Got a business idea? You have decided to venture into a business. Now the question is where do you start and the process of setting up can be sometimes quite daunting.
Here is a simple guide to ensure you have taken care of the preparation, registration & keeping day to day records. –
Preparation
- Choose your business structure, eg, sole trader, partnership, company.
- Choose a business name.
- Create a business plan. It can help you to secure funding from investors and banks.
- Prepare a cashflow projection.
- Get help to create a marketing plan/business plan.
Registration
- Get a Realme Login.
- Get a New Zealand Business Number.
- Register for myIR.
- Work out if you need to register for GST.
- Register your trade mark with IPONZ
- Contact Accident Compensation Corporation (ACC)—to discuss cover for your first year, your business industry code (BIC) and the rate for your industry.
- Ministry of Business, Innovation and Employment (MBIE)—to discuss requirements for employment contracts and health and safety.
- New Zealand Customs Service (Customs)—to register if you’re importing goods
- Set up a business bank account and a separate bank account for tax and ACC levies
Keeping records
- Keep a business diary for appointments and important contact details.
- Set up a record keeping system and keep all business-related invoices and receipts.
- Home office—calculate the area of your home being used for business.
- Start a vehicle logbook.
- Set up an invoicing system—if registering for GST make sure it meets the taxable supply information requirements.
- If employing staff, set up a payroll system.
- Set up an asset register (may also be called a depreciation schedule).
- Using your own assets? Get a written valuation of any private assets being introduced to the business