations;
Business plan with 3-year projections giving details of proposed activities, types of customers, products and services to be offered (brokerage, CIS securities, underwriting, etc.);
Internal Procedures Manual;
Anti-Money Laundering & Compliance Procedures Manual;
Details of proposed membership with an Exchange, clearing and settlement facility, etc;
Details of procedures and systems to prevent conflicts of interest, terrorism and money laundering;
An indication as from where the company intends to operate;
Expected Time to Complete
Your FSP Application
Step 1
The current process appears to take about I ½ to 2 weeks to incorporate a company, obtain a NZ Bank account and necessary/eventual changes on the shareholder and directorship structure.
Step 2
A Business Plan has to be written and edited, CVs to be vetted, a NZ office and a part time manager appointed before formally applying online with FSPR. Dependent upon TBA’s input, it can take another 4 to 6 weeks for this process to be completed.
Step 3
FSPR tends to take another 4 to 5 weeks, considering all questions they may and usually place before handing over the application to FMA.
Step 4
FMA’s official position is that their enquiries will take up to 60 working days (i.e., 12 weeks) before we get a definite answer.
Total Expected Timing to get this whole process completed – 25 weeks.
Therefore 5 to 6 months for you to consider getting your own project licensed, that will be a reasonable timing.
Wellington Advisors is dedicated to providing
The most professional services.
We endeavour to facilitate
Your application beside our Regulators
Within the shortest time frames available
The tax challenges of the digital economy are seemingly being tackled at multiple levels. On the one hand, countries are working collectively under the umbrella of the OECD to reach a consensus on new international tax...
Latest Headlines
OECD Provides Update To G20 On BEPS Work
In a new report for G20 ministers, the OECD has provided an update on its work to tackle tax base ...
New Zealand Announces New Rules For Tax Operating Leases
The New Zealand Government has agreed to proposed changes that would allow taxpayers who apply the New Zealand Equivalent to ...
Should you have any question or
Matter you would like to discuss with us
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.
You may also come and visit us at any of our Altrincham/UK or Wellington/NZ offices to discuss issues face to face if you prefer. Just arrange an appointment and we will be happy to meet you.
Contact Us Now!
Wellington Advisors LLP
44 Mairangi Road, Wadestown
Wellington 6012
Email: info@fspfinancial.co.nz
Tel.: + 64 4 830 3351
Legal Disclaimer
The information and materials contained in this website do not constitute an offer, invitation, solicitation, advice or recommendation to buy/contract services offered and rendered by Wellington & Advisors and shall be applied with prior consultation.
Wellington & Advisors does not offer legal or tax advice without consultation with certified professionals with related appropriate skill and expertise.
All information contained in this website is for general guidance on matters of interest only and should not be considered as guidance for financial or tax decisions, or a substitute for specific professional consultation, especially if it concerns international tax planning and financial structuring as these areas are subject to frequent changes.
While we have made every effort to ensure that the information contained in this website is accurate and correct due to constant changes in laws, rules and regulations Wellington & Advisors accepts no liability for any loss or damage arising directly or indirectly from action taken or not taken relying on the information contained in this website. In particular no warranty is given as to the completeness, accuracy, reliability of such information and as to whether it is at all times up to date.
Wellington & Advisors Ltd accepts no liability for any loss or damage direct or indirectly arising from the application of any information contained in this website, including any loss, damage or expenses arising from, but not limited to, any defect, error, mistake, inaccuracy, reliability of this website, its contents or related services, or due to any unavailability of this Site or any part thereof of any contents or related services.
Wellington Advisors’ services are subject to its Terms and Conditions.
Wellington & Advisors does not offer legal or tax advice without consultation with certified professionals with related appropriate skill and expertise.
All information contained in this website is for general guidance on matters of interest only and should not be considered as guidance for financial or tax decisions, or a substitute for specific professional consultation, especially if it concerns international tax planning and financial structuring as these areas are subject to frequent changes.
While we have made every effort to ensure that the information contained in this website is accurate and correct due to constant changes in laws, rules and regulations Wellington & Advisors accepts no liability for any loss or damage arising directly or indirectly from action taken or not taken relying on the information contained in this website. In particular no warranty is given as to the completeness, accuracy, reliability of such information and as to whether it is at all times up to date.
Wellington & Advisors Ltd accepts no liability for any loss or damage direct or indirectly arising from the application of any information contained in this website, including any loss, damage or expenses arising from, but not limited to, any defect, error, mistake, inaccuracy, reliability of this website, its contents or related services, or due to any unavailability of this Site or any part thereof of any contents or related services.
Wellington Advisors’ services are subject to its Terms and Conditions.