New Zealand offshore finance company:
An Offshore Finance Company (OFC) can offer banking services to both private individuals and corporations worldwide, with no limitations on number of customers, amounts on deposit or number of currencies.
The OFC can offer virtually anything a fully licensed bank can offer, but the word bank cannot be included in the name. Activities of an OFC can include but are not limited to:
- Deposit taking & lending
- 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 shareholders can be of any nationality and resident anywhere.
Although the OFC is not subject to Central Bank supervision and regulation, its activities are regulated by several acts. Some of the relevant act 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.
- New Zealand Offshore Finance Company Summary. Requirements to set up New Zealand OFC.
- New Zealand OFC Compilances.
- New Zealand OFC Packages
Click here for consultation