New Zealand is a large island
secure in the southwestern end of the Pacific Ocean. Liberal and idyllic, New
Zealand is ranked as one of the best countries in the world to live and start a
business in.
Culturally, New Zealand is quite diverse.
From the indigenous Maori to the British descended Western population, New
Zealand has many different racial groups. Moreover, over the past few decades,
with migration, the diversity has only grown larger. This means that regardless
of where you come from, New Zealand will have a place for you.
The people of New Zealand are
also generally friendly and welcoming to new faces. Communication would not be
a problem for you as well as New Zealand has English as one of its official
languages. The other two listed as being Te Reo Maori and New Zealand Sign
Language.
Setting up a business in New
Zealand is not a difficult task. With the government actively encouraging
foreign investment, the process towards registration is quite simple. However,
if you have any reservations, this is where we can step in! Here at S&F
Consulting, we are a business consultancy firm who are officially registered
agents in New Zealand. As such we are professionally certified to act on your
behalf for any proceeding that you need completed in the country!
In New Zealand, entrepreneurs can
choose from seven types of legal structures to register their business. They
are as follows:
- Sole Trader
- Partnerships
- Limited Liability Company (LLC)
- Non-profit organizations
- Loss Attributing Qualifying Company (LAQC)
- Trading Trust
- Co-operative
However, the most common three
structures chosen are the following:
- Sole Trader
- Partnerships
- Limited Liability Company (LLC)
All business registrations are
done through the Companies Office of New Zealand. The Companies Office is the
agency under the government that is in charge of all business registries
conducted in the country.
You may visit their official
website here.
As mentioned earlier, registering
your business in New Zealand is fairly simple. In fact, you may even do it
online on their website here.
Since a sole trader is classified
as a small business, you will not have to formally register it at the Companies
Office. However, we highly recommend you do as a means of protection.
Before you
register any business online, you will need to make sure you have a RealMe®
login. Making an account is simple.
You will
be required the following details to create an account:
- A username
- A password
- Your contact details
- Three security questions and their answers.
Once
you’ve created an account for RealMe®, you can create an account to make an
online application.
The process is simple and you may
read an in-depth
guide to company formation here. However, below is a summary of the steps:
- Choose and reserve you company name, this costs $10.
- Collect and provide all necessary details (i.e. details of yourself and directors/shareholders)
- Fill out online application and submit it
- Collect signatures for form of consent from all directors/shareholders. Upload said document.
- Receive certificate of incorporation after payment of $150 as a registration fee
- File for amenities and permits
However, aside from submitting
your application online do consider the following aspects of running your
business. This especially applies to new entrepreneurs.
Ø A business plan
A successful business is only
successful because of planning. Firstly, consider the following in regards to
your product:
The potential market
Who are your competitors? (i.e.
who makes similar products and replicas etc.)
A business timeline (what is your
profit goal for the first year?)
Ø A budget
By creating a budget, you ensure
that you won’t fall into a loss by overspending. You will have to factor in the
following for your budget:
o
Your startup capital
o
The registration fees
o
Potential profit turnover in a year.
Do remember to keep an account of
ALL transactions you make regarding your business.
Ø Advertising strategies
Finally, the most important
aspect after registration- advertising. This doesn’t even have to be expensive.
Good advertising can be achieved by creating a social media account and
engaging with your audience. In fact, studies show that businesses that keep
cordial relations with their audience online have a much higher profit
turnover!
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