If you move the app as system app will not be deleted after factory reset. The application in other hand need to work without an account configured on the phone. For example, if the app that you are converting to system app, need an account configured at setting, it'll not work since after the factory reset the accounts are deleted.
LBE Security (the chinese security software) have an recovery my phone feature, and you can (from that app itself) mark it for been keep even thru the factory reset.
It would be awesome if google some day will mark the serial, imei or something of the phone to your google account, like apple does, so if anybody connect the phone again to internet, will be blocked. But since most of the android's phone can be easy re-flash (the rom) and even modify the imei, its sort of useless.