How to register a business in NZ?

[bananamuffin]

Hi all

My partner and I planning to emigrate to NZ hopefully within the next 12 months or so. One of the things I'd like to do in NZ is register a business, most likely I'll go for LLC. Has anyone does this before, any pointers, advice, etc.?

[KerryS]

It's really easy - all the info is on the companies website: http://www.companies.govt.nz/cms

Depends on the nature of your business as to whether a LLC is the best option for you, and so can't really offer an opinion on that, as you haven't provided any information.
I have a LLC and a LACQ, as I use each company differently.

[macs gold]

When you arrive and have registered your company, give the IRD a call. They will send somebody around and take you through it all. Most friendly they are, to 'new customers'. GST (the equivalent of VAT) and employer registration are the important ones, but not all businesses need to bother with these.

In fact, I suspect the IRD will give you a call before you get a chance to call them. They are very efficient in identifying new businesses these days.

[bananamuffin]

KerryS, thanks for the info, definitely looks straightforward. Been meaning to do it here in the US but too many hoops to jump through, and moreso because I'm here on a student visa and legally not allowed to make an income. Makes it triple difficult. I've decided to wait and hopefully get PR in NZ and then register my business there. I'll have to look some more at the options but here LLC would have been best option and I'm thinking it will be the same there. What is LACQ if you don't mind me asking?

macs gold, thanks for the info. By IRD do you mean internal revenue department or something like that?

[ourquest]

What is LACQ if you don't mind me asking?

It's actually LAQC.

Loss Attributing Qualifying Company.

It is essentially a limited liability company allowing you to offset losses accrued in that company against income derived elsewhere. So ideal (for example) for salaried employees who own rental property which runs at a loss, so that losses from the property can reduce the taxable income from their salary.

[macs gold]

macs gold, thanks for the info. By IRD do you mean internal revenue department or something like that?

Exactly.

[M-Squared]

We set up hubby's company through companies.govt.nz. Did it all online, though there was one thing to sign and fax off. No biggee. The site will also apply for your company IRD number for you and get that all sorted. The IRD soon got in touch with hubby and has offered him free tax seminars. Unfortunately they're all during the working day, but the idea is good.

[bananamuffin]

Thanks for all the info. Very helpful!

Will be researching and thinking more about this, I'm sure I'll have plenty more questions!