Company Formation New Zealand
Despite its size, New Zealand is an economic powerhouse in terms of productivity and market diversity. New Zealand has consistently been one of the best places in the world to do business. Its multicultural makeup facilitates a diverse, responsive economy.
WHY REGISTER A COMPANY IN NEW ZEALAND
- stable political and economic environment;
- the simplicity of the process of incorporation and maintenance of business;
- equal business opportunities for residents and non-residents;
- the relatively low tax burden on business;
- availability of options for the protection of assets;
- the average cost of hiring local workers who are sufficiently qualified.
STEPS FOR REGISTERING A COMPANY IN NEW ZEALAND
- Selection and reservation of a unique name for the company.
- Search and registration of the legal address.
- Preparation of constituent documents and registration forms. Submission of the package of documents to the registrar for review. Entering information about the new company to the New Zealand Companies Registry.
- Registration to pay taxes and mandatory social contributions.
- Opening bank account(s).
- Obtaining licenses for certain types of businesses.
TYPES OF COMPANIES
- A limited liability company is a form of doing business in which the financial and legal liability of the participants is limited to the amounts of their contributions. This legal entity can be registered even by a single member, including a non-resident. Only one resident director will be required for the company.
- A joint-stock company is a form of business suitable for attracting external financing. A business can be established even by a single member, with liability always limited only to the number of shares held. Shares can be freely alienated and offered to third parties. Stricter registration and record-keeping requirements apply to JSCs.
- A limited liability partnership is a form of business based on a partnership agreement between a minimum of two persons, including (1) one resident partner who is fully responsible for the results of the partnership and manages it and (2) one or more partners, whose liability is limited to the number of contributions to the partnership.
- A branch is the easiest business option for a non-resident company that plans to test local market opportunities before investing more significant sums. A branch requires only registration but does not acquire the status of a legal entity. The parent company is fully responsible for its activities.
- A trust is an option that, in certain forms, offers opportunities for integration into an existing corporate group, acting as an effective tax planning tool. An essential nuance of trust regulation is the need to comply with AML rules.
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