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Newzealand E-Wallet License

Starting Offshore > Newzealand E-Wallet License

Brief Overview:

New Zealand is located in Oceania a continent in the southwestern side of Pacific Ocean. It comprises of two islands. Both islands are marked by glaciation and volcanoes. The capital of New Zealand is Wellington. With at least six international ethnic groups where 74% were European by 2013, it has approximately 4.7 million of a population as indicated by World Bank in 2016. Official languages are mainly English 96% spoken and Māori. New Zealand uses the New Zealand Dollar currency (NZD).

Once a company is registered with the financial service providers via the companies’ registrar in New Zealand, it is an essential that they obtain an FSP (Financial Service Providers) license. This license is provided by the Financial Markets Authority, which is the regulating body in the New Zealand. The overall time frame required for companies in the New Zealand to register, obtain an FSP licensing and corporate bank account opening is 25 weeks. The minimum capital for a new company in New Zealand can be at least US $1

There are six different types of FSP licenses that are provided in the New Zealand. Companies that would like to provide financial services are prompted to obtain at least one FSP license. They include:

  • Crowd funding services license is a necessary for a business that aids funding of business start-ups and entrepreneurs from a crowd or number of people normally through purposed websites.
  • The DIMS license which serves the funds that provide financial advisory and asset management. You need to prove your expertise in investment.
  • Independent trustee license for government approved “kiwi savers” and employee funds by companies.
  • Derivative issuer license. This is a necessity for businesses that trade in or issue derivatives. Approved licenses here are limited to a sub range of derivatives.
  • Peer to peer lending services license which has no big difference to crowd funding services, but has an exemption of proving loans from non-banks lenders in most cases purposed for charity, personal use or small business.
  • Managed investment scheme license that is similar to DIMS license. The only exception is the fact that it has less strict requirement for money for asset management services. In addition, with no power to sell, make or buy decision on the customers’ behalf.

Application Process:

The documents required in order to obtain an FSP license showing expertise in the provision of financial service entail:

  • Registration Identifier from the financial service provider registrar.
  • Detailed and oriented business plan
  • Valid Identity Card and Copies of degrees (both directors and senior staff)
  • Detailed Resume
  • Financial adviser license (optional)
  • Extract of judicial record
  • An acknowledgement for legal liability for New Zealand services.

Document to show abidance with the financial regulations of New Zealand include:

  • Article of association
  • Latest financial statement and detailed financial plan for start-ups
  • 1-year cash flow forecasts.

Advantages :

  • The minimum capital goes for as low as US$1
  • You do not need to travel to New Zealand the seal the whole engagement.
  • According to the 2017 Doing Business Survey, New Zealand is positioned as the best jurisdiction for starting a business in the world.
  • New Zealand offers set up incentives to multinational businesses.
  • Loan securing is easy in the New Zealand.
  • Wealth tax, inheritance tax and capital gains tax are not applicable in New Zealand.
  • Comparative to places like Australia, New Zealand is considered a cheaper destination from cost of living.
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