New Zealand Company Formation
A country situated in South Pacific Ocean with two large islands and several small ones is globally known as New Zealand. New Zealand was granted autonomous status in 1947 and has a relatively progressive economy which depends largely on the banking and finance. New Zealand suffered extensive structural reforms which resulted in the economic liberalisation of the country. Some of eminent reform was related to finance sector where there was the abolition of interest and removal of exchange control, which subsequently resulted in free cash flow from and in to the country. With general tax incentives, New Zealand government implemented various changes to attract investment in the country and all these steps seems to be in lime light in efforts of the government to make New Zealand, an International Financial Centre.
The efforts do not restrict to just financial reforms but there are reforms in the incorporation sector too. As a result of which there is greater flexibility in the company incorporation process and there is no need to show capital nor the annual government fee and generally, overall incorporation process is very speedy and simple. One example in this regard is the provision as per which, if 25% or more shareholders of the company are foreign nationals, only then there would be an obligation to file annual financial returns of the company, otherwise there is no need to do so.
Requirements for Incorporation
There are certain requirements to incorporate a company in New Zealand, details of which is given below:
There is a minimum requirement of one director and none of the appointed directors need to be the resident of New Zealand. Corporate directors are not allowed to be appointed. There is no requirement to hold director’s meeting but public director’s register are required to be maintain.
There is no minimum requirement of secretary and none of the appointed secretaries need to be the resident of New Zealand. Corporate secretaries are not allowed to be appointed. There is no requirement for the secretary to hold any professional qualification.
There is a minimum requirement of one shareholder in order to incorporate a company in New Zealand. Corporate shareholders are not allowed to be appointed. There is a requirement to maintain and keep public shares register but par value of shares are not permitted. Authorised share capital is usually 100 shares with value of NZD 1 each. It is not allowed to have bearer shares.
Please refer to fee schedule section for proper guidance on incorporation fee. Generally, incorporation fee includes:
Once you get incorporated, this is what you’ll get:
It generally takes 1-2 weeks to incorporate a company in New Zealand.
Offshore Bank Account
For the offshore bank account please see our fee schedule section.
A registered agent for the company incorporation is required. There is no need to declare beneficial ownership of the shares to authorities, where all or some shareholders are nominees. In addition to this, annual return of the company is also required.