GSL / Offshore and International Law / Offshore zones / Australia & Oceania / New Zealand / Legislation of New Zealand

Legislation of New Zealand

Service packages Legislation Tax System Audit Services

List of laws and regulations

Act name
Scope of law
companies
amedment to companies act (resident directors)
financial reporting
income tax
tax administration
trade and enterprise
trade marks
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Tax treaties entered

Australia
Austria
Belgium
Canada
Chile
China
Chinese Taipei
Czech Republic
Denmark
Fiji
Finland
France
Germany
Hong Kong
India
Indonesia
Ireland
Italy
Japan
Korea
Malaysia
Mexico
Netherlands
Norway
Papua New Guinea
Philippines
Poland
Russian Federation
Samoa
Singapore
South Africa
Spain
Sweden
Switzerland
Thailand
Turkey
United Arab Emirates
United Kingdom
United States of America
Canada
Papua New Guinea
Viet Nam

Tax Exchange Information Agreement (TEIA)

Anguilla
Bahamas
Bermuda
Cayman Islands
Cook Islands
Curaçao
Dominica
Gibraltar
Guernsey
Isle of Man
Jersey
Marshall Islands
Niue
Saint Kitts and Nevis
Saint Vincent and the Grenadines
Samoa
Sint Maarten
Turks and Caicos Islands
Vanuatu
Virgin Islands (British)

List of state regulatory authorities

Ministry of Business, Innovation and Employment
Ministry of Foreign Affairs and Trade
Intellectual property office
Accident compensation corporation
Inland Revenue Department
New Zealand Statistics
Reserve Bank of New Zealand
Immigration New Zealand
New Zealand legislation

Corporate info

Legal system
common law
Types of entity
Sole trader; Partnership; Limited partnership; Private company; Public company; Trust
Shelf companies permitted
Yes
Incorporation timescale for a new company
1 day
Company suffix
Limited; Tapui (Limited)
Sensitive words
names having royal, national, international, commercial or other significance
Cyrillic alphabet permitted in company name
No
Local registered office
Yes
Local registered agent
No
Information to be kept at the registered office
Minutes of all meetings and resolutions of shareholders; Share register and the register of Director's interests; Minutes of all meetings and resolutions of directors and directors committees; Certificates given by directors under Companies Act; Full names and addresses of the current directors; All written communications to all shareholders, including annual reports; Copies of all financial statements and group financial statements (these must be in English); Accounting records for the current accounting period
Seal required, type of seal
not required
Redomiciliation (to, from) permitted
permitted

Director and secretary

Minimum number of directors
1
Residency requirements for directors
No
Corporate directors permitted
No
Directors’ meetings/frequency/location
No requirements
Disclosure to local agent
Yes
Disclosure to public
Yes
Company secretary required
No
Residency requirements for a secretary
No
Qualified secretary required
No
Corporate secretary permitted
No

Shareholder and beneficiary

Minimum number of shareholders
1
Residency requirements for shareholders
No
Corporate shareholder permitted
Yes
Meetings/frequency/location
Yes / annually / no requirements
Disclosure to local agent
Yes
Disclosure to public
Yes
Beneficiary info disclosure to
No

Shares and share capital

Minimum authorized share capital
No requirements
Minimum issued share capital
1 share
Minimum paid share capital
1 share
Authorized capital payment deadlines
No requirements
Issued capital payment deadlines
At the moment of registration
Standard currency
NZD
Standard authorized share capital
10000
Standard par value of shares
No
Shares with no par value permitted
Yes
Bearer shares permitted
No

Taxes

Personal tax
10,5-39%
Min. rate for corporate tax
28%
Corporate tax (in detail)
Corporate income tax is levied at a flat rate of 28%.
Capital gains tax
Regular rate
Capital gains tax. Details
VAT
15%
VAT. Details
GST is similar to VAT. The tax rate is 15%.
Withholding tax
0-15-30%/15%/15%
Other taxes
Employee Benefit Tax, Social Contributions, Property Taxes
Exchange control
No
Government fee
Stamp duty
No

Accounts

Requirement to prepare accounts
Yes
Requirement to file accounts
No
Publicly accessible accounts
No
Requirement to file Annual Return
Yes
Publicly accessible Annual Return
No
Audit required
Yes

General information shortly

Location
southwestern Pacific Ocean
Total area
268,680 sq.km
Population
5.072.820 (2022)
Capital
Wellington
National currency
New Zealand dollar
Conditional reduction of currency
NZD
Against USD
0,64
Climate, average max and min t°
temperate with wide regional contrast. The hottest months are December, January and February; the coldest are June, July and August. Average temperature in July varies from +12°С to +5°С, average temperature in January varies from +19°С to +14°С.
Time difference from Moscow
+ 9 hours
Dialing code
+64
State language
English, Maori, NZ Sign language
Ethnic groups
56.8% - European; 8% - Asian; 7.4% - Maori; 4.6% - Pacific islanders; 9.7% - mixed; 13.5% - other
Literacy rate
99% (2019)
History
The Polynesian Maori and Moriori are considered to be the pioneers of New Zealand who supposedly started the reclamation of the islands in 11-14 centuries. Although the first European who saw the shores of New Zealand in 1642, was a Dutch seafarer Abel Tasman, it was a voyage of James Cook in 1768 which set the stage of dynamic reclamation of the lands by Europeans. In 1840, due to the growing interest of France to New Zealand’s colonization, Great Britain appointed its governor in the country, and on February 6 she signed the Treaty of Waitangi which became the basis of a new state and is followed till today. According to the Treaty, New Zealand become a part of British Empire, but it was also guaranteed that Maori could still enjoy their rights (including property rights). In the middle of the 1850s, New Zealand got the rights of limited autonomy, and by the end of the 1890s obtained independancy. The British colony of New Zealand became an independent dominion in 1907. However, the country gained it full independence only in 1986, when as a result of constitutional crisis Constitution Act of 1986 was adopted.
Credit rating
AA+
Government type
constitutional monarchy
Executive branch
Cabinet lead by the Prime Minister
Legislative branch
Parliament consisting of the Queen and the House of Representatives (120 seats)
Judicial branch
Supreme Court; Court of Appeal; High Court
Unemployment
4,6 (2020)
GDP per capita rank
33 (2020)
Corruption perceptions index rank
88 (2021)

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