New Zealand Finance Company

Article by Reserve Bank Governor

A Finance Company also called New Zealand Financial Institution (NZFI), can offer financial services to private persons and corporations anywhere, with no limitations on the number of customers, amounts on deposit or number of currencies. The NZFI can offer virtually anything a fully licensed bank can offer, but the word BANK cannot be included in the name. The words SAVINGS and LOAN can be used. Activities of a NZFI can include but are not limited to:

* Deposit taking & lending                                          Information from elsewhere

* Debit and credit card services

* Issuing of financial guarantees and instruments

* Cash management services

* Current accounts

* Cheque (Checking) accounts

* Savings accounts

* Term deposits

* Issuing of CDs

* Wire transfer services

* Payment processing services

* Fund management

* Marketing of investments

The company is not subject to capital reserve requirements. Directors and Members can be of any nationality and resident anywhere. Although the NZFI is subject to some Reserve Bank supervision and regulation, several Acts regulate its activities. Some of the Acts are listed below:

Bills of Exchange Act 1908

Cheques Act 1960

Companies Act 1993

Consumer Guarantees Act 1993

Credit Contracts and Consumer Finance Act 2003

Electronic Transactions Act 2002

Fair Trading Act 1986

Financial Transactions Reporting Act 1996

Investment Advisers (Disclosure) Act 1996

Personal Property Securities Act 1999

Proceeds of Crime Act 1991

Property Law Act 1952

Reserve Bank of New Zealand Act 1989

Securities Act 1978

Unclaimed Money Act 1969.

Our package is designed to provide a ready to use fully compliant Finance Company, allowing the buyer to focus on offering financial services while our office will ensure that the company is in compliance with local regulations and requirements.

Key Features:

1. Time Frame for establishing a new ready to operate NZFI: 4-8 days

2. Minimum number of directors required: 1

3. Minimum number of shareholders required: 1

4. Annual audited report required: Yes, or our nominee shareholder

5. Local registered office and agent required: Yes

6. A real local office staffed by real people during normal business hours; yes

7. Annual fees for maintaining good standing status: €3,500

8. Monthly Compliance and support as described in this report: €300

9. Total cost for the NZFI package (first year minimum) €7,100.

10. The total price will include all government and standard legal fees.

11. Approved Issuer Levy (on interest paid to customers) 2%

12. Tax on reported company profit (if any): 30%

New Zealand - Financial Centre

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