FSP requires yearly reporting, not a big issue
Yes, you can offer bank accounts.
You acquire a wiring services through a wire provider like Banclear, same as small banks do. There are other wire providers
"And wouldn't a FSP need a corresponding bank?" No, that comes with the service
Setting up the company (FSP) is rather easy. The prices you see on the net are highly exaggerated
Nexor is a simple software a lot of FSPs use, there are others like banking4bankers. You´ll have to check with the Wire Service provider for compatibility/preference. PM me is you have any Qs
From the New Zealand Legislation site
http://www.legislation.govt.nz/regul...resel&p=1&sr=1
Financial Service Provider (Dispute Resolution and Registration) Act 2008
This law requires Financial Service Providers (FSPs) to be registered in the Financial Service Provider Register which finally went live in August 2010. This registration requirement applies to anyone offering services in or from New Zealand, regardless of where the clients of the FSP are located. FSPs offering services to retail customers are also required to join a government approved Dispute Resolution Scheme.
A Financial Service is defined as follows (Section 5a of the Act):
In this Act, financial service means any of the following financial services:
(a) a financial adviser service:
(ab) a broking service:
(b) acting as a deposit taker as defined in the Reserve Bank of New Zealand Act 1989:
(c) being a registered bank:
(d) keeping, investing, administering, or managing money, securities, or investment portfolios on behalf of other persons:
(e) providing credit under a credit contract:
(f) operating a money or value transfer service:
(g) issuing and managing means of payment (for example, credit and debit cards, cheques, travellers’ cheques, money orders, bankers’ drafts, and electronic money):
(h) giving financial guarantees:
(i) participating in an offer of securities to the public in either of the following capacities (within the meaning of those terms under section 2(1) of the Securities Act 1978):
(i) as an issuer of the securities:
(ii) as a promoter:
(ia) acting in any of the following capacities (within the meaning of those terms under section 2(1) of the Securities Act 1978) in respect of securities offered to the public:
(i) as a trustee:
(ii) as a unit trustee:
(iii) as a superannuation trustee:
(iv) as a manager:
(j) changing foreign currency:
(k) entering into derivative transactions, or trading in money market instruments, foreign exchange, interest rate and index instruments, transferable securities (including shares), and futures contracts on behalf of another person:
(l) providing forward foreign exchange contracts:
(m) acting as an insurer:
(n) providing any other financial service that is prescribed for the purposes of New Zealand complying with the FATF Recommendations, other recommendations by FATF, or other similar international obligations that are consistent with the purpose of this Act.
New Zealand FSP by Banking4bankers
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