“While there are laws in New Zealand regulating financial activities, there are no regulatory entry barriers as such for the business of banking when services are offered to non-residents only (offshore),”
York, United Kingdom (PRWEB) December 02, 2013
As Michael Magnusson states in his new book, New Zealand is generally perceived as a high tax country and consequently has not been a target in the international campaign against offshore tax havens. According to Magnusson, New Zealand offers secretive zero tax structures for offshore activities. Perhaps even more remarkable, the legal framework allows for virtually anyone to start a bank without being subject to any capital or qualification requirements.
In his book, “The Land without a Banking Law,” Magnusson describes New Zealand offshore finance companies as banks, both in a legal and practical sense, but not registered banks under the supervision of the Reserve Bank of New Zealand.
“While there are laws in New Zealand regulating financial activities, there are no regulatory entry barriers as such for the business of banking when services are offered to non-residents only (offshore),” says Magnusson.
In "The Land without a Banking Law,” readers will learn how to form and register a New Zealand company online, and how to obtain registration as a bona fide Financial Service Provider (FSP). In addition, the regulatory framework and upcoming changes to the relevant legislation are explained.
"The total investment required for setting up a banking business, just as any other business, obviously varies depending on the business model. It is however quite possible to form and register a legal entity with full legal capacity to offer banking services to clients worldwide, for a total cost of less than one thousand dollars, just as the perhaps somewhat controversial subtitle of the book indicates", says Magnusson.
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Visit Start A Bank for further details and ordering information.
The Land without a Banking Law – How to Start a Bank with a Thousand Dollars
Publisher: Opus Operis LLP - United Kingdom
Author: Michael Magnusson - Panama - Sweden - Netherlands
Paperback: 236 pages
BISAC: Law / Banking