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Starting a business in New Zealand

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