Bank License – Asset management company, NEW ZEALAND Offshore Financial Service Company , OFC

Bank License – Asset management company: New Zealand OFC (Offshore Financial Service Company)

NEW ZEALAND Offshore Financial Service Company

A New Zealand Offshore Financial Service Company (OFC) is allowed to offer financial services outside of New Zealand provided that the law of New Zealand or the law of the provider /distribution countries is not violated.

For the realization a New Zealand Limited (ltd) is founded, that acts as an offshore financial service corporation. Generally the following services are required:

Founding of New Zealand OFC, entry in commercial registry of New Zealand
Registered Agent New Zealand
Registered Office New Zealand and head office in New Zealand: not a mere „letter box company“. We can link-up to a business center in New Zealand: company nameplate, own telephone number, personal call reception with name of corporation, fax, mail forwarding. Also possible is the temporary or continuous use / leasing of completely furnished office and conference rooms at the business center.
Tax number for the New Zealand OFC
VAT ID number for the New Zealand OFC (VAT)
Account opening New Zealand or in another country

The New Zealand OFC is not subject to supervision and regulation of the country’s central bank. This is why a New Zealand Offshore Financial Service Corporation does not receive loans from the central bank of a country. However a New Zealand Offshore Financial Service Corporation does not move around in an “unlegislated area“. There are a number of relevant laws:

Bills of Exchange Act 1908
Cheques Act 1960
Companies Act 1993 (law on shares/limited liability company law)
Consumer Guarantees Act 1993
Credit Contracts and Consumer Finance Act 2003
Electronic Transactions Act 2002
Fair Trading Act 1986
Financial Transactions Reporting Act 1996 (prevention of money laundering act)
Investment Advisers (Disclosure) Act 1996
Personal Property Securities Act 1999 (securities, stocks and bonds act)
Proceeds of Crime Act 1991 (law regarding criminal earnings)
Property Law Act 1952
Reserve Bank of New Zealand Act 1989
Securities Act 1978
Unclaimed Money Act 1969

The regulations for a New Zealand Offshore Financial Company do not stipulate a minimum initial capital / equity. We offer the following services for the founding of a New Zealand OFC:

Incorporation of the New Zealand Limited, Entry in New Zealand commercial registry, three sets certified founding documents, apostille
Registered Agent New Zealand paid for one year (legally required)
Registered Office address New Zealand paid for one year
Registration as Financial Service Corporation
Paid government fees Companies House New Zealand
Link-up with a tax consultancy New Zealand for ongoing accountancy, advance turnover tax returns and annual financial statement
Tax number and goods and services tax ID (GST)
Link-up head office New Zealand (Business Center)
Help with account opening for New Zealand OFC

New Zealand Offshore Financial Service Company: Place of Management

To prove that the place of business is in New Zealand a resident of New Zealand should be appointed for business management:

either the client – or a representative – moves his place of residence to New Zealand and acts as director of the New Zealand OFC himself, or a resident of New Zealand is appointed as director

However, we offer the possibility to provide a New Zealand address with telephone number (mail box, see above). We can also assist with house hunting in New Zealand.

The alternative would be a nominee director in New Zealand.

Generally, please notice the following:

In order to prove that the business is solely based in New Zealand so the New Zealand law is effective (important!), and with that New Zealand has the taxation authority, the following requirements are to be met:

Place of business management as place of business
Duly place of business in New Zealand, not a mere „letter box company“
the clients’ contractual partner is solely the New Zealand OFC with place of business in New Zealand

New Zealand Offshore Financial Service Company: Taxes New Zealand /Offshore Administration and Management Corporation / Shareholder

New Zealand taxes profits from capital companies with 33%.

There is the possibility to set-up an Offshore corporation in a low-tax country, that acts as “administration and management corporation” of the New Zealand OFC and invoices the New Zealand OFC for these services.

Because of tax-based considerations the country of the offshore corporation should have a double taxation agreement with New Zealand.

Fees depend on country and services.

Owner (Shareholder) of the New Zealand OFC can be every natural –or legal person within or outside of New Zealand. One has to bear in mind, that only a double taxation agreement between both countries can reduce the tax at source for outflow dividends. If a double taxation agreement doesn’t exist the client should consider to “interpose” a foreign holding.

New Zealand has DTAs and protocols in force with:

New Zealand Offshore Financial Service Company: Nexor One

The NexorOne™ Online Banking System is a entirely online account manager for pooled funds. It generates messages to the administrator transmitting the instructions from the users. With a user friendly menu and thoroughly tested, completely self customizable interface the software provides a solid platform allowing your customers to feel confident that they are backed by a stable institution. Making use of every available advantage of the internet and online banking, the system gives the users the ability to execute every kind of transaction and use all the services offered by the financial institution on a cross-browser compatible interface. It makes it the perfect tool to have a low cost interaction with customers, while still able to tend to all their needs. The users are able to transfer money in/out/between accounts and to debit cards (optional).

By safely empowering the users to request transactions online, assisted by the system, the administrator has only to accept or cancel operations while viewing on screen all the information needed to take the decision. Since all the transactions are performed through the system only, the accounting and detailed customizable reports are always in real time and up to date. Additionally, the system keeps a detailed trail of all activities, making it very easy to narrow down precisely when those activities occurred. The system can automatically generate revenue by applying customizable transaction fees predefined by the administrator. The system offers the ability to handle accounts in different currencies, as well as a multi-language capable interface to expand to distinct international markets and the multi-region friendliness for defining all the different formats.

Online banking system for account management and secure messaging with customers

Interfaces and Options:

Main features the Administrator is able to access:

System messages – Generated when the users request certain transactions, automatically processed and replied to when executed by the administrator. These transactions require individual attention for completion.
User messages – secure messaging within the system. Either manually generated by the users when contacting the administrator or by the administrator himself to create messages to an individual user or a general message to all users.
System Log – serves as a log of all the activities in the system by keeping records of all the changes made by either the users or the administrator.
Profile editor – create or search-view and/or modify users profiles in the system as well as to modify the administrator’s profile.
Account manager – create or search-view and/or modify accounts to then activate, inactivate or block them. Also, to associate optional card accounts to enable users to transfer funds to them.
Manual transactions – to manually debit or credit any account in required instances. An additional feature is the ability to select the revenue option which will include the transaction as a generated fee (thus appearing in the administrator Revenues Report).
Revenue manager – to manage the revenues generated either automatically by the system or manually by the administrator.
Portfolio manager – to administrate and manage user’s passive portfolios.

Reports
- Specific User Reports
  - Specific user – Specific account – All transactions
  - Specific user – Specific account – Ranged executed transactions
  - Specific user – All accounts – Executed transactions
  - Specific user – All accounts – Balances
- Global System Reports
  - All users – All accounts – Balances
  - Manual transactions
  - Revenues generated (Manual, System or Both)
  - Balance sheet
  - System overview
System configuration settings – where the administrator can customize the system as well as the initial setup of the account types, transfer fees, etc.

Main features the Users are able to access:

Account balances – which shows all accounts with current/available balances, including optional associated debit card accounts. Additionally the user may view the last 10 transactions of any account for a quick overview.
Messages generated by the system – when any transaction request has been executed (i.e. a requested wire transfer, manual transactions applied to an account or changes in the user profile).
Messages sent by the administrator – contacting the user specifically or a group of users for announcements.
Incoming wire transfers – to transfer funds from an external bank into any account. The system will guide the user to create a print out of a pre-elaborated page with the needed information such as the correspondent bank information and the user’s personal reference account number. This can then be faxed by the user to his bank.
Outgoing wire transfers – to wire transfer funds out of any account. The system will provide an on-line form with the needed details for the wire transfer to be later executed by the system administrator. Includes the option to select which transfer fee to apply (i.e. standard or express).
In-house transfers – to transfer funds between accounts of the same user or to transfer funds to an account of a different user.
Optional Debit Card funding – this creates a request to the system administrator to execute a debit card funding (only debit card accounts pre-associated to any user). Includes the option to select which transfer fee to apply (i.e. standard or express).
Profile editor – to view/modify the user’s profile and password in the system.
Reports
- Specific account transactions
- All accounts executed transactions

Customized Solutions and Enhanced Support

We offer a complete solution to all our clients’ needs, which means that after NexorOne™ is bought as a stand alone package, we’ll back you up with all the tools you might need.

If you have the IT staff but just need help with the initial setup, installation and integration with your website, we offer an Installation and Integration Support.
If you need our IT staff to help you with the software as an ongoing support team, we offer an Active License and Support.
If you don’t have the IT team nor the facilities and servers to host the system, we offer a complete Hosting Solution Package which comes with a support contract and the necessary security measures to run your system.