If you find that the idea of being a banker appeals to you consider an interesting option offered by the country of New Zealand. If you would rather be the banker than a bank client offshore consider forming an NZOFC. This is a New Zealand Offshore Financial Company. What makes an NZOFC like is bank is that it can provide what are essentially banking sets for clients from anywhere on earth, except in New Zealand.
There are two very basic aspects of an NZOFC that discriminate it from a bank. First, an NZOFC cannot be called a bank and cannot be referred to in any way as a bank. Second, forming an NZOFC is significantly easier and less expensive than setting up a bank in New Zealand, or almost anywhere. Anyone from any nation on earth can form a New Zealand offshore financial company.
A distinguishing characterize of an NZOFC from a bank is that it is an offshore entity. It can be related legally with other offshore entities in a number of advantageous ways. It may well provide its principals with asset protection and privacy options not obtainable from ownership on a traditional bank.
What Makes an NZOFC Like a Bank?
An NZOFC can take deposits from its customer. It can offer loans. A New Zealand Offshore Financial Company can provide credit or debit cards to its clients and can wire move money internationally. Such a company can provide trust sets in addition as cash management sets and can market investments. An NZOFC can provide payment sets for customers distributed across the globe.
An NZOFC Shall Not Be Called a Bank
A New Zealand Offshore Financial Company is a hybrid institution that is not governed by New Zealand banking law. It does not deal with residents of New Zealand as clients. Although an NZOFC offers what are essentially banking sets to its clients New Zealand law prohibits calling an NZOFC a bank or implying that it is a New Zealand bank.
An NZOFC Is Easier and Less Costly to Set Up Than a Bank
An NZOFC has no capital requirements. Unlike a bank in New Zealand an NZOFC is not under the governance of the New Zealand Federal save Bank. An NZOFC will set up a relationship with a correspondent bank in New Zealand allowing it to provide sets not specifically provided for in law outlining how a New Zealand Offshore Financial Company itself will function. The paperwork for setting up an NZOFC is comparatively straightforward although it will be wise to acquire the sets of competent counsel to acquire licensing.
Possible Advantages of Forming an NZOFC versus Starting a Bank
Aside from the fact that it can be decidedly less expensive to form an NZOFC than a bank in New Zealand there can be other advantages too. These origin from the use of offshore solutions to asset protection and privacy issues. An NZOFC can be an asset of other offshore entities. These include but are not limited to a New Zealand Trust, a Panama Private Interest Foundation, or an International Business Corporation from any of several jurisdictions. Such an overall solution can have tax advantages and can be used to shelter the authentic business practices of the principals from the prying eyes of competitors. In a world where intrusion into the privacy of people’s private and business lives is shared an offshore solution including becoming a banker in everything but name can be very attractive.