Banking license in New Zealand

One of the most attractive and profitable sectors for foreign entrepreneurs in New Zealand is financial one.

Legislation provides the most favorable conditions for operation of non-residents in the banking business:

  • Founders, shareholders and directors of financial organizations may be citizens of any country;
  • Ability to provide services to private and corporate clients around the world - the functions of an international bank;
  • Zero tax rate;
  • Agreements on avoidance of double taxation have been signed with many countries, including Russia;
  • The amounts of the statutory fund and capital reserves are not limited;
  • There is no control by the central bank of the country - the Reserve one;
  • Minimum reporting - companies, established by non-residents, submit accounting and audit reports once per year.

List of financial services to be licensed

The New Zealand Banking License FSP provides for almost unlimited scope of activity in rendering services and working in the financial sector, namely:

  • Opening and maintenance of settlement and savings accounts;
  • Settlement and cash services, money transfers and cash-in-transit services (encashment);
  • Issue and maintenance of credit and debit cards;
  • Currency transactions (sale, purchase, exchange);
  • Crediting, deposit opening and placement of depositary certificates;
  • Storage and management of facilities, capital, assets and funds of clients;
  • Operations on financial exchanges - options, Forex, futures, securities;
  • Investment, issuance of financial guarantees;
  • Consulting on financial matters.

Obtaining banking license in New Zealand online

Any legal entity registered in the Register of Companies in New Zealand can become the owner and holder of the license.

The following information is required to file an electronic application for issuing license:

  • Full and abbreviated name of the company;
  • Mail address of the office and e-mail address;
  • List of services planned to be provided;
  • Names and birth dates, copies of passports, addresses, CVs and documents confirming the professional competence and qualifications of the founders, shareholders, directors, senior managers and the auditor;
  • Information on other companies held by founders in New Zealand and abroad;
  • Upon request - business plan and other additional information.

FSPR together with the services and authorities of the Ministry of Justice carry out thorough verification of the information, reliability and integrity of the officials indicated in the application.

The foregoing may take from 3 months to 3 years. If any criminal record of one of the persons of interest or unfavorable history of the company is revealed, the license is refused to be issued.

If the verification is successful, the registrar so informs the applicant.  Registration certificate in the FSPR and the FSP license can be obtained by e-mail 3 weeks after payment of the respective fees.

The procedure for processing banking license has its own specifics in each country. Even qualified specialists of international law may not be aware of the subtleties of the relevant legislation, the procedure for action, the procedural peculiarities of obtaining banking licenses in New Zealand.

Law&Trust International will help companies and private entrepreneurs to become holders of the New Zealand FSP license within the shortest possible term and with the minimum risk of refusal, and if necessary, we can carry out annual renewal of the license.

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