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Our Local and Experienced Team
Provides the Highest Quality Ongoing Operation and
Management of an FSP
A Requirement to Operate and Maintain the FSP Status

Wellington Head Offices

44 Mairangi Road, Wadestown
Wellington 6012, NZ

Customer Services
Phone: + 64 4 830 3351
Email: enquiries@fspfinancial.co.nz

Business Development Team
Phone: + 64 4 888 1324
Email: info.wellington@fspfinancial.co.nz

Cork City Offices, Ireland

Commerce House, Office 103
Washington Street West
T12NCF2 Cork City
Republic of Ireland

Phone: + 353 212 028 051
Email: info.cork@fspfinancial.co.nz

Altrincham Offices, UK

Peel House, 30 The Downs, Ste 28
Altrincham, Cheshire, WA14 2PX
England

Phone: + 44 161 3941 173
Email: info.altrincham@fspfinancial.co.nz

About Wellington & Advisors

We are a Leading International Corporate and
Legal Consultancy firm

Advising Financial, Institutional, Business and
Private Clients around the world

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.

We are specialists with years of experience and, more importantly, success-behind us.

New Zealand

Financial
Services
Provider
Registration

Why be licensed in NZ?

7 Most Relevant
New Zealand Advantages

  1. New Zealand is recognized as a premium jurisdiction

  2. There is No Minimum Capital Requirement

  3. 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.

  4. It is not perceived by O.E.C.D. as a harmful tax jurisdiction and has no connotations as a tax haven.

  5. It is a member of the O.E.C.D. and World Trade Organization.

  6. 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.

  7. 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
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, … amongst others.

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).

FSP Registration
Recent Requirements

FSP Registration
Recent Requirements

FSP_Registration_img

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.

New Zealand
Cryptocurrency Services
Licensing

If you provide a ‘financial service’ related to crypto currencies, 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

Get your Application a Successful one!

For a license to be granted,
There must be no doubt
That the applicant meets or can meet
All of the licensing requirements

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 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;
  • – 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 WA’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,
Will be a reasonable timing!

For those wishing
To Reduce Expected Timing
To get your Company FSPR Registered

Deciding for a ready-made company
Will be an excellent option!

sign_doc_round

We do have a few shelf aged companies
Registered since 2014
With no Liability or Responsibility
All in good standing and
Ready to promptly start FSPR application!

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

Welcome to FSP Tax-News
Your daily New Zealand tax news service
Continuously updated through the day

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

COVID-19: New Zealand To Waive Individual Tax Bills Up To NZD200

COVID-19: New Zealand To Waive Individual Tax Bills Up To NZD200

The New Zealand Government has announced that it will provide tax relief for low-income earners by waiving nominal tax debts. ...
OECD Proposes Harmonized Gig Economy Reporting Rules

OECD Proposes Harmonized Gig Economy Reporting Rules

The OECD on February 19, 2020, released a proposal for a framework for sharing and gig economy platforms to report ...

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 Head Offices

44 Mairangi Road, Wadestown
Wellington 6012, NZ

Customer Services
Phone: + 64 4 830 3351
Email: enquiries@fspfinancial.co.nz

Business Development Team
Phone: + 64 4 888 1324
Email: info.wellington@fspfinancial.co.nz