Companies wish to incorporate in New Zealand may face barrier as authority requires local director in the company. However, the incorporation procedure is rather simple and straight-forward.
Requirement for New Zealand Company
|Proposed company name||English|
|Minimum share capital||NZ$1|
|Minimum shareholder||1 Natural person or legal entity|
|Minimum director||1 Natural person|
At least one of the directors must be ordinarily resided in New Zealand.
Tax System in the New Zealand
New Zealand practices worldwide tax for resident. Sales of most goods and services are subjected to Goods and Services Tax (GST). The standard rate is 15%, where some goods and services are charged at a reduced zero rate. Corporation should report for GST regularly. It is recommended to hire account professionals to complete the process to avoid late payment penalty.
Apart from the GST, the companies are also subjected to Corporate Tax at a rate of 28%.