NZ Business Visas
New Zealand is a country with an economic outlook, free market philosophy and political stability, geared for success. The country is a sophisticated, technologically aware nation whose people are proven early adopters of a whole range of technologies.
There are three primary business structures in New Zealand:
- - Sole traders: where an individual owns all business assets and is responsible for all business risks.
- - Partnerships: governed by the Partnership Act 1908.
- - Companies: governed by the Companies Act 1993.
New Zealand business is controlled by three government agencies:
- The Commerce Commission: which ensures businesses adhere to the Fair Trading Act 1986, the Commerce Act 1986 and the Consumer Guarantees Act 1993.
- The Securities Commission
- The Takeovers Panel
For all relevant taxes your business will need to:
- Have an Inland Revenue (IRD) number;
- Complete Inland Revenue tax returns each year;
- Make a number of tax payments each year.
Income tax is payable on the net profit from your business. The resident business tax rate is a flat rate of 33%.
Note that income of husbands/wives/partners is treated separately for tax purposes. Goods and services tax (a consumption-based tax known as GST) is charged at the rate of 12.5% on all goods and services in New Zealand, with a few exceptions including financial services and domestic rents.
There are no capital gains taxes in New Zealand except for some classes of transaction. If your business operates as an employer, you will need to register with the Inland Revenue and make pay-as-you-earn (PAYE) and other deductions (such as student loan repayments) from your employee's wages.
Business tax and IRD numbers
If you already have an IRD number for non-business income and you are a sole trader, you will use the same number for your business.
If your business will operate as a company, partnership or trust, you will need to get a separate IRD number.
The Employment Relations Act 2000 is the principal statute regulating employment in New Zealand. A number of other statutes regulate holidays, minimum wages and minimum working conditions for factories.
Employers are responsible for:
- Ensuring the safety of their employees at work;
- Identifying all hazards in the workplace;
- Eliminating, isolating or minimising their employees' exposure to hazards; and
- Having procedures in place for dealing with work emergencies.
Licences and permits
In order to operate within the law, some businesses require licenses or permits. It is important to check whether your business requires a licence or permit.
Business immigration to New Zealand
New Zealand’s business immigration policy aims to attract migrants who will contribute to New Zealand’s economic growth through:
- Increasing New Zealand's level of human capital;
- Encouraging enterprise and innovation; and
- Fostering external links.
The following business visas are currently available:
- New Zealand investor visa
- New Zealand long-term business visa
February 12, 2015