What you need to take into consideration when Applying for FSP registration

What you need to know

In order to obtain a FSP registration and offer financial services in New Zealand and internationally, you will need:

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; and
Besides the basic requirements, and most importantly, including the Company (real) offices in New Zealand, an appropriate Business Plan needs to take into consideration local NZ operations:

  • Operations considering NZ clients as priority market.
  • A comprehensive Business Structure in NZ established accordingly, considering qualified staff including a head trader, a Back-Office Manager and a Compliance manager to oversee all the regulatory aspects of the company operations; recruiting of the personnel to start after approved a commence operations.