There are countries that after a certain time become known worldwide for one or two aspects. Some are known for their gastronomy and culture, others for their military might, and some for their natural wonders; but in this case, we are interested in talking about New Zealand, a country known for its ease of doing business.
Being in the top three countries with the highest economic freedom in the world surely has to be the kind of attention that every country wants to have, and New Zealand has consecutively achieved this to become one of the most desirable jurisdictions on the planet for various profiles of international investors.
Opening a business in New Zealand is such a smooth and rewarding experience that it is hard to believe at times. The process has so little friction you can open an account and meet the rest of the legal requirements to operate in less time than it would take even in our favorite jurisdictions.
New Zealand has for years maintained a policy of open markets while modernizing its banking and commercial infrastructure to stellar levels. And if that weren't enough, the New Zealand government has spared no expense in creating economic and tax incentives to attract foreign investors.
All this cocktail is served in a country with very high levels of government transparency and legal certainty that makes even the most cautious investors want to start new adventures in Maori land.
The best part? We believe New Zealand is only beginning to exploit the potential it has for foreign investors looking to protect and diversify their wealth.
Why New Zealand? Five reasons to start a business on Maori soil
If being at the top of the world's economic freedom is not enough to get your attention and make you think about opening a company in New Zealand, perhaps the rest of the reasons offered by this country might make you reconsider:
You can open a company in one day
If you have a clear name for your company (that is available, of course) and you have all the requirements in order; with the right help you can register a New Zealand business in 24 hours.
Frankly, there are very few jurisdictions that can combine such a remarkable speed of incorporation with such a well-established legal system and economic environment.
New Zealand offers you the possibility to register a business in record time and with the advantages of operating in a jurisdiction with the best possible reputation.
No capital minimums
Some legal structures in New Zealand do not require minimum capital investment for you to register a company. As a result, you can enter the New Zealand business ecosystem with virtually no major commitments or time wasted.
Peter Drucker once said "all profit is derived from risk", but New Zealand has come to challenge that popular notion in the business world because it opens up infinite opportunities while taking very little risk.
High levels of transparency in government
There is nothing that can threaten an international businessman's investment as much as the clutches of a corrupt government. The New Zealand government knows this all too well, which is why they have decided to work hard to ensure that they achieve levels of transparency that other countries can only dream of.
By 2014 New Zealand was second in the world in terms of government transparency and low corruption rates and has since remained on the podium in the same way it has with its levels of economic freedom.
Enviable economic indicators
New Zealand is the perfect example of what happens when governments keep their noses out of the economy. With the market moving at its own pace, New Zealand's economic indicators are appreciable for any entrepreneur.
We are talking about a GDP per capita estimated at 41,945 dollars, an inflation rate below 1.6%, an unemployment rate below 4.7% and a New Zealand dollar that is one of the 25 strongest currencies according to Standard and Poor's.
A promising future
If the New Zealand present is catching your attention, wait until you get a glimpse of the future of this impressive jurisdiction.
The New Zealand monetary authorities have made their updated projections and what they show is promising. Even after going through the coronavirus pandemic, New Zealand's economy is on track to grow by 2 to 3% annually for the next few years.
We could recount all the reasons why we believe New Zealand is the ideal place for you to open a business, but I'm afraid we would run out of space to write about all that this wonderful jurisdiction has to offer.
Hopefully, these five reasons will have given you a robust frame of reference that allows you to understand the magnitude of the growth potential that New Zealand holds for international investors.
Let's now look at where the best investment opportunities are on Maori land.
Investment opportunities in New Zealand
The first step to opening a company in New Zealand is to have a viable business idea. Fortunately, this jurisdiction makes it easier to turn your ideas into reality thanks to the impressive number of opportunities in various sectors of the economy.
There are two dynamics particularly present in the New Zealand economy that give rise to business opportunities for local and foreign entrepreneurs. On the one hand, traditional economic sectors are experiencing a moment of expansion and consolidation that we have not seen before. On the other hand, innovation, startups, and new technologies are meeting demands and opening market niches that we did not know before.
These two dynamics produce a super attractive business environment for investors of all types and from various countries around the world.
Having said that, it is worth mentioning some sectors in which it is quite obvious that investors are doing well, these are:
- Bee farming,
- Wine making,
- Wood processing,
-Tutorial and child-care centers,
- Medical technology,
- Financial services
These are just some of the sectors in which you can invest with confidence on Maori soil, but as the saying goes: "at high tide, all boats float". In New Zealand the whole economy is flourishing at the same time.
Taking advantage of this opportunity is not difficult, these are the options you have to start a business in New Zealand.
Business structures in New Zealand
After having a business idea that you can carry out in New Zealand, what follows is to gain clarity about the type of business you can start in this country. Fortunately, New Zealand laws provide several legal structures that you can take advantage of to manage your business in the best way:
Sole trader: you can register as a sole trader in New Zealand without the need to open a company. This option is perfect for digital nomads and independent consultants who prefer mobility and autonomy.
Partnerships: Partnerships require two or more parties to join together to start a business together. The parties may be individuals or organizations. The most remarkable thing about this type of structure is two things: 1) the liability of the partnership is shared among the partners and, 2) it is not subject to corporate income tax because when the profit is distributed among the partners, they are the ones who pay personal taxes.
Companies: here enter the figures such as what we commonly know as limited liability companies. Certainly, this is the preferred legal vehicle for international investors coming to New Zealand due to its characteristics regarding the separation of the liability of the entrepreneur.
Trust companies: for investors who want to venture into deeper waters, New Zealand offers a perfect environment to register trust companies and use them in a variety of ways, such as a trading trust.
Branch offices: foreign companies can establish a presence in New Zealand through a branch office or a subsidiary company. This allows them to take advantage not only of New Zealand's economic boom but also of its privileged location to expand into the Asian market with ease.
Now that you know what types of companies are on the New Zealand corporate menu, it is worth looking at what the general process is like for opening a company in this country.
New Zealand company registering process
This is where New Zealand's title as one of the easiest countries in which to start a business is put to the test.
The process of incorporating New Zealand companies is quite simple. It consists of only four steps that are a piece of cake for any investor with the right advice. Let's see:
1. Registering a name for your company: this does not involve a lot of work, but your team of lawyers must ensure that the name you choose is available on the New Zealand company register. To register your company name you will need to reserve it until the company formation process is complete. You will have up to 20 working days to complete the process once you reserve the name.
2. Obtain a New Zealand Business Number: the next item on our list for forming a company is to obtain a New Zealand Business Number (NZBN), which will serve to identify your business and expedite any subsequent paperwork you may have to do.
3. Submit the documents to incorporate the company: in this step, you will have to fill out the application form to register the type of company you prefer and complement it with the requested documents. It is recommended that you have a lawyer to help you, but in general, the process is quite simple and can be done online.
4. Obtain tax registration and GST license: the last thing you will need is to obtain your tax number and GST license. These documents are necessary to carry out an economic activity that produces more than NZ$60,000 per year and must be applied for at the Inland Revenue Department.
After these four steps, you will only need a business bank account and you will be ready to start trading. And as we said before, if you have the right help, you can be up and running in a day.
- About New Zealand, the island of Maori legends
- New Zealand freedom rating
- Companies and Structures
- New Zealand's Tax System
- A Trust in New Zealand and Its Benefits
- How and why to open a bank account in New Zealand
- Financial Licenses
- wealth management
- How and why to open a bank account in New Zealand
- Real Estate and Investments
- Residency and Citizenship in New Zealand
- Life of an Expat in New Zealand
- Latest News about New Zealand
- Government Agencies
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