Fact File

Fact File Supplied By

John W Hart Limited

Location

South Pacific

Time Zone

Greenwich Mean Time +12.00

Population

4.8 million

Capital

Wellington

Airport (s)

International - includes Wellington, Auckland, Christchurch, Queenstown

Language

English

Currency

NZ dollar

Political System

Constitutional democracy

International Dialing Code

+64

Legal System

Common law

Centre's expertise

High

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$70k and above - 33%

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

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$132.25, including GST of 15%.

Annual fees

NZ$41.40, 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

Disclose

Yes (trusts no disclosure)

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$60m or total revenue exceded NZ$30m in each of past two accounting periods (reduced to $20m/$10m for overseas companies and subsidiaries of foreign corporates).

Audit requirements

Only mandatory if financial statements have to be registered.

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.