New Zealand is an independent democratic state, located on two large islands in the southwestern Pacific Ocean. This jurisdiction is considered stable globally. The main administrative unit is Wellington. The official language is English. There is no corporation here, and it is the second position after Denmark in this regard. This jurisdiction occupies a leading position in world ratings of the economic, a social development and living standards of citizens. That is why foreign investors decide to register a company in New Zealand, to open a bank account in New Zealand.
To open A COMPANY in New Zealand. Advantages:
- a high standard of living;
- taxes are not paid if income is derived from activities outside this jurisdiction;
- the government policy is aimed at attracting investments;
- No currency control.
New Zealand's corporate law is based on the Companies Act 1993. Under the law, you can register a company in New Zealand by choosing the following company forms:
- a Self Employed;
- a Partnership;
- the LLC;
- an Open Joint Stock Organization;
- a Foreign Branch;
- a Subsidiary of a Foreign Company;
- a Joint Venture;
- a Trust.
Features of establishing New Zealand enterprises:
- If you decide to set up an LP in New Zealand, please note, that this form is popular, beneficial for optimizing foreign business. The income of such firms is not taxable, if non-local partners (must pay taxes only at the place of residence). A mandatory requirement is at least 2 partners (a general and a limited).
- Having decided to register Ltd in New Zealand, remember, that the ending must be “Limited” or “Tāpui”.
To open a company in New Zealand, one sharer is needed (there are no requirements for citizenship, place of residence). Corporate shareholders are allowed. Shareholder data is publicly available information.
- The min number of directors is 1 (a resident of New Zealand or Australia). Directors data is a publicly available. Only an individual can be a director.
- No capital requirements
- In accordance with generally accepted accounting principles (NZ GAAP), all New Zealand firms must prepare a financial report (within five months from the balance sheet date) and submit an audit report. However, there are exceptions for small companies (which qualify as “exempted” firms).
- A registered New Zealand office is a prerequisite.
- The corporate tax rate is 28%. Entrepreneurs, who decide to register an LP in New Zealand are exempt from paying taxes in this state.
- A financial reporting is required for foreign companies, subsidiaries, firms with 25% foreign ownership, issuers.
The enterprise is considered resident, if it meets such points:
- registered in accordance with the Companies Act 1993;
- a management oversees by the firm from New Zealand;
- a company's control center is located in this jurisdiction;
- a head office is located in New Zealand.
How to open LP in New Zealand?
A decision to establish a commercial firm in New Zealand or to register a partnership in New Zealand is a good option for entrepreneurs, focused on conducting international business, finding new markets. Our qualified experts will provide you with qualified assistance in starting a business abroad quickly and efficiently. To find out more details, call YB Case team, using contacts on the website.