Prefer A Financing From A Bank Or A Private Company Become a Banker Offshore in Everything But Name

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Become a Banker Offshore in Everything But Name

If you find that the idea of ​​becoming a banker appeals to you, consider an interesting option offered by the country of New Zealand. If you want to be a banker rather than a bank client offshore, consider forming an NZOFC. It is a New Zealand offshore financial company. What makes NZOFC more like a bank is that it can essentially provide banking services to customers from anywhere on earth except New Zealand.

There are two very fundamental aspects of NZOFC that distinguish it from banks. First, NZOFC cannot be called a bank and cannot be referred to as a bank in any way. Second, forming an NZOFC is much easier and less expensive than setting up a bank in New Zealand or almost anywhere else. Anyone from any country on earth can form a New Zealand offshore financial company.

A distinguishing feature of NZOFC from a bank is that it is an offshore entity. It can legally be associated with other offshore entities in many beneficial ways. It can offer its principals the asset protection and privacy options available from ownership in a traditional bank.

What makes NZOFC like a bank?

NZOFC may collect deposits from its customers. It can lend. A New Zealand offshore financial company can provide credit or debit cards to its customers and transfer money internationally. Such a company may provide trust services as well as cash management services and market investments. NZOFC can provide payment services for customers scattered around the world.

NZOFC shall not be called a bank

A New Zealand offshore financial company is a hybrid entity that is not governed by New Zealand banking laws. It does not treat New Zealand residents as customers. Although an NZOFC essentially provides banking services to its customers, New Zealand law prohibits an NZOFC from calling itself a bank or stating that it is a New Zealand bank.

An NZOFC is easier and less expensive to set up than a bank

NZOFC has no capital requirement. Unlike a bank in New Zealand, NZOFC is not under the jurisdiction of the Federal Reserve Bank of New Zealand. An NZOFC will establish a relationship with a correspondent bank in New Zealand that allows it to provide services not specifically provided for in the legislation that describes how the New Zealand offshore financial company will operate itself. The paperwork for setting up an NZOFC is relatively simple although it would be wise to obtain the services of a licensed consultant.

Potential benefits of starting NZOFC vs Bank

Apart from the fact that it can definitely be less expensive to form an NZOFC than a bank in New Zealand there may be other advantages. These are achieved through the use of offshore solutions for asset protection and privacy issues. An NZOFC may own assets of other offshore entities. These include but are not limited to a New Zealand trust, a Panamanian private interest foundation, or an international business corporation in many jurisdictions. Such a holistic solution can have tax advantages and can be used to shelter the principals’ legitimate business practices from the prying eyes of competitors. In a world where intrusion into the privacy of people’s private and business lives is commonplace an offshore solution that involves being a banker in everything but name can be very attractive.

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