{"id":211153,"date":"2021-10-20T11:22:19","date_gmt":"2021-10-19T22:22:19","guid":{"rendered":"https:\/\/legalvision.co.nz\/?p=211153"},"modified":"2022-11-25T14:52:01","modified_gmt":"2022-11-25T01:52:01","slug":"company-structure-new-zealand","status":"publish","type":"post","link":"https:\/\/legalvision.co.nz\/business-structures\/company-structure-new-zealand\/","title":{"rendered":"3 Steps to Set Up a Company in New Zealand"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Starting a business in New Zealand is one of the best ways to start your journey to financial freedom. This is because you are only accountable to yourself. Additionally, if your business grows large enough, you can let someone else run it on your behalf. There are several ways that you can structure your business. The main ways to structure your business are as a <\/span>sole trader, partnership or company. <span style=\"font-weight: 400\">The best structure depends on your circumstances, with each structure having different benefits and requirements. One structure that many people might be familiar with is a company. This article outlines the reasons for choosing a company structure and the steps you need to take to structure your business as a company.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Features and Advantages of a Company Structure<\/span><\/h2>\n<p><span style=\"font-weight: 400\">A company is a <a href=\"https:\/\/legalvision.co.nz\/business-structures\/3-reasons-to-operate-as-a-company\/\">popular business structure<\/a> that large businesses generally use. The main feature of a company structure is that your business is a separate legal entity to yourself. This means that you have limited liability. Limiting your liability protects your personal assets from any debts that the company takes on. A company structure will also change your tax obligations. Specifically, any profits will be taxed at the company tax rate of 28%, as opposed to the tax rate applied to your personal income.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Another advantage of setting your business up as a company is the potential for growth. It is easier to grow your business as a company quickly. This is because investors are able to provide capital for your business. Additionally, it is also easier to sell your business since it is a separate legal entity.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Setting Up a Company in New Zealand<\/span><\/h2>\n<h3><span style=\"font-weight: 400\">1. Create a Business Plan<\/span><\/h3>\n<p><span style=\"font-weight: 400\">The first step for setting up any business is to create a business plan. A business plan should include your business&#8217;:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400\">profile;<\/span><\/li>\n<li><span style=\"font-weight: 400\">goals; and<\/span><\/li>\n<li><span style=\"font-weight: 400\">competitive advantage in the industry.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">It should also contain <\/span>financial statement projections. These allow potential investors to understand the progression of the business. Finally, you should include a market analysis, stating your business&#8217; competitors and the market research you have conducted.<\/p>\n<h3><span style=\"font-weight: 400\">2. Register Your Company<\/span><\/h3>\n<p><span style=\"font-weight: 400\">The next step to take once you have created a business plan is to register your company. <\/span><\/p>\n<div class=\"box box--icon box--star\">\n<p><span style=\"font-weight: 400\">Registration is the most important step when setting up your company. <\/span><\/p>\n<\/div>\n<p><span style=\"font-weight: 400\">To begin the process of registration, you should first look up whether anyone has already registered your name in the Companies Register. If the name is available, you can reserve it before registering your company.<\/span><\/p>\n<h4><span style=\"font-weight: 400\">Register Trade Marks<\/span><\/h4>\n<p><span style=\"font-weight: 400\">Additionally, you should also consider <a href=\"https:\/\/legalvision.co.nz\/intellectual-property\/how-to-register-your-trade-mark-in-new-zealand\/\">registering a trade mark<\/a> for your business\u2019 branding. Trade marks protect competitors from plagiarising your brand or bringing it into disrepute. You can trademark your words and logo. Furthermore, trade mark protection lasts for at least 10 years. However, there is a small fee and it can take a significant amount of time to approve. Therefore, it is a good idea to begin the process early.<\/span><\/p>\n<h3><span style=\"font-weight: 400\">3. Comply With Continuing Obligations<\/span><\/h3>\n<p><span style=\"font-weight: 400\">Finally, it is important to note that there are continuing obligations that apply when running a company. Importantly, this includes a company\u2019s tax obligations. Specifically, you must file your company\u2019s tax returns and ensure that you pay at the company tax rate of 28%. In addition, your annual tax return must also contain details about your directors and shareholders.\u00a0<\/span><\/p>\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+64800005570\" class=\"not-prose\">0800 005 570<\/a> for urgent assistance.\n                <br>\n                Otherwise, complete this form, and we will contact you within one business day.\n                    <\/span>\n    <\/div>\n\n    \n\n<div class=\"not-prose flex justify-center text-left gform_input_bg_white    \">\n    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Unlike a company, a sole trader structure is not a separate entity from the business owner. This means you have unlimited liability. Therefore, creditors could take your personal assets to pay off business debts if your business becomes insolvent.<\/span><\/p>\n<h3><span style=\"font-weight: 400\">Partnership<\/span><\/h3>\n<p><span style=\"font-weight: 400\"><a href=\"https:\/\/legalvision.co.nz\/business-structures\/starting-new-partnership\/\">A partnership<\/a> is similar to a sole trader structure. However, unlike a sole trader, there is more than one owner of the business. Nevertheless, as with a sole trader structure, your shareholders have unlimited liability.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Key Takeaways<\/span><\/h2>\n<p><span style=\"font-weight: 400\">It is important that you choose the right business structure when you start your business. Even though you can change your business structure in the future, starting with the appropriate structure will set your business up for success. A company is a popular structure because it has its own legal entity. This means that you can benefit from limited liability if the company incurs debts. For legal assistance with choosing the right business structure for you, contact <\/span><a href=\"https:\/\/legalvision.co.nz\/business-lawyers-lp-new-zealand\/\"><span style=\"font-weight: 400\">Legal Vision\u2019s business lawyers<\/span><\/a><span style=\"font-weight: 400\"> on <a href=\"tel:+64800005570\" class=\"AVANSERnumber dynamic-number\">0800 005 570<\/a> or fill out the form on this page.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Frequently Asked Questions<\/span><\/h2>\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1634531996590\"><strong class=\"schema-faq-question\"><strong>Can I change my business structure?<\/strong><\/strong> <p class=\"schema-faq-answer\">Yes, if you change your business model or your business starts to grow quickly, you are able to change your business structure. However, it is important that you follow the correct procedures.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1634532013653\"><strong class=\"schema-faq-question\"><strong>Does a company structure protect directors from being sued?<\/strong><\/strong> <p class=\"schema-faq-answer\">There are certain duties that a director must abide by when they are a director of a company. Therefore, directors are not protected from all litigation.<\/p> <\/div> <\/div>\n<div class=\"not-prose m-feedback-prompt\">\n    <!-- Thumbs up\/down bar -->\n    <div class=\"m-feedback-prompt__main\">\n        <div class=\"m-feedback-prompt__title\">Was this article helpful?<\/div>\n        <div>\n            <!--span class=\"m-feedback-prompt__button--text\">Thanks!<\/span-->\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--yes\"\n                    data-analytics-link=\"feedback-prompt:yes\" aria-label=\"Agree\">\n                <i class=\"fa-regular fa-thumbs-up fa-3x\"><\/i>\n            <\/button>\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--no\"\n                    data-analytics-link=\"feedback-prompt:no\" aria-label=\"Disagree\">\n                <i class=\"fa-regular fa-thumbs-down fa-3x\"><\/i>\n            <\/button>\n        <\/div>\n    <\/div>\n\n    <!-- Feedback form -->\n    <div class=\"m-feedback-prompt__form\">\n        <div class=\"m-feedback-prompt__form--thanks \">\n            <div>Thanks!<\/div>\n            <p>\n                We appreciate your feedback \u2013 your submission has been successfully received.            <\/p>\n        <\/div>\n        <form id=\"contact-form\" class=\"m-feedback-prompt__form--form\" action=\"\" method=\"post\">\n            <input type=\"hidden\" id=\"authenticity_token\" name=\"authenticity_token\" value=\"d2c2fab9ad\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/api\/wp\/v2\/posts\/211153\" \/>            <input value=\"https:\/\/legalvision.co.nz\/business-structures\/company-structure-new-zealand\/\" type=\"hidden\" name=\"currenturl\"\n                   id=\"currenturl\">\n            <input value=\"3 Steps to Set Up a Company in New Zealand\" type=\"hidden\" name=\"currenttitle\"\n                   id=\"currenttitle\">\n            <label>\n                <!-- display on thumbs-up -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--yes\">\n                    Can you tell us <span class=\"font-semibold\">why<\/span> you found it helpful?\n                <\/span>\n\n                <!-- display on thumbs-down -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--no text-lg\">\n                    How can we better improve this article?\n                <\/span>\n                <textarea name=\"feedbackmessage\" id=\"feedbackmessage\" required><\/textarea>\n            <\/label>\n\n            <div class=\"m-feedback-prompt__form--error\" id=\"form-submit-error\"><\/div>\n            <button id=\"submit-contact-form-button\" type=\"submit\" name=\"commit\" class=\"m-feedback-prompt__form--submit\"\n                    data-analytics-link=\"feedback-prompt:submit\">\n                Submit            <\/button>\n        <\/form>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Starting a business in New Zealand is one of the best ways to start your journey to financial freedom. This is because you are only accountable to yourself. Additionally, if your business grows large enough, you can let someone else run it on your behalf. There are several ways that you can structure your business.<a href=\"https:\/\/legalvision.co.nz\/business-structures\/company-structure-new-zealand\/\">Continue reading <span class=\"sr-only\">&#8220;3 Steps to Set Up a Company in New Zealand&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13248,"featured_media":811,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"202036,218413,1288,1205,1492,213469","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[4],"tags":[201,236,498,1169],"class_list":["post-211153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-structures","tag-company-structure","tag-business-structuring","tag-company-director","tag-company-registration"],"acf":[],"yoast_head":"<!-- This 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