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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
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