New Zealand has been attracting entrepreneurs from around the world, thanks to its supportive business environment, strong economy, and easy registration process. If you are looking to start a business in New Zealand, you will need to follow certain steps to register your business and get it up and running. In this article, we will walk you through the process of registering a business in New Zealand.
Table of Contents
Step 1: Choose a Business Structure
Before you can register your business in New Zealand, you need to choose a business structure. The most common types of business structures in New Zealand are:
Sole trader: A business owned and operated by one person.
Partnership: A business owned and operated by two or more people.
Company: A separate legal entity that can be owned by one or more people.
Each business structure has its own advantages and disadvantages, so it’s important to choose the right structure that fits your business needs.
Step 2: Choose a Business Name
Once you have chosen your business structure, you need to choose a business name. The name you choose must be unique and not already in use by another business in New Zealand. You can check the availability of your chosen name using the Companies Office website.
Step 3: Register Your Business
To register your business in New Zealand, you need to follow these steps:
Register for an NZBN (New Zealand Business Number): An NZBN is a unique identifier for your business. You can register for an NZBN on the NZBN website.
Register for GST (Goods and Services Tax): If your business is going to have a turnover of more than $60,000 per year, you need to register for GST. You can register for GST on the Inland Revenue website.
Register your business with the Companies Office: If you are setting up a company, you need to register your business with the Companies Office. You can do this online on the Companies Office website.
Register for other business taxes: Depending on the type of business you are running, you may need to register for other taxes, such as PAYE (Pay As You Earn) or FBT (Fringe Benefit Tax). You can find more information about these taxes on the Inland Revenue website.
Step 4: Open a Business Bank Account
Once you have registered your business, you need to open a business bank account. This will allow you to keep your personal and business finances separate, which is important for tax and accounting purposes. You can open a business bank account with any of the major banks in New Zealand.
Step 5: Get Business Insurance
Business insurance is important to protect your business against unexpected events such as fire, theft, or natural disasters. There are many different types of business insurance available in New Zealand, so it’s important to choose the right insurance for your business needs.
In conclusion, registering a business in New Zealand is a straightforward process that can be completed within a few weeks. However, it’s important to follow the steps outlined above to ensure that your business is registered correctly and legally compliant. If you need help with the legal part of your business journey in New Zealand, Generis Global can help you. Contact us today to learn more about our services.
Generis Global can help you with your business in New Zealand.