Company Formation in New Zealand
New Zealand is a sovereign island country in the southwestern Pacific Ocean. The country geographically comprises two main landmasses – the North Island, and the South Island – and around 600 smaller islands. New Zealand is situated some 1,500 km (900 mi) east of Australia across the Tasman Sea and roughly 1,000 km (600 mi) south of the Pacific island areas of New Caledonia, Fiji, and Tonga.
New Zealand is a wealthy country, with a relatively high GDP per capita and a relatively low rate of poverty. Since the 1980s, New Zealand has transformed from an agrarian, regulated economy to a more industrialized, free market economy that can compete globally. Since 1984, government subsidies including for agriculture have been eliminated, import regulations have been liberalized, exchange rates have been freely floated, controls on interest rates, wages, and prices have been removed and marginal rates of taxation reduced.
New Zealand has a modern, developed economy and a high standard of living. The main export industries are agriculture, horticulture, fishing and forestry. Major export partners are Australia, US, Japan, China, and Germany. Having well-developed communication, business and commercial infrastructure, New Zealand offers a high standard of professional services for business purposes. The legal and banking professions are also of high level.
New Zealand Limited Liability Companies (LLCs) are not considered as offshore companies.
There are several types of companies available in New Zealand, the most popular are LLC (Companies limited by shares), Limited Partnerships and LTC (Look-Through Company).
Advantages of company incorporation in New Zealand:
Summary of New Zealand Limited Company and main characteristics:
|Type of company||Limited Liability Company (LLC)|
|Corporate Legislation||The Companies Act, 1993, Limited Partnerships Act 2008 as amended
Legal system: Common Law
|Taxation||Standard Corporation Tax – 28%. A New Zealand company is taxable on its worldwide income.
Tax on Dividends for foreigners – 0%, on certain conditions;
Standard GST (similar to VAT) rate – 15%
|Currency||New Zealand dollar (NZD)|
|Paid up capital requirement||No paid up capital required|
|Time zone||GMT (UTC) +12, GMT (UTC) +13|
|Minimum no. required||1, individual|
|Local Director required||Yes, at least one Director must be a resident of New Zealand, other Directors may be from any legal jurisdiction (can provided by Consil Formation)|
|Location of Meetings||Anywhere|
|Minimum no. required||1|
|Location of Meetings||Anywhere|
|Local Secretary required||The secretary cannot be the same person with director|
|Registered office required||Yes, local|
|Standard Authorized Capital||NZD 10,000|
|Minimum paid up capital||1 NZD|
|Preparation of accounts||Required every year (can be completed by Consil Formation)|
|Requirement for audit||No, but in certain conditions may be required|
|Accounts public accessible||Yes|
|Requirement to file Annual Return||Yes|
|Need to travel||No|
|Apostille||Yes, Hague Convention 1961|
|Owners||Individuals or Corporate|
Register your New Zealand Limited Company
- Document Notarization per document:
- Bundle of documents Notarization;
- Document Apostillation per document;
- Bundle of documents Apostillation.