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Company Formation in New Zealand
General Overview Geography, Population, Languages
New Zealand lies in the South Pacific Ocean and consists of two main islands (called the North and South Islands) and a number of smaller islands. The land area is 268,680 km2. Additionally, New Zealand has extensive marine resources, including the Exclusive Economic Zone, covering over 4 million km2. The climate throughout the country is mild, mostly cool to warm temperate.
New Zealand is easily accessed by air travel and has the time zone advantage of same day access to Asia and parts of America. The capital of New Zealand is Wellington, and the largest city is Auckland. The population of New Zealand numbers 4.2 million. About 70% of the population is of European ancestry (mostly British, Irish and Dutch). Europeans who were born in New Zealand commonly are called Pakeha.
Official languages are English, Maori, and New Zealand Sign Language.
The currency is New Zealand Dollar with no exchange controls applied.
Political Structure and Law
New Zealand became an independent dominion on 26 September 1907. Full independence was granted by the United Kingdom Parliament with the Statute of Westminster in 1931 and Statute’s adoption by the New Zealand Parliament in 1947. Since then New Zealand has been a sovereign constitutional monarchy with a parliamentary democracy. Under the New Zealand Royal Titles Act (1953), Queen Elizabeth II is Queen of New Zealand and is represented as head of state by the Governor-General.
The majority of the New Zealand Legislation is based on English common law. The highest court is the Supreme Court of New Zealand. New Zealand’s judiciary also includes the High Court and the Court of Appeal, as well as subordinate courts.
Economy and Infrastructure
New Zealand has a modern, developed economy and a high standard of living. The main export industries are agriculture, horticulture, fishing and forestry. Major export partners are Australia, US, Japan, China, and Germany.
New Zealand takes pride in well-developed communication, business and commercial infrastructure and a high standard of professional services. The legal and banking professions are also of high level.
Granted autonomy in 1947 New Zealand has a progressive economy that is based largely upon banking and finance. Due to changing economic situation since 1984 a major macroeconomic restructuring was made leading the country to economic liberalisation. There have been several reforms, such as the removal of interest and exchange controls allowing the free flow of capital in and out of the country. The current New Zealand government’s economic objectives are centred on pursuing free-trade agreements and building a “knowledge economy”.
One of the major advantages of utilising New Zealand companies is that New Zealand is a full member of the Organisation for Economic Co-operation and Development (O.E.C.D) and is not considered as a harmful tax jurisdiction.
Although it is possible to register an unlimited liability company, companies are usually either limited liability companies or companies limited by guarantee. If properly structured, a New Zealand resident company can operate as a tax free international business company. There is great flexibility in the incorporation and management of a New Zealand Company. It has no capital requirements and has a simple and fast incorporation procedure.
Every company must have a registered office in New Zealand, where statutory registers are kept, as well as an address for service, where legal documents can be delivered to the company. Both addresses must be notified to the Registrar on application for incorporation. It has to be a physical New Zealand address. Usually it is the business address of registered agent.
Types of Corporate Entities
Currently, there are several types of companies are available in New Zealand:
LTC – Look-Through Company
LLC – Limited Liability Company
LP (Limited Partnership
FSP – Financial Services Provider
Further information about these types of corporate bodies, will be found in our website pages.
Shareholders and Directors
Minimum number of shareholders is one and corporate shareholders are allowed. Minimum number of Directors is one; corporate directors are not allowed. If a company has only one director, he cannot also be the secretary. Shareholders may be of any nationality but all New Zealand companies must have a NZ Resident Director. If more than 25% of the shares or a majority of Directors reside outside New Zealand the company has to file annual financial accounts. A private company cannot have unissued shares. Bearer shares are not allowed.
Every company should hold an annual meeting of shareholders once every calendar year. Annual meetings may be held anywhere. A Company can obviate holding an annual general meeting, if all matters specified in the Companies Act 1993 are done by way of a resolution in writing.
Changes under the Companies Amendment Act
Resident Director Requirements
From 1 May 2015, every New Zealand incorporated company will need to have at least one director who is either a New Zealand resident or lives in an enforcement country and is a director of a company registered in that enforcement country (i.e. Australia).
Though the resident director requirement will come into effect on 1 May 2015, New Zealand incorporated companies registered prior to 1 May 2015 will have a further 180 days to comply. New Zealand incorporated companies registered on or after 1 May 2015 will need to comply from 1 May 2015.
The following name restrictions apply:
Names having royal, national, international, and commercial or other significance are prohibited (Flags, Emblems and Name Protection Act 1981 or by any other enactment);
Names that are misleading or deceptive are prohibited (The Fair Trading Act);
Identical or almost identical names are prohibited;
Offensive names are prohibited; the question of whether a name is offensive is entirely within the Registrar’s discretion;
An only suffix “Limited” is allowed. After incorporation, the suffix “Ltd” can be used everywhere; except the Limited Partnerships where the permitted suffix is “PL”.
The following abbreviations whenever they appear in a name are allowed: “&” for “and”; “no” for “number”; “co” or “coy” for “company”; “N.Z.” or “NZ” for “New Zealand”; “Bros” for “Brothers”.
Why Global Premier?
What separates us from our competitors is that our services don’t end with the registration of your company. We offer a wide range of additional services others can’t or just won’t offer, such as lifetime free support.
Whilst most providers either specialise on personalized consultation at relatively high rates or run bulk registration factories without any support, we want to offer the positive aspects of both types.
Therefore Global Premier combines professional advice, worldwide registration services, reasonable fees, customized order processing, lifetime support and fast processing. Where others see company formation services as a bulk registration with no support and no individual assistance, we do care about your business needs.
Should you have any question or matter
You would like to discuss or clarify with us
Should you like to receive further Information
About our services and fees, …
Our multi-lingual team of business advisors is happy to assist you with all upcoming questions and issues in relation to your company.
You may call or email us, and we will be happy to assist you in a fast and efficient manner.
You can also come and visit us at our Limassol offices to discuss issues face to face if you prefer. Just arrange an appointment and we will be happy to meet with you.