TBA & Associates

Financial Services Provider (FSP)

TBA & Associates is an industry leader for the application and acquisition of financial licenses in the cryptocurrency, PSP, EMI, Forex and Asset Management areas.

Unlike many incorporators, TBA has developed legal solutions, tailored to the needs of the financial sector. We can guarantee that all our partners and associates fully comply with all requirements for a professional, successful and fast work. Start your business in New Zealand now – a class 1 regulated jurisdiction!

Advantages to be licensed in New Zealand

New Zealand is recognized as a premium jurisdiction for the following reasons:

There is no minimum capital requirement.

It provides the advantages of all traditional financial centres and is recognized as an excellent and recommended 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 (should they be extended to apply to companies or trusts).

It is a signatory to the 1922 Hague Convention and can provide Apostilled documentation as well as Notarized documentation.

In today’s troubled and unstable times New Zealand is considered a safe location and offers long term security. It has a Westminster style Government and together with its administration, is stable and competent.

New Zealand has a well-developed infrastructure, including a progressive and robust economy, efficient telephone and internet services, competitive and frequent air travel, experienced reliable professionals serving global clients with trust and company requirements which include legal opinions on tax, trust and company matters, and has reliable internet global banking services.

New Zealand repealed its entire Banking Act in 1995 and thereby facilitated entry into the business of financial services.

FSP registration

The requirements to obtain and maintain a New Zealand FSP have recently suffered substantial changes. The Registrar of Companies (Companies Office) has issued strict requirements on who can register as an FSP, inclusive required local presence in New Zealand. We have directly accompanied all such changes, staying on its top, to grant your FSP entity is properly setup from the very beginning. Our New Zealand FSP application services includes full compliance with the rules of the Companies Office and allows for a straightforward process in obtaining your New Zealand FSP Registration while providing you full assistance to rent/lease a real local operational presence in New Zealand. Our services ensure successful registration and a continued compliance with all regulators on an ongoing basis. Our experts are well versed in the requirements of the Companies Office, FSPR and the FMA at the same time they will guide you through the process of obtaining your licensing and/or registration as a Financial Services Provider.
New Zealand is an excellent choice for regulation and offers many advantages over other jurisdictions, which will provide you low overheads and confidence to your clients at the same time.

What you need to register as FSP

In order to obtain an FSP registration and offer financial services in New Zealand and/or internationally, client needs:
  • 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;
  • 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.

Corporate law – local Director or Partner now required

Last June 2014, Companies and Limited Partnerships Amendment Bill created the Companies Amendment Act (No 4) 2014 and the Limited Partnerships Amendment Act (No 2) 2014 which are about coming into force. Existing companies need now to comply with the requirement to have at least one director (or partner in the case of an LP) who is resident in New Zealand.

Other main changes to the Acts include (a) Directors’ personal information: directors and partners of limited partnerships will need to register the details of their date and place of birth with the Registrar; and (b) Ultimate holding company information: every company will need to disclose details of its ultimate holding company (if the company has one).

We can certainly organize and assist all clients in order to meet and comply with such legal requirements.

FSP registration relevant requirements

The Financial Markets Authority and the Registrar require the company to have a physical presence at an address in New Zealand from which the financial services are provided. The Registrar and/or the FMA need to be able to visit the business address and make enquiries of management of the company or its employees in the event that a complaint is received. For the purposes of enforcement of the registration requirements under the FSP Act, FSPR considers it relevant to consider where a company’s business is being transacted from and by whom in this country. FSPR does not consider that mere incorporation in New Zealand, or the existence of a registered office address here (under the Companies Act 1993), is in itself evidence that a company has a place of business in New Zealand. FSP registration is a license or authority by the NZ Government; however, FMA has the power to direct the Registrar to remove companies where it is likely that a company is giving a false or misleading impression about the extent to which it is regulated in New Zealand.

FSP application requirements – own premises and staff

First of all, and in full compliance with FSPR and FMA, TBA will be available to help you to take initially care of the Company’s local premises in New Zealand. TBA will be also very pleased to assist its own clients renting, leasing or buying their own offices, at any city in New Zealand, as per client’s request.

At the same time, to help recruiting initial staff as may be necessary for the start of the operations in New Zealand market. In terms of paperwork for further compliance, we shall 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.);

An Internal Procedures Manual;

An 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;

Indication of the profile and location of the target clients of the company;

Details of the modus operandi of the company (mode of operation);

Confirmation whether the company will have a trading platform and details thereof;

Due diligence documents on directors, shareholders, all officers, beneficial owners, etc. such as: officers’ due diligence, including CV’s stating qualifications, work history, experience/expertise in investment/securities management and present occupation. It should also include details of the source of the funds from the shareholder or beneficial owner only.

Should you have any question or matter to clarify before you take your decision, or need any technical support from our team, please just call one of our consultants.

Our company licensing services

— What we do and do not do

Our company is EXCLUSIVELY engaged in assisting worldwide clients, either individuals or corporate entities, to get duly and properly licensed with local Regulators and Financial Authorities to get respective official licenses to legally carry out their cryptocurrency or financial related business activities.

TBA & Associates Tax Business Advisors does not provide or carry out any sort of Cryptocurrency or Financial services!

Disclaimer: While TBA & Associates strives to make the information on this website as timely and accurate as possible, the information itself is for reference purposes only. You should not substitute the information provided in this article for competent legal advice. Feel free to contact TBA Customer Services for advice on your specific cases.

We help you grow your business across international border and achieve financial efficiency.

We are ready to answer all your questions!