Documents
Resources
Learning Center
Upload
Plans & pricing Sign in
Sign Out

Friendly societies Credit unions

VIEWS: 23 PAGES: 2

Friendly societies Credit unions

More Info
									                      Company Registered Number 1898580

 Reg. Office & Business Office              Tel: (64) 9 303 2274           P.O. Box 5033
 Suite 1504, 363 Queen Street               Fax:(61) 7 312 36014           Wellesley Street
 Auckland Central, 1010                     www.globalfinnet.com           Auckland 1141
 New Zealand                                Email: info@globalfinnet.com   New Zealand


                                      Friendly societies

A friendly society is not a body corporate. It can best be described as a voluntary
society funded by the subscriptions from members for their welfare and that of
their families and near relations in sickness, childhood, old age and infirmity.

Government charges for Friendly Societies are far from friendly and so we consider
these structures to be of only limited interest and will not spend further time on
them unless you request specific information from us.

                                         Credit unions

A credit union is registered under the Friendly Societies and Credit Unions Act
1982. A credit union is a financial co-operative and its main object is to provide
members with loans for everyday purposes at a minimum rate of interest.

A credit union is a member-owned co-operative financial organisation set up to
provide savings and loan facilities for its members. A common bond must exist
among the members, for example, residing in a particular geographical location or
being employed by a particular employer. Members invest their savings and
receive a dividend.

A credit union is a member-owned co-operative financial organisation set up to
provide savings and loan facilities for its members. A common bond must exist
among the members, for example, residing in a particular geographical location or
being employed by a particular employer. Members invest their savings and
receive a dividend.

Incorporation information

1. Who may apply?

A society may apply if it has a membership of not less than 21 adults (persons over
the age of 18) and rules that comply with section 104 and the objects are those set
out in section 101 of the Credit Unions Act 1982.

The Registrar must be satisfied that membership is restricted to persons who fulfil
specific qualification (set out in section 102) and that a common bond exists
between the members.

2. What needs to be filed?

An application along with a copy of the credit union's rules which include those
matters set out in the Fourth Schedule.
3. What fees are involved?

The Government fee for registering as a credit union is NZ$400. You will be obliged
to pay a private service provider such as ourselves for other necessary services
and should seek a quote if this structure interests you.

A Global Finnet Member company provides a bank account opening service with a
range of banks located around the world. They will be happy to assist you in
setting up banking arrangements to suit your needs.

New Zealand has extensive Tax Treaties. We suggest that you explore the
possibility of further tax advantages for you with your own local tax advisors.

There are double taxation tax treaties between New Zealand and the following:
Austria, Australia, Belgium, Canada, Chile, China, Czech Republic, Denmark, Fiji,
Finland, France, Germany, India, Indonesia, Ireland, Italy, Japan, Malaysia,
Mexico, Norway, Poland, Republic of Korea, Russian Federation, Singapore, South
Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, The Netherlands, The
Philippines, United Arab Emirates, United Kingdom, United States of America.

								
To top