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New Zealand is one of the global hubs for innovation and development. As per records of the World Bank, this country ranks second for ‘Ease of Doing Business’ in the world. There are different opportunities present in New Zealand. Hence any individual wanting to register his business would go for the process of company registration in New Zealand.
However, an individual wanting to start or establish a company in New Zealand has to comply with the requirements of local domestic law. In this article, the procedure of company registration in New Zealand is going to be analysed.
The main law that regulates company registration in New Zealand is the Companies Act, 1993. All the different processes and procedures related to company registration in New Zealand is governed by this law.
Though the area offered in New Zealand is quite small, still there are different forms of government incentives offered for development of companies in New Zealand. An individual wanting to go for the process of company registration in New Zealand has to ensure that compliance is maintained as per the requirements of the Companies Act, 1993.
There are different benefits of company registration in New Zealand.
Below are some of the benefits which can be enjoyed by an entrepreneur or applicant going for the process of registering a company in New Zealand:
Dynamic Environment– New Zealand offers a dynamic environment for companies to establish and operate. Once companies are established, they can diversify their businesses to other cities such as Christchurch, Auckland and Wellington. Apart from this, companies can also expand their businesses outside New Zealand. Australia has set precedent for maintaining good bilateral relationship with New Zealand. Hence companies can expand their services to countries such as Australia.
Hub for Development and Support- New Zealand is known as the hub for development of companies and continuous support from the government. Development would include technology incentives and support to companies to operate seamlessly and smoothly. Added to this, there is constant support.
Incentives from Government- The Government of New Zealand bring out constant support programs for companies to grow and develop. Entrepreneurs can secure the benefits of such support programs and incentives which are offered by the government from time to time.
Tax Rates- The tax rates applicable to companies that are established in New Zealand is 28%. Any non-resident company including the branches are taxed as per the requirement of the income which is earned in New Zealand. The slab rates for any form of corporate income in New Zealand stands at 28%. Such tax rates are supportive for the development of companies in New Zealand.
More Opportunities for Growth- Government incentives provides an opportunity for the company to grow at a vast scale. All these factors would definitely attract more companies to go for company registration in New Zealand.
Cultural Hub- New Zealand has multiple diverse cultures from all parts of the world. This would be beneficial for the company registered in New Zealand to secure more talent from the vast amount of resources.
Now that we know the benefits of company registration in New Zealand, let us go into the process of registering a company in New Zealand.
The following steps have to be carried out for the process of company registration in New Zealand:
Ensure the type of Business Structure- Usually the applicant should have an idea of the type of business structure suitable for establishment. There are different types of prominent structures present in New Zealand. The following are the types of business structures in New Zealand:
Sole Trader- As the name goes the business of a sole trader is started by a single individual. There is more responsibility in a sole trader business when compared to other forms of business structures.
Make an Online Account- The applicant has to register online in the companies’ registry New Zealand. The type of business structure, the amount of shareholders and registered address of the business must be considered for company registration in New Zealand.
Reserve the Name of the Company- In the next step, the applicant has to reserve a name for the company. This process can be carried out online through OneCheck a website which is formed for checking the name availability. Reserving the name of the company is simultaneously carried out by using the RealMe Website. In this website all the names of the companies which are utilised would be produced for the applicant.
Make Arrangements for Incorporation- In the next step, the applicant would have to appoint the requisite number of shareholders and directors to run the company. Documents which have to be submitted would include the Memorandum of Association and Articles of Association. The cost of reserving the name of the company will be 10 NZ$ and the cost of incorporating a company is 114.39 NZ$. The applicant has to pay the fees online.
Complete the Application- In the next step, the applicant would have to submit all the information related to company registration in New Zealand. The individual consent of the shareholders and directors must be obtained by the applicant for company registration in New Zealand. After this the registry will review the application. If there are no discrepancies the registry will provide the certificate of incorporation.
Read our article:Registered Office Requirement for Private Limited Company