A Guide to Starting Your Business in New Zealand as a Foreigner

Starting a business in New Zealand or expanding your small business on an international scale can be very rewarding if done correctly. As tempting as the idea sounds, a business in a new country is not easy to set up. It comes with many restrictions, cultural differences, language problems, and of course, the lack of knowledge about the foreign market are a few factors that can make the process of setting up your company quite overwhelming.

Having said that, starting a business in New Zealand is a good idea, as the government provides people access to many physical and technological tools that streamline their management and marketing processes. These innovative tools and smart technology have made Exporting to New Zealand quite efficient. Here’s the detailed process for expanding your business to the New Zealand market.

Select Business Name and Niche

You can’t choose a business name that’s already in use. You have to come up with a name that’s different from other businesses. It should be unique, but at the same time, relevant to your brand. If you have an existing business in your home country, you can use the same name for your new startup in New Zealand. The next step is to select the type of business you’d like to start. You have three options — sole proprietorship, partnership, and limited liability company.

Register Your Business in New Zealand

Check out the NZBN website to get a New Zealand number for your business and get further instructions on the business registration process. This is completely optional, but having an NZBN number is highly recommended, as it makes it easy to interact with other businesses, your customers, investors, and government agencies effortlessly. Register your business — whether it’s a partnership firm or a limited liability company — with the New Zealand Companies Office

Understand Tax Obligations

Before you get started, conduct thorough research on the legal requirements and tax obligations for a business in New Zealand. You can discuss the legal requirements of starting a business with a tax accountant or a corporate attorney. These obligations may vary from one business to another. Ideally, each business has to get an IRD number, file income tax returns every month, etc.

In addition, you must take care of other legal responsibilities regarding employee safety standards, fair trading, privacy, transparency in operations, and license & certifications if applicable. Tax obligations might differ for businesses that conduct Exportingto New Zealand without any physical structure.

Set Up Your Bank Account

Select a bank in New Zealand and set up your business account. Make sure you have a separate account for your personal use and business purposes. It’s important to get financial advice from an attorney before registering your business. It’s equally important to work with a chartered accountant who can handle your financial statements and give legal advice, as and when needed. If you have a small budget, compare quotes from different accountants before choosing a suitable lawyer.

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