New Zealand

Personal income tax

0 to NZ$14k -10.5%; NZ$14,001 to NZ$48k – 17.5%; NZ$48,001 to NZ$70,000 – 30%; NZ$70,001 and up to NZ$180,000 – 33%; NZ$180,001 and above – 39%.

Corporate income tax

28%.

Exchange restrictions

None.

TIEAs in force

Anguilla, Bahamas, British Virgin Islands, Cayman Islands, Cook Islands, Curacao, Dominica, Gibraltar, Guernsey, Isle of Man, Jersey, Marshall Islands, Netherlands Antilles, Niue, Saint Vincent and the Grenadines, San Marino, Sint Maarten, Turks and Caicos Islands and Vanuatu.

Signed but not yet in force

Bermuda, Saint Christopher and Nevis

Permitted currencies

Shares not required to be denominated in money on the registry.

Minimum authorised capital

Nil.

Minimum share issue

Nil.

Shelf companies

Available from company providers but not so relevant because of rapid incorporation.

Timescale for new entities

Can be set up within 24 hours with local directors and shareholders. Where there are foreign directors or shareholders, incorporation cannot be completed until certified copies of ID and proof of address are provided to the Companies Office.

Incorporation fees

NZ$148.05, including GST of 15%.

Annual fees

NZ$57.20, including GST of 15%.

Minimum number

One.

Residency requirements

Companies must have a New Zealand-resident director. An exemption will be available if a director is resident in an 'enforcement country' and is a director of a company that is registered in that country. Australia is presently the only prescribed enforcement country.

Corporate directors

Not permitted.

Meetings/frequency

On notice by a director. Frequency set out by company’s constitution. No minimum.

Disclose

Yes (trusts no disclosure). Beneficial owners not disclosed.

Bearer shares

Share register must show names of shareholders.

Minimum number

One.

Public share registry

Company must take register available for inspection by public.

Meetings/frequency

Annual meeting, or 75% shareholders' resolution.

Annual return

Financial statements only have to be registered with the Registrar of Companies if a company is an "FMC reporting entity", a "large overseas company", or a "large" New Zealand company with 25% or more overseas ownership. "Large" means total assets exceeded NZ$66m or total revenue exceeded NZ$33m in each of past two accounting periods (reduced to $22m/$11m for overseas companies and subsidiaries of foreign corporates).

Audit requirements

Only mandatory if financial statements have to be registered. Large companies held
by less than 25% overseas owners may opt out.

Recent Legislation

• Taxation (Annual Rates for 2022-23, Platform Economy, and Remedial Matters) Act 2023
• Tax Administration (Reportable Jurisdictions for Application of CRS Standard) Amendment Regulations 2023
• Russia Sanctions Amendment Regulations 2023 (No 1 – No 8)
• Income Tax (Deemed Rate of Return on Attributing Interests in Foreign Investment Funds, 2022-23 Income Year) Order 2023
• Companies (Directors’ Duties) Amendment Act 2023
• Taxation Principles Reporting Act 2023
• Taxation Principles Reporting Act Repeal Act 2023
• Tax Administration (Reportable Jurisdictions for Application of CRS Standard) Amendment Regulations 2024
• Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Amendment Regulations 2023
• Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Amendment Regulations (No 2) 2023
• Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Amendment Notice 2023
• Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2023
• Anti-Money Laundering and Countering Financing of Terrorism (Prescribed Transactions Reporting) Amendment Regulations 2023
• Anti-Money Laundering and Countering Financing of Terrorism (Requirements and Compliance) Amendment Regulations 2023
• Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill
• Taxation (Use of Money Interest Rates) Amendment Regulations 2023
• Companies (Address Information) Amendment Bill
• Russia Sanctions Amendment Regulations 2024

Registered office

Must be in New Zealand. Company must have address for services in NZ.

Domicile issues

Companies may emigrate or immigrate.

Company Naming restrictions

Name forbidden that: 1. Contravenes enactment 2. Identical to another company 3. Is offensive. Must end with “Limited” or “Tãpui (Limited)”.