Gareth Morgan's The Opportunities Party officially registered

Gareth Morgan announcing the formation of The Opportunities Party. New Zealand Herald photograph by Mark Mitchell.

Gareth Morgan's new political party has been officially registered by the Electoral Commission.

Morgan launched The Opportunities Party (Top) last year and after signing up more than 2000 financial members applied for registration in January.

Top stood Geoff Simmons in the Mt Albert by-election last month, and he recorded 600 votes; 4.6 per cent of the total.

Simmons, an economist who worked for the Morgan Foundation and is now Top's chief of staff, declared the party happy with that result, given its target was 5 per cent.

The party has been holding events around the country to select candidates for its list.

Top will need to get at least 5 per cent of the party vote in the general election on September 23 to enter Parliament without winning an electorate.

At the 2014 election, Craig's Conservative Party received 95,598 votes and fell short at just under 4 per cent of the party vote.

A trained economist, Morgan amassed a fortune after selling his economic forecasting firm Infometrics in the late 1990s, later set up Gareth Morgan Investments, and received a windfall after a $75,000 investment in Trade Me, set up by his son Sam, turned into $47 million.

The reaction from established political parties to Top has been mixed. Green Party co-leader James Shaw and former Prime Minister John Key said it would be difficult for Top to get the 5 per cent of the party vote.