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Warning about New Zealand Financial Institutions

By admin | July 1, 2009

Although we are generally very positive about New Zealand as an offshore financial centre (I particularly like New Zealand trusts for Asset Protection planning) we are becoming slightly concerned about the way it is being used by some parties. We’ve recently warned on the Q Wealth blog and elsewhere about Hatfield Oak International. And there are numerous other companies out there doing similar things.

The following was received from a reputable incorporator in New Zealand with whom we have worked for some years… and I quote:

Several other companies providing NZ incorporations by misleading people into thinking that the company has been set up in a legally tax free way. In some cases there are breaches of the Companies Act apparent where an Auditor has not been appointed (even though foreign ownership is greater than the 24% level). In other cases clients are being sold ordinary companies with no Constitution as being Financial Institutions. We see incorrect name usage. We see websites making false claims on Licensing. We see an Asian company making false residence claims in connection with Registered Office and place for service of documents. We have recently been contacted by a number of professional clients who are asking to change these companies to our services as they have learned that they were in breach of NZ regulations.

Unfortunately, we are not able to take on most of these companies as to do so would be very dangerous to our business and existing clients. The best that we can do is to form a new company with a similar name and transfer the assets / business of the former company to the new company. We are also concerned that breaches of the current regulations will force a review of the regulations with good clients having to contend with greater compliance (and costs arising). If we can see these obvious breaches without going looking for them we are sure that the Authorities will also have seen them.

So, if you want to put your money in one of these unlicensed New Zealand financial institutions, don’t say that Peter Mac didn’t warn you…!

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