Here is a list of steps to consider when opening a business in New Zealand:
- Choose your business structure: Decide on the type of business you want to start, whether it be a sole trader, partnership, limited liability company, or another type of business structure.
- Register your business: Register your business with the Companies Office of New Zealand, which will involve filing your company’s name, registering its legal structure, and paying the required fee.
- Obtain an IRD number: An IRD number is a tax number issued by the Inland Revenue Department. You will need an IRD number to pay taxes and to register for GST (goods and services tax).
- Register for GST: If your business earns over NZD 60,000 per year, you must register for GST and charge GST on the goods and services you provide.
- Open a business bank account: Separate your personal finances from your business finances by opening a business bank account.
- Get necessary licenses and permits: Depending on your business, you may need to get licenses and permits from local and/or national government agencies.
- Set up an accounting system: Keep track of your finances by setting up an accounting system, which can be done through software or by hiring a professional.
- Get insurance: Protect your business by getting insurance coverage for things like property damage, liability, and theft.
- Hire employees: If you need help running your business, you may need to hire employees. Make sure to comply with New Zealand’s employment laws and regulations.
- Market your business: Finally, spread the word about your business by marketing it through advertising, networking, and other marketing channels.
This list is not exhaustive and requirements may vary based on the specific nature of your business. It’s always a good idea to consult with a professional, such as an accountant or a business advisor, to ensure that you are fully compliant with all relevant laws and regulations.
