New Zealand Law permits private companies the ability to serve banking services under the New Zealand Law through what is called a New Zealand Offshore Finance Company, or OFC.
The organization of this program provides you an online bank, that is based in New Zealand. Your OFC can provide commercial and private banking services with very little or no restrictions to a worldwide customer base. Your New Zealand company can offer the same services as any fully licensed bank, however the word “bank” cannot be used in the entity name, alternatives such as “Credit Union” and/or “Savings & Loan” are often used. Laws change from time to time, so there is no guarantee that by the time you read this material that the laws regarding this type of legal tool have not changed. There may be additional licensing, approvals and filing requirements, depending on your desired mode of operation.
New Zealand OFC Services and Activities
- Deposit taking & lending
- Debit and credit card services
- Issuing of financial guarantees and instruments
- Cash management services
- Current accounts
- Checking accounts
- Savings accounts
- Term deposits
- Issuing of CDs
- Wire transfer services
- Payment processing services
- Fund management
- Marketing of investments
OFC Restrictions and Requirements
No Capital Reserve
– Any other private bank would have to reserve $1 million to $30 million dollars prior to being licensed. Your New Zealand OFC does not have a capital reserve requirement.
– OFC Shareholders and Directors can be of any nationality and reside anywhere in the world. Only one Shareholder and one Director is required.
New Zealand Offshore Finance Company Package
Offshore Corporation.com offers a complete turn-key service to start your New Zealand Offshore Finance Company. This includes organizing your New Zealand Offshore Finance Company , forming a holding company, providing online banking software and wire management tools.
Your company documents will be drafted and submitted to the appropriate New Zealand government office. Though not required, you may opt to have a physical address, phone number and office space in New Zealand for your OFC, for an additional fee. You will receive a corporate kit and seal as well as a record book. Depending on your mode of operation, you may need to apply for operating licenses, permits and documentation to be in full compliance with local regulations for operating your desired activities.
The use of a holding company may allow you to receive inbound wire transfers that will be bulk transferred into your OFC bank account if allowed by New Zealand law for your type of activity.. This creates a fast and secure way to manage your wire activity.
We can provide assistance obtaining online banking software, if desired, to administer your finance company, for an additional cost. Plus we can arrange a bank account where you have the ability to send and receive wires for your institution.