Ministry of Economic Development - Business Update 2010

BUSINESS UPDATE Seminar Session

• business.govt.nz

• The Companies Office

• The Personal Property Securities Register (PPSR)

• The Financial Service Providers Register (FSPR)

The New Zealand Government Business Portal

www.business.govt.nz

• Managing your cash flow

• What to do if you want to employ staff

• How to develop sound environmental practices

• Marketing and promoting your business

• Where to go to get more specific business advice

• Tax

• ACC

Information available to help your business:

Government Initiatives

• Tools and services from: Inland Revenue

Statistics New Zealand

Department of Labour

Companies Office

• You can find information on: Job support package

Tax changes

90 day trial period for new staff

Health and capability tools for your business

Survival templates

• Cash flow templates and calculators Collecting debt calculator

Calculate your charge out rate

5 ways to increase profit

• Marketing templates and calculators Market research survey

Profile your customers

Advertising budget timeline

• Business planning templates Setting your goals

Conducting a SWOT analysis

What’s in the Pipeline for the Business Portal?

• New look and feel – 28 June 2010

• Introducing Online Transactions in 2010 for Companies Office Personal Property Securities Register Intellectual Property Office of New Zealand Department of Labour

• Your ‘First Stop’ for doing business

• Content Partner

Immigration Act 2009 – Employer Obligations

• Employers to exercise due diligence when hiring

• Act removes sighting an IR330 tax code declaration as a reasonable excuse - if employer fails to check a person’s entitlement to work and the person is not entitled to work for that employer - the employer could be prosecuted.

• Reducing compliance costs by providing a new online service to employers to check prospective employees’ entitlement to work

• Act commences late 2010

Online Employer Enquiry Service• Online Enquiries at employer’s convenience• Simple, easy-to-use, reliable, authoritative source• Maintain records of Enquiries, protect Privacy• Meet compliance requirements• Use igovt (Government Logon Service)• Soft launch of service planned August 2, 2010• More information can be found at

http://www.dol.govt.nz/actreview/factsheets/factsheet-09.asp

• Immigration New Zealand Contacts: Lisa Johnstone (Senior Business Analyst) Lisa.Johnstone@dol.govt.nz

business.govt.nz Contacts

Website

Twitter

Facebook

| www.business.govt.nz

| twitter.com/business_govtNZ

| facebook.com/business.govt.nz

The New Zealand Companies Office

www.companies.govt.nz

New Services Introduced | 2008/2009

• Director and banned person search for mobile phone devices

• New validation service for company extracts and certificates of incorporation

• Business Industry Code online search

More Companies Office Services

• World Bank Doing Business 2010 rankings New Zealand ranked number one country for ease of doing

business

• Australian Securities & Investments Commission (ASIC) Data exchange between Australia and New Zealand

• New ways of interacting with our clients

Statistics | July 2008 - June 2009

• Close to 48,000 New Zealand companies were registered

• Over 27 million register searches

Total Entities per Register (J uly - J une)

0

200

400

600

Th

ou

san

ds

Entity Type

# o

f Enti

ties

07/08 506,300 1,446 18,028 22,310

08/09 520,777 1,499 18,794 22,681

New Zealand Companies

Overseas Companies

Charitable TrustsIncorporated

Societies

Focus: New IT platform for corporate registers

• Personalisation

• Intuitive and self-driven user experience

• igovt logon

• Catering for an easy integration of future technologies and services

Rollout plan: New Zealand Companies Office – 28 June 2010

Financial Service Providers Register – July 2010

Other Corporate Entities (e.g. Incorporated Societies) – progressively throughout year

Social Media

http://blog.companies.govt.nz

http://twitter.com/CompaniesOffice

http://www.facebook.com/CompaniesOffice

NewZealandCompaniesOffice

Companies Office Contacts

Website

Mobile site

Phone

Skype

| www.companies.govt.nz

| http://m.companies.govt.nz

| 0508 COMPANIES (226 726)

| NewZealandCompaniesOffice

Personal Property Securities Register (PPSR)

www.ppsr.govt.nz

Financing Statement Registrations    

0

200

400

600

800

01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09

Th

ou

san

ds

Financial Years (J ul- J un)

# o

f re

gis

trati

on

s

PPSR Searches

0

1

2

3

01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09

Mil

lion

s

Financial Year (J ul- J un)

# o

f se

arch

es

TotalSearches

Motorvehiclesearches

Debtorpersonsearches

Debtororganisationsearches

PPSR Contacts

Website

Email

Phone

Twitter

Facebook

| www.ppsr.govt.nz

| info@ppsr.govt.nz

| 0508 PPSR INFO (777 746)

| twitter.com/nzppsr

| facebook.com/nzppsr

Financial Service Providers Register (FSPR)

www.fspr.govt.nz

New Legislation

• Why? To address consumer and government concerns about the

financial industry in New Zealand

• What? Two companion pieces of legislation were passed:

– Financial Service Providers (Registration and Dispute Resolution) Act 2008

– Financial Advisers Act 2008

What are the benefits of the new regime?

• Good for business and competition Transparency and availability of business information

• Good for consumers and integrity Consumers now have an avenue of redress – Dispute

Resolution Schemes dedicated to financial services disputes

The Act prohibits certain people from being involved in the management or direction of registered FSPs

Consumers wanting financial advice can choose people that are registered and those that also have authorisation from the Securities Commission

What is the FSPR?

• A public, searchable register of financial service providers who operate in New Zealand. Examples are: Financial advisers

Money changers

Credit providers

• Where is the Register held and where do FSPs apply for registration and authorisation? Online at www.fspr.govt.nz from July 2010

Financial Service Providers Act comes into force 1 December 2010

Financial Advisers Act comes into force 1 July 2011

Who is behind the FSPR?

• The New Zealand Companies Office

Maintenance of the electronic Register

• Ministry of Consumer Affairs Administering the approved Dispute

Resolution Scheme regime and the government’s Reserve Scheme

• Securities Commission

Financial advisers (AFA and RFA) and Qualifying Financial Entities (QFE) regimes

What are common financial services?

The full definition of financial services is provided in section 5 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008

• Mortgages, saving and cheque accounts, and loans Services your bank, building society, or credit union may offer

• Insurance Including life, health, home/contents, and vehicle

• Money management and/or advice

• Investment management and/or advice

• Consumer loans and credit Such as when you sell an item on credit or provide a cash loan

• Foreign currency exchanges Whether buying or selling

• Money transfers

Examples of common financial service providers

• Building Societies

• Credit Providers

• Credit Unions

• Financial Advisers (including financial planners)

• Finance Companies

• Foreign Currency Exchange Dealers

• Fund Managers

• Insurers

• Investment Portfolio Managers

• Issuers

• Money Changers

• Registered Banks

Excemptions are provided in section 7 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008

Application for FSP Registration

Criminal History Check by Ministry of Justice

Yes

No further action

Applied for Authorisation?

No

Application referred to Securities Commission

for processing

FSP Registration Complete

Join a Dispute Resolution Scheme

(DRS)

Dispute Resolution Schemes

• Two options One of the approved Dispute Resolution Schemes

Government’s Reserve Scheme

• Sort your membership before beginning the registration application process

• Each scheme will have its own membership fees, requirements, and rules

• Visit www.consumeraffairs.govt.nz for more information

To summarise:

• If in doubt, check with your lawyer about your need to register

• Get your dispute resolution scheme membership sorted before you start to register

• If you need to be authorised, get ready now – Securities Commission has the information you need

• Registration is designed to be simple and easy, but if you need help, FSPR provides online help and a freephone

FSPR Contacts

Website

Website

Website

Email

Phone

Twitter

Facebook

| www.fspr.govt.nz

| www.consumeraffairs.govt.nz

| www.seccom.govt.nz

| info@fspr.govt.nz

| 0508 FSPR INFO (377 746)

| coming soon

| coming soon

Questions?

www.business.govt.nz

www.companies.govt.nz

www.ppsr.govt.nz

www.fspr.govt.nz

Receive up to date and late breaking news from the Ministry of Economic Development - subscribe to the Business Update at http://news.business.govt.nz

| 0508 COMPANIES (266 726)

| 0508 PPSR INFO (777 746)

| 0508 FSPR INFO (377 746)