On the 1st August 2012, the Companies Office will introduce a series of changes to the fees it charges for its services, including levies to fund the Financial Markets Authority ( FMA) and External Reporting Board ( XRB).
The current free service of filing company annual returns will be replaced with a fee of $45.00, which includes a $25.00 registration fee, $10.00 FMA levy and a $10.00 XRB levy. However, registration fees for New Zealand and overseas companies will reduce to $150.00. One of the most significant changes will be the fee for registering a prospectus, which will now include a FMA levy of $2,000.00.
Although the restructure of the Companies Office fees may seem somewhat abrupt in this withering economic climate, the new fee structure will address the Companies Office funding deficit and realistically reflects the true cost of providing these services to registered users. In order for the FMA to improve confidence in the capital markets and financial service providers the new levies will enhance education, licensing and supervision in the field. The XRB is responsible for financial reports and auditing and assurance standard setting. Cohesive functioning capital markets are fundamental to finance business growth in New Zealand and help drive economic expansion. By allowing the FMA and XRB to be adequately resourced, New Zealand can initiate clear rules and regulations for market participants to adhere to.