New Zealand Financial Services Providers Register (FSPR) License

Permissions

• Broking service
• Financial adviser service
• Acting as a deposit taker
• Keep, investing, administering, or managing money, securities, or investment portfolios on behalf of other persons
• Provide credit under a credit contract
• Operating a money or value transfer service
• Issue and managing means of payment
• Giving financial guarantees
• Changing foreign currency
• Entering into derivative transactions, or trading in money market instruments, foreign exchange, interest rate and index instruments, transferable securities and futures contracts on behalf of another person.

 Capital Requirement

There is no minimum capital requirement.

A physical operational office in New Zealand is required.

Desfran shall seek to understand your business activities and goals to assist with your business plan drafting that best encompasses this whilst still being compliant to the prevailing regulations. Desfran shall also advise on the possible questions that might be posed by the regulator.

• To register a New Zealand legal entity;
• To have its own place of business and management in New Zealand, where the company will be offering its financial services from;
• To apply for membership with a government approved Dispute Resolution Scheme (in case of services provided to retail clients);
• To register with FSPR for those financial activities/ services to be carried out;
• To open and maintain a local business bank account;
• To maintain appropriate financial and corporate records in New Zealand;
• To comply with bookkeeping, accounting, pay-rolls, audit and any other legal local requirements;
• To have a local resident Company’s Office Manager physically available for any Regulator’s inspection at the Company’s local premises;
• To file an annual Anti-Money Laundering and Countering Financing of Terrorism Act 2009 Report (AML/CFT);
• To have a risk assessment and AML program in place, from the date of registration on the FSPR; and, as per newer legislation; To have at least a local resident New Zealand Company Director;

Due Diligence is necessary to formally verify the identity of all clients of the firm. The following documents are required to conduct due diligence for the license application:

• A copy of the photo page of the passport ceritifed by a notary public for each director and shareholder;
• A copy of proof of address (issued within the last 3 months) by a notary public for each director and shareholder;
• Curriculum Vitae (CV);
• Business Plan;
• Financial Forecast;
• Organisation Chart;
• For company directorship or shareholdership, a certified copy of the constitution documents of the company and above details on each director and shareholder of the company;
• Other supporting document when necessary.

Please note for a company listed on a major stock exchange or subject to regulatory supervision in a country with equivalent AML regulations to New Zealand, evidence of such listing or regulation will suffice in place of the above information. Where the directors to be appointed are employees of such a listed or regulated company, a certified passport copy and confirmation of employment (to include position) will suffice.

The Financial Service Providers Register (FSPR) is the financial regulatory body in New Zealand. The FSPR oversees and ensures that all FSPs are registered with them before they can legally provide financial services. The FSPR aims to achieve greater accountability and transparency in the financial sector. The FSPR’s key objectives include:

• Provide an electronic register of FSPs, as mandated by the Financial Service Providers (Registration and Dispute Resolution) Act 2008;
• Assist New Zealand to comply with its international obligations to prevent money laundering and the financing of terrorism;
• Increase the level of transparency of public information related to FSPs, their licensed services and their related dispute resolution schemes;
• Ensure certain people are prevented from being involved in the management of FSPs, such as those with specific criminal convictions.