Eternity Law International — News — EMI License in New Zealand

EMI License in New Zealand

Published:
September 19, 2022

New Zealand, renowned for its breathtaking landscapes and thriving economy, presents an appealing prospect for businesses seeking a global foothold. One vital consideration for companies operating in New Zealand is the acquisition of an EMI (Electronic Money Institution) license. This article will explore the prerequisites, fintech solutions, advantages, bank accounts, payments,  transactions, prices, sale processes, taxation implications, and the benefits of choosing our services to facilitate the EMI licensing journey in New Zealand.

Requirements for Obtaining an EMI License in New Zealand

Before delving into the benefits and procedural aspects, it’s essential to grasp the prerequisites for securing an EMI license in New Zealand. These requirements typically encompass:

  • Fit and Proper Assessment: Applicants and key personnel must undergo a “fit and proper” assessment to ascertain their integrity, competence, and financial soundness.
  • Business Blueprint: An extensive business plan outlining the EMI’s operations, risk management strategies, and compliance framework.
  • Compliance Framework: A robust framework to ensure adherence to New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) regulations.
  • Capital Adequacy: Demonstrating sufficient capitalization, with the amount varying based on the scale and nature of the EMI’s operations.
  • Technology and Security: Proven technological infrastructure and security measures to safeguard customer capital, transactions, sales and bank accounts.

Advantages of Holding EMI Licenses in New Zealand

Securing an e-money license in New Zealand offers numerous advantages, including:

Global Reach: EMI license holders can operate on a global scale, reaching a vast customer base without geographical issues.

Regulatory Stability: New Zealand’s stable and well-regulated financial sector instills trust in customers and partners alike.

Financial Inclusion: EMIs can contribute to financial inclusion by extending services to unbanked or underbanked populations.

Revenue Potential: EMIs can generate revenue through payments, currency exchange services, and interest on customer deposits.

Innovation Hub: New Zealand fosters fintech innovation, making it an attractive hub for EMI startups and creative financial solutions.

Procedures for Attaining an EMI License in New Zealand

The process of obtaining an EMI license in New Zealand encompasses several key steps:

Preparation: Develop a robust business plan, compliance framework, and financial projections that align with regulatory criteria.

Application Submission: Submit a comprehensive license application to the Financial Markets Authority (FMA), the regulatory entity responsible for EMI licenses.

Due Diligence: Undergo a thorough due diligence process, including background checks on key personnel and an assessment of your business plan.

License Issuance: Upon approval, the FMA will grant the e-money license, permitting you to issue your operations.

Inclusive Services Offered by Our Team

Navigating the intricacies of obtaining an EMI license in New Zealand can be simplified by collaborating with professional consultants like us.

 Our services encompass:

  • Regulatory Guidance: Expert guidance on adhering to all regulatory prerequisites.
  • Application Support: Assistance in preparing and submitting a comprehensive license application.
  • Compliance Assistance: Direction in establishing a robust compliance framework.
  • Ongoing Support: Continuous support to ensure ongoing compliance and operational success.

Taxation of EMI Companies in New Zealand

EMI companies in New Zealand are subject to corporate income tax on their profits. However, New Zealand’s transparent tax law and competitive corporate tax rates render it an attractive destination for registered  companies.

Cost Considerations for an EMI License in New Zealand

The price associated with obtaining an EMI license in New Zealand can fluctuate based on factors such as the complexity of your business model and the extent of consultancy services required. It is advisable to budget for application fees, compliance costs, and ongoing regulatory expenses.

Our Advantages

Opting for our services when pursuing an EMI license in New Zealand offers a range of benefits:

Expertise: Our team comprises experts with an in-depth understanding of New Zealand’s regulatory landscape.

Efficiency: We streamline the application process, reducing the time required to secure your EMI license.

Compliance Assurance: We ensure your EMI maintains compliance with all law mandates.

Cost-Effectiveness: Our services are designed to be cost-effective, enabling you to concentrate on expanding your registered company.

In Summary

Securing an EMI (Electronic Money Institution) license in New Zealand has the potential to open doors to a wealth of opportunities for your financial services business. By meeting regulatory requirements, you can foster trust, ensure compliance, and access the thriving New Zealand economy. Collaborating with our services can streamline the process, enabling you to attain your goals with efficiency and effectiveness.

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