Business - News
Business - update September 2024
Business Structures - Part 1
Every business in New Zealand must have a structure. The structure of a business affects the way in which it works, how it is treated by the government and what laws apply to it.
In New Zealand there are three types of business:
Sole trader
Limited company
Partnership
Sole trader – sole traders are people who start or own a business on their own without registering it as a company. It is the easiest and cheapest type of structure for a business. With no legal fees. complete control of your business and the ability to off set losses against other bits of your income, there are plenty of positives. On the other hand the negatives are that it can be a hard business type to grow, sell or get loans for and you are liable for all debts.
To become a sole trader, you need your own Inland Revenue number, any required licenses or permits for your business industry and any qualifications to work in your industry. Like all businesses you will be expected to keep accurate financial records and if you earn more than 60K per year you will need to be registered for GST.
Business - update June 2024
New Zealand consistently ranks highly as an attractive investment destination with various studies identifying the ease of doing business, low level of corruption, high quality of regulations, adherence to the rule of law, significant investor protections and protection of personal freedoms accorded to investors.
According to the latest World Bank New Zealand is ranked No. 1 among 190 economies for ease of doing business.
If you register a company in New Zealand it will automatically get a NZBN (New Zealand Business Number ) – a unique identifier that any business in New Zealand can have. Using this business number will speed up your interactions with government, suppliers and customers and other businesses eg sharing invoicing details etc.
Business - update February 2024
For the third year in a row New Zealand has been voted first out of 189 economies in the world for the ease of doing business. (IFC world bank Doing business in New Zealand)
Did you know to form a company in New Zealand at least one of the company directors must be resident in New Zealand.
Kiwi Pathways can guide and assist you on this journey.