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Thread: Start up a business, need some advice.

  1. #1
    Join Date
    Sep 2016
    Location
    New Zealand
    Posts
    15

    Question Start up a business, need some advice.

    Hello Everyone,

    Currently I have a two year employer assisted work visa and SMC is under application, I should receive AIP letter soon, so my first questions is that can I start to register a company now in this situation?

    Other questions related to start up the company:
    1) I am thinking to start a property management company, I will be the main person in charge of the company, however, i have a friend who is also interested in this and i am wondering what is the difference between director and shareholder? I am thinking a proportion of 60% vs 40% or 70% vs 30%. can someone please let me know what do i need to do when register a company on the website... do i need to state the proportion? do I need to draw an agreement with my friend? or registering a company with a director and a shareholder is good enough? in this case, does that mean i will be the director and my friend will be the shareholder? i read from someone that there will be a form to filled out that shareholder agrees me to be the director?
    or can i set up the company on my own and then sort out the share of the company with a seperate agreement? which way is better?

    2) I will be implementing a property management software which it provides monthly reporting for my client, but do i still need an accounting software for myself for running the company?

    3) Since it is a small start up business, I am wondering if i can use my home address as the company address? I am renting at the moment.
    Will the rent and utilities and other expense related to the business be refunded?

    4) Company insurance, do i need to buy an company insurance? for example in the operation of the business, if i made a mistake that causes some money(touch wood), the insurance can cover for the general operational business risks.. if there is one, what kind of insurance is this? just in case.

    5) Bank account
    Do i need two bank accounts? one is trust account and the one is company account?
    What information do i need to provide? if my friend is a shareholder, do we need a joint bank account??

    6) Do I need to register the trademarks of the company? if yes, what is the procedure.

    7) is registering a company name different to registering trademarks?

    8) Also i have my personal IRD number and i won't be applying GST at this stage, just wondering do i have to apply for a company IRD number or i can use my personal one?

    9) When registering a company, do i have to provide a landline number? as i won't have one at this stage, mobile will be the main communication, is that okay?

    Thanks a lot for your attention.

    Cheers,
    Sarah
    Last edited by sarah19888; 8th July 2017 at 11:51 PM.

  2. #2
    Join Date
    Feb 2008
    Posts
    37,449

    Default

    The only thing among all these questions that I can comment on is that if you are on a temporary work visa naming an employer, you are not allowed to be self-employed or to run a business as well without a) a variation of conditions on your work visa, and b) your employer's agreement, neither of which will necessarily be granted. I know you're saying that you EXPECT to be approved for residence (which would allow you to run a business), but it hasn't happened yet. I don't know if you are allowed to do any preliminary work such as the registration while still on the work visa, and think you should check this with INZ, to make sure of staying legal.

    I recommend that you should use the internet to research your other questions. There are a lot of helpful websites, and the ones run by government agencies and other official bodies are trustworthy, which isn't necessarily the case for random strangers commenting on the forum - they may want to be helpful, in all sincerity, but you don't know their background, or how qualified they are to have an opinion. Try these for a start. https://www.google.co.uk/#q=new+zeal...+up+a+business

  3. #3
    Join Date
    Sep 2010
    Location
    Colorado ->Richmond
    Posts
    159

    Default

    Following up with JandM's post, once you are cleared to start a business a few words of advice:

    I would highly recommend an attorney to draft your Articles of incorporation and any shareholder agreements. I will also, with prejudice, state that if you and your friend are close I would not advise going into business together; if just acquaintances then so be it, but if close friends your friendship will get in the way of tough business decisions or your friendship will likely be destroyed quickly. It is easy for business partners to be good friends but very hard for good friends to be business partners. I would recommend using Xero, MYOB, or Quickbooks for the accounting of your business. You cannot keep an accurate enough set of books and when it is time for an audit the auditors will care less if you are inexperienced, or a small business, or couldn't afford proper accounting software. Inline with this, I would utilize the services of an accountant to help setup your initial chart of accounts and ensure that your GST, PAYE, and all other deductions and taxes are setup; have them assist you with the final year end accounting and tax return as well. Insurance is a funny business; when you start out you are inexperienced and you need it to protect yourself from your mistakes and once experienced and own assets and a nice healthy bank account you need it to protect your success from the unexpected. So yes, insurance is a must. The hurdles to starting a business can be significant but getting them over before you begin is much better than digging yourself out of the abyss of failure because you didn't clear them first. Plan, plan, plan, and execute properly! Wish you the best of luck!

  4. #4
    Join Date
    Sep 2016
    Location
    New Zealand
    Posts
    15

    Default

    Thanks a lot for your comment!!

  5. #5
    Join Date
    Sep 2016
    Location
    New Zealand
    Posts
    15

    Default

    Very helpful advice, thank you very much! Heynekamp

  6. #6
    Join Date
    Sep 2010
    Location
    Colorado ->Richmond
    Posts
    159

    Default

    Quote Originally Posted by sarah19888 View Post
    Very helpful advice, thank you very much! Heynekamp
    You're welcome. If I can help at all feel free to reach out.

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