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Do business in New Zealand

— filed under: Business is booming, IPONZ, IRD, Biz.org.nz

Have you thought about how you will set up and run your business?

Here are some suggestions that you may not have thought of. Different businesses have different needs so these suggestions are of a general nature; they may not all apply to your business or how you choose to run it.

Protection of business names

A business starts building its brand (trading name or mark) from the day it opens. The longer a business operates the more valuable its brand recognition in the marketplace becomes.

Choosing a business structure

To own and operate a business in New Zealand you need to choose a business structure. This overview will help you select a business structure that suits your needs; sole trader, partnership or limited liability company.

Market research

Is there a demand for your products and services? This is the most basic question - do people or other businesses actually want your products and services?

A business plan

Once you have completed your market research, the results can be incorporated into your Business Plan. The purpose of a Business Plan is to outline the planned progress of your business in the next year.

Building your business skills

Research has shown that many new businesses fail through lack of business management skills. Successful business people continue to build their skills and experience throughout their business careers.

Exporting

Export information and assistance, and the services available to help you broaden your opportunities.

Get help with tax and compliance issues

Inland Revenue (IR) offers free tax education and advice to new businesses and smaller organisations or to anyone considering setting up in business. You now have the ability to apply for a company IRD number and register for GST at the time you incorporate your company.

Business coaching

Where can you get access to business coaching and training? Attending any of the Enterprise Training workshops or seminars could entitle you to free coaching.

Improving your e-business capability

The 'E-business guide' is published by New Zealand Trade and Enterprise and offers you a personalised step-by-step roadmap to improve the e-business capability of your business.

Funding your business

Unless you have an asset like a house which banks will lend against, you may find it difficult to borrow money to start your business. Find out the different ways you could fund your new business.

Business advisors

Successful business people develop a network of business advisors. These typically include lawyers, accountants and bank managers.

Insurance is wise

If you have no insurance you will be personally liable for any damage you cause to someone else’s property. Equally important is managing the risk of loss or damage to your own assets.

business.govt.nz

business.govt.nz is designed to promote good business practices and make it easier for New Zealand companies to do business.

Recovering debt from a company

There are a number of options for recovering a debt from a company. Some of the most common situations are outlined here.

Further information

Further resources to access information about doing business in New Zealand:

New Zealand Law Society: The New Zealand Law Society (NZLS) was established by statute in 1869. The current legislation is the Law Practitioners Act 1982. That statute sets out the Society's name, membership, structure, general functions, powers and duties. It also makes provision for the district law societies, which are independent bodies with their own statutory powers. The district law societies and the New Zealand Law Society operate in a federal structure.
New Zealand Institute of Chartered Accountants: The New Zealand Institute of Chartered Accountants is the operating name for the Institute of Chartered Accountants of New Zealand. As the country's pre-eminent professional accounting body it represents nearly 28,000 members in New Zealand and overseas.
Enterprise Training: http://www.business.govt.nz/
Economic Development Agencies: http://www.edanz.org.nz/
Enterprise Development Fund: http://www.business.govt.nz/
Export help: http://www.exported.co.nz/
New Zealand Customs Service: http://www.customs.govt.nz/
Tourism Industry Association: http://www.tianz.co.nz/
Tourism Research Council: http://www.trcnz.govt.nz/