Doing Business in New Zealand

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1 Doing Business in New Zealand

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3 Contents 1 Fact Sheet 2 2 Business Entities and Accounting Companies Partnerships Sole Proprietorship Trusts Branches Joint Ventures Audit and Accounting Requirements Filing Requirements 7 3 Finance and Investment Exchange Control Banking and Sources of Finance Investment Incentives and Restrictions 9 4 Employment Regulations General Employment Matters Visas Trade Unions 11 5 Taxation Corporate Income Taxes Personal Taxes Employment Related Costs and Taxes Withholding Taxes on Payments Abroad Goods and Services Tax (GST) Other Taxes Tax Incentives for Businesses 16

4 2 1 Fact Sheet Facts and figures as presented in sections 1 through 4 are correct as at 19 August Geography Location: Oceania Area: 267,710km² Land boundaries: None Coastline: Tasman Sea and South Pacific Ocean Climate: Temperate with regional contrasts Terrain: Mostly mountainous with some large coastal plains Time zone: GMT +12 People Population: Religion: Language: million (August 2014 estimate) Christian religions 44.3%, Hinduism 2.1%, Buddhism 1.4%, Māori Christian 1.3%, Islam 1.1%, other 1.4%, none 38.5%, not stated or not answered 12.3% (2013 census). Note: Figures amount to more than 100% as some individuals identify with more than one religion. Official languages: English, Māori and New Zealand Sign Language Government Country name: Government type: Capital: Administrative divisions: New Zealand Constitutional monarchy with a parliamentary democracy Wellington 16 regions and one territory (Chatham Islands)

5 Doing Business in New Zealand 3 Political situation The New Zealand Parliament is the unicameral House of Representatives which generally has 120 seats; 70 members are elected by popular vote and 50 are chosen proportionately from party lists. The New Zealand Head of State is the Queen of England, represented by the Governor General. The Head of Government is the Prime Minister, who is usually the leader of the majority party and appointed by the Governor General. Economy GDP per capita: US$40,842 (2013) GDP real growth rate: 2.5% (2013) Labour force: million (Q2 2014) Unemployment: 5.6% (Q2 2014) Currency (code): New Zealand dollar (NZD)

6 4 2 Business Entities and Accounting The most common type of business entity in New Zealand is the limited liability company. Other types of business forms include look-through companies, partnerships, branches, sole proprietorships and joint ventures. 2.1 Companies Limited liability companies A limited liability company may be public or private and can be formed by one or more shareholders. A limited liability company is a separate legal entity. A limited liability company may have a constitution setting out the rights, powers, duties and obligations of the director(s) and shareholder(s), but this is not a requirement. If there is no constitution, the rights, powers, duties and obligations of the director(s) and shareholder(s) are determined by legislation. There is no minimum share capital requirement. Shares must not have a nominal or no par value, and shares are transferable (subject to the company s constitution, if applicable). The liability of shareholders is generally limited to the unpaid amount of shares held, unless the constitution states that the liability of shareholders is unlimited. Limited liability companies are administered by the annual meeting, and by a management board and at least one director. A limited liability company must be registered with the Companies Office. The proposed name must be reserved with the Registrar of Companies prior to registration. The name may not be identical or almost identical to another entity already registered or to a name already reserved, or be offensive or contain restricted or protected words. Companies are generally registered within one business hour of receipt of the completed director and shareholder consent forms. Off-the-shelf companies that are already registered are also available. Companies must also register with the Inland Revenue for tax purposes, which can be done though the Companies Office when registering the company. Profits may be distributed to shareholders as a salary or wage and taxed accordingly, or received as a dividend from any profits remaining after corporate income tax. Profits not distributed belong to the limited liability company and are subject to corporate income tax. Losses are retained by the company and are not distributed to the shareholders.

7 Doing Business in New Zealand Look-through companies Certain companies resident in New Zealand may become a look-though company (LTC). A look-though company may generally have a maximum of five shareholders, who must be individuals, trustees or other look-though companies. Only one class of shares is permitted, and these shares must provide shareholders with the same rights and obligations. Look-though companies retain their corporate obligations and benefits (such as limited liability), but profits are taxed in the hands of the shareholders. Losses are able to be used by the shareholders, subject to limitations. 2.2 Partnerships A general partnership may be formed by two or more persons. There is no minimum capital requirement. Partners have unlimited liability for the debts/ liabilities of the partnership, jointly and severally. Profits and losses are divided between the partners equally, unless the partnership agreement states otherwise. A general partnership is not a separate legal entity and does not need to register with the Companies Office. A limited partnership may be formed by two or more individuals or legal entities. There is no minimum capital requirement. There must be at least one general partner and at least one limited partner. General partners have unlimited liability for the debts/liabilities of the partnership (jointly and severally if there are two or more general partners). All new limited partnerships are required to have a New Zealand resident general partner. Limited partners that do not take part in the management of the partnership are liable to the extent of their capital contribution. The partnership agreement generally establishes the affairs and conduct of the business, subject to any applicable legislative provisions. A limited partnership is a separate legal entity and must be registered with the Companies Office. The partnership name may not be identical or almost identical to another entity already registered or to a name already reserved, or be offensive or contain restricted or protected words. An overseas limited partnership, which is a partnership established outside of New Zealand that conducts business in New Zealand, must also be registered with the Companies Office. Members of a partnership are taxed separately; individual members are subject to personal income tax and legal entity members are subject to corporate income tax.

8 6 2.3 Sole Proprietorship A sole proprietorship is comprised of an individual who independently owns and operates a business. A sole trader is not a separate legal entity and the owner has unlimited liability for the debts and obligations of the business. The profits of a sole proprietorship are subject to personal income tax. 2.4 Trusts Trusts are commonly used in New Zealand for asset protection and estate planning purposes. A trading trust may be used for business purposes; however, trading trusts are complicated to operate. 2.5 Branches A foreign company may establish a branch in New Zealand. A branch is not a separate legal entity. The foreign company must have its company name reserved, and the branch must apply for registration with the Companies Office within 10 working days of commencing business operations. A branch must have a New Zealand representative who is authorised to accept service of documents on behalf of the overseas company. Branches are taxed at the corporate level and are subject to corporate income tax. 2.6 Joint Ventures A joint venture arises where two or more entities combine in a venture for their mutual benefit. Unincorporated joint ventures are generally, but not always, partnerships. Incorporated joint ventures take the form of a company incorporated in accordance with legislation. 2.7 Audit and Accounting Requirements Companies are required to keep accounting records that correctly record the company s transactions. Accounting records must be written in English, or in a manner that allows them to be easily converted into written English. Large companies, as defined (including large overseas companies), public entity companies, and other companies (unless they have opted in or out as appropriate) must prepare financial statements that comply with generally accepted accounting practice (generally equivalent to International Financial Reporting Standards (IFRS)). Group companies are generally required to prepare one financial statement for the whole group. Companies and group companies that prepare financial statements are generally required to have them audited by a qualified auditor.

9 Doing Business in New Zealand 7 Companies must keep accounting records and copies of financial statements and group financial statements at the company s registered office (which must be in New Zealand) for a period of seven years from the end of the relevant accounting period. Such records may also be kept at an alternative location in New Zealand, of which the Companies Office must be notified. Records must be kept in written form, or in a manner that allows them to be easily transferred to written form. 2.8 Filing Requirements Financial statements and the auditor s report must generally be submitted to the Companies Office within five months of the balance sheet date.

10 8 3 Finance and Investment 3.1 Exchange Control There are no restrictions on capital movements to or from New Zealand. New Zealand has specific anti-money laundering legislation which requires businesses classified as reporting entities (including financial institutions and casinos) to check and verify customers identities and report suspicious transactions to the Financial Intelligence Unit (FIU). 3.2 Banking and Sources of Finance The Reserve Bank of New Zealand (RBNZ) is responsible for monetary policy, the financial system, and payments system regulation. Banks registered in New Zealand provide the majority of financial services, including business loans. There are generally no restrictions on foreigners opening bank accounts in New Zealand, or on accounts containing foreign currency. The New Zealand Exchange (NZX) Limited provides a marketplace for listing and exchanging securities. Eligible companies may be listed on the Main Board or the Alternative Market (generally for SMEs and fast growing business). The New Zealand Private Equity & Venture Capital Association (NZVCA) has a list of private equity and venture capital members that provide investment in New Zealand. The NZVCA also has business angel and incubator members that provide investment for companies and entrepreneurs. Government funding, advice and other services are available for research and development (R&D) through Callaghan Innovation.

11 Doing Business in New Zealand Investment Incentives and Restrictions For business related incentives, see 5.7. There are generally no restrictions on foreign business investment in New Zealand, except in areas of critical interest (as defined).

12 10 4 Employment Regulations For employment tax considerations, see General Employment Matters National employment standards Legislation provides minimum rights and conditions of employment in New Zealand, including rest period entitlement, equal pay for men and women for equal work, paid holiday and sick leave entitlement, and minimum wage entitlement. Terms and conditions of employment may be negotiated between the employer and employee, and/or established by collective agreements entered into by employers and trade unions. Collective agreements are generally binding on: Employers and trade unions that enter into an agreement Employees that are employed by an employer that is party to an agreement Employees who are, or become, members of a trade union that is party to an agreement, and Employees whose work is covered by a coverage clause in the agreement. If an employee is not covered by a collective agreement, an employer must provide a written contract of employment, which must include: Names of the employer and the employee A description of the work to be performed by the employee An indication of where the work must be performed An indication of the arrangements relating to working hours Remuneration payable to the employee, and An explanation of the services available for resolving issues relating to the employment relationship, including reference to a required 90 day period within which a personal grievance must generally be raised.

13 Doing Business in New Zealand 11 Notice periods required for terminating a contract of employment are generally established by contracts of employment or collective agreements. If no notice period is stated, a reasonable period of notice must be provided. An employer and a new employee may enter into a written employment agreement which contains a trial provision. The relevant clause must mention that the trial period is of 90 days duration, that during that period the employer may dismiss the employee or give notice of dismissal, and that the employee is not entitled to bring a personal grievance or any other legal proceedings in respect of that dismissal. The minimum hourly wage for employees aged 16 or over that are not startingout workers or trainees is NZD The minimum hourly wage for starting-out workers and trainees is NZD Pensions and other benefits The accident compensation levy (see 5.3.3) provides personal injury cover. The KiwiSaver superannuation scheme contributions (see 5.3.4), provide a lump sum payment at the age of 65 (savings may be accessed early in certain circumstances). Eligible employees are entitled to paid sick leave under legislation. Qualifying individuals are entitled to Jobseeker Support if they are unemployed or are working part-time. 4.2 Visas Non-residents seeking to enter New Zealand may need to obtain a visa prior to entry. Certain individuals do not require a visa to visit New Zealand, including Australian citizens, British citizens, and citizens from countries that have a visa waiver agreement with New Zealand. Specific visas are required for those seeking to work, study, live or invest in New Zealand. Specific requirements and qualifying criteria apply to each type of visa. Further information can be found at There are generally no restrictions on foreigners purchasing property in New Zealand. However, certain purchases require prior approval from the Overseas Investment Office. 4.3 Trade Unions Trade unions must be registered with the Registrar of Unions. Trade unions may negotiate and conclude collective agreements with employers. Membership of a trade union is not compulsory.

14 12 5 Taxation Facts and figures as presented are correct as at 12 August Corporate Income Taxes Resident companies are taxed on their worldwide income. A company is resident in New Zealand if it satisfies one of the following: it is incorporated in New Zealand its head office is in New Zealand its centre of management is in New Zealand, or control of the company by its directors (acting in their capacity as directors) is exercised in New Zealand, regardless of whether or not decision-making by directors is also conducted outside New Zealand. Other companies are taxed on their New Zealand source income, subject to the terms of any relevant double tax treaty. The corporate income tax rate is 28%. Capital gains are not taxed in New Zealand. However, gains from the disposal of real or personal property are considered income and taxed accordingly if the property was acquired for the purpose of disposal or as part of a scheme to make a profit. Gains from real property sales may also be taxable under other circumstances. In general terms, losses can be carried forward from previous income years if the same group of persons holds at least 49% of the voting interests in the company throughout the period from the beginning of the year of loss to the end of the year of carry forward. There is no provision for losses to be relieved against the profits of earlier years. A group of companies can be formed by two or more companies where, at any time, the aggregate of the common voting interests is at least 66%. Losses of a group company (including losses carried forward) may generally be set off against the net income of another company in the group by election, or utilised by means of a subvention payment of profits from the profit company to the loss company, subject to conditions. A consolidated group of companies can be formed that consists of any number of a group of wholly owned resident companies that each elect to be a member of the group, subject to the satisfaction of all eligibility criteria. Consolidated groups are taxed on a consolidated basis and must submit a single corporate tax return.

15 Doing Business in New Zealand 13 The tax year generally ends on 31 March. With the consent of the Commissioner of the Inland Revenue, certain taxpayers may use a different tax year end. Tax returns are generally due for filing by 7 July following the tax year end. For companies with a tax year end date of between 1 April and 30 September (inclusive), tax returns are generally due for filing by the 7th day of the fourth month following the tax year end. The filing deadlines may be extended in certain circumstances. Companies are eligible for an extension to the following 31 March if their returns are prepared by a tax agent. Companies are generally required to pay provisional tax if their tax liability in the previous year exceeded NZD2,500. The amount of provisional tax to be paid is based on the previous year s tax liability, the estimated tax liability for the current year, or the amount of goods and services tax (GST) taxable supplies (subject to certain requirements). Companies are required to make a final balancing payment, known as terminal tax, if the provisional tax payments are not sufficient to cover the actual tax liability. 5.2 Personal Taxes Resident individuals are subject to income tax on their worldwide income. Non-resident individuals are subject to income tax on their New Zealand source income, subject to the terms of any relevant double tax treaty. Resident and non-resident individuals are taxed at the following rates: Taxable income (NZD) Rate (%) 0 14, ,001 48, ,001 70, Over 70, Capital gains are not taxed in New Zealand. However, gains from the disposal of real or personal property are considered income and taxed accordingly if the property was acquired for the purpose of disposal or as part of a scheme to make a profit. Gains from real property sales may also be taxable under other circumstances. There are no inheritance, gift or wealth taxes in New Zealand.

16 Employment Related Costs and Taxes Fringe benefits tax (FBT) Employers are subject to a FBT on the value of non-cash benefits they provide for their employees, including private use of a motor vehicle, low-interest loans and subsidised transport. Exceptions to FBT include contributions to income protection insurance, certain employee share loans and accommodation provided in connection with employment. Accommodation provided can however be subject to income tax in certain circumstances. FBT returns are generally filed quarterly. Quarterly filers can choose the single rate option (ie, FBT payable at 49.25% for all four quarters) or the alternate rate option (FBT payable at 43% or 49.25% for the first three quarters with adjustments made in the fourth quarter) Social security costs Employers are not required to make social security contributions Accident compensation levies Employers are subject to contributions in respect of personal injury which are payable to the Accident Compensation Corporation (ACC). The levy rate depends on the industry classification and the risk of work-related injuries. Employees are required to pay an accident compensation earner s levy of NZD1.45 (including GST; see 5.5) for every NZD100 of earnings, up to a maximum levy of NZD1, per year KiwiSaver superannuation scheme contributions Where an employee is part of a KiwiSaver scheme, employers must generally make mandatory contributions equivalent to 3% of an employee s earnings to a KiwiSaver superannuation scheme. Employers must generally deduct employee contributions of 3%, 4% or 8% of their earnings, depending on the employee s rate choice.

17 Doing Business in New Zealand Employer superannuation contribution tax (ESCT) Employers are generally required to pay ESCT on employer cash contributions made to a superannuation fund (including a KiwiSaver superannuation fund) for their employees. The ESCT rate varies from between 10.5% and 33%, and is based on the employee s taxable income plus the employer s superannuation scheme contributions. 5.4 Withholding Taxes on Payments Abroad Payments made to any person not resident in New Zealand are generally subject to withholding tax at the following rates: Dividends 30% (to the extent that they are not fully imputed) Interest 15% Royalties 15% Other withholding tax rates include those made to non-resident contractors (generally 15%), and to non-resident entertainers and athletes (generally 20%). These rates may be reduced for payments made to recipients in countries with which New Zealand has a double tax treaty. 5.5 Goods and Services Tax (GST) GST is generally levied on the supply of goods and services in New Zealand and on the importation of goods and services into New Zealand. Trading entities which are required to be registered for GST must generally charge their customers GST of 15% on the value of their supplies. A zero percent rate applies to certain categories of supply that include exported goods and services, and land transactions between GST-registered parties. Some supplies are exempt from GST, including certain financial services. The registration threshold is a current or projected turnover from taxable supplies of NZD60,000 in a 12-month period. Registered traders can generally recover the GST with which they themselves are charged on their purchases of goods and services.

18 Other Taxes Excise taxes Excise taxes are imposed on various goods, including tobacco products, alcoholic beverages and certain fuels Property tax Property tax (known as rates) is levied by local authorities in New Zealand Transfer taxes There are no transfer taxes in New Zealand Stamp duty There are no stamp duties in New Zealand. 5.7 Tax Incentives for Businesses Research and development (R&D) expenditure As a general rule, research expenditure is deductible (although feasibility expenditure ie expenditure to determine the practicality of a new proposal is not). Development expenditure is generally deductible in the initial stages, but is not once an identified capital asset has been created.

19 Doing Business in New Zealand Tax concessions Specific tax deductions (not exhaustive) may apply to improvements and enhancements made to farm land, improvements made to aquaculture businesses, expenditure of forestry businesses, improvements made to forestry land, and to petroleum development expenditure.

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