All around the world, if there is one country where you can start your own business without much trouble, New Zealand has to be the one which hits the right vibes. Without any doubt, starting a business NZ is a dream for many and the country is giving brilliant opportunities to many.
Still not convinced? Let’s take a look at a survey. According to the World Bank which conducted a survey, New Zealand was rated as the easiest country for doing business in. In addition, they were even called the easiest place to do business without having issue and trouble from the Government bodies.
Starting a Business NZ & Business Structures
Before starting a business in New Zealand, it is essential to understand its different business structures.
Generally, the New Zealand business has got three business structures which are as follows:
Let’s move ahead and understand what each business structure actually means:
A Sole Trader is an individual who handles the business on its own. They can give employment to people and are in control of the profits of their business.
In addition, they are liable to different personal taxes, debts and they can establish their business without a need for paperwork.
In New Zealand, most of the businesses began as sole traders and then pave their way towards establishing a company.
Most commonly for the professional people and in the farming industry, Partnership is a growing and everlasting phenomenon. It is one of the easiest ways to divide business costs whereas the profits and losses are divided on a partnership basis.
However, the partnership is not liable for paying income tax. Instead, the income is distributed to the partners and then the partners pay tax based on their own share.
In most cases, the partnership is established having a “formal partnership agreement” into consideration.
On the other hand, none of the users needs a registration process to start a partnership business journey.
In precise words, a company is the legal entity and is different from the owners and shareholders.
If you want to grow your business on a global level, the limited liability business structure is the sole choice. It makes confidence in the business by maintaining healthy relationships between the investors, creditors and even the directors.
Finally, you can register your own company in New Zealand with the help of Companies Office. Here, the fees are as little as NZ $150 which you can give and register your own wishful company.
Startup Issues which you must address before Starting a Business in New Zealand
In the race to start your own business, there are of course some issues which you will need to address before starting your own business. Hence, we will quickly go through each of them to make you understand their significance:
Sourcing of Market Information
Before you actually invest in any business or start a new one, you will want to get the deepest information, Right? Here, you can make use of the Statistics New Zealand which comes with a good range of tools, tables to help you get complete marketing information.
Checking Local Authority Rules
Before setting your premises, you must consult the local council on a first and foremost basis. Each of the territories has got their own rules based on the business activities which run in that area.
For example, you cannot start a car repair business in an area which comes under the residential one.
Having Tax Numbers
Whether you want to start your business on a low or a high scale, you will need an individual tax number.
Get in Touch With your Lawyers, Bank, and Accountants
For business purpose, you can contact any New Zealand Bank which can help in the fund transfer process. In either case, for seeking financial advice, you can take the help of Lawyers as well as Accountants.
Checking the Name of your Business
Before you decide on the Logos, names, and signature of your business, you will need to search the same on the Intellectual Property Office for the same. Here, you can check whether your business name is a fresh one and is not protected under other business names.
Final Word of Mouth: Starting a Business NZ
Before you go on to start the business of your dreams in New Zealand, better take the above essential points into consideration. Ranging from understanding business structures to the potential issues, study each one of them.
Finally, after you have done the research and study, starting a business NZ is much easier and you can generate some hefty revenue from this business country, in no time.