Despite being a small nation, New Zealand has established itself as a top location when starting a business mainly due to its stable economic growth and potential. The country’s GDP grew despite the COVID-19 pandemic, and there’s no sign of slowing down. This is an opportune moment for you to ride this wave of economic success. Existing physical stores in the country should strongly consider purchasing a domain NZ and boost local marketing to ensure that their business stays profitable as the pandemic continues to linger.
New Zealand supports entrepreneurship and business.The country has traditionally provided strong infrastructural support for this with the provision of grants by the New Zealand government for startups, mentorship programs, and low-cost legal advice for owners to construct and manage their businesses.
Moreover, New Zealand managed to maintain good relations with countries in the Asia Pacific. Its close relations with Australia resulted in the Closer Economic Relations agreement, a Free Trade Agreement that gives each country access to the other’s markets. This means that there are no tariffs on exports to and imports from Australia to New Zealand. This is an ideal situation if you are considering expanding into other markets. These are noteworthy when considering the long-term future of your business.
Upfront legal requirements. Bureaucracy and legal restrictions are a thing in the past when you start a business in New Zealand. While slightly different regulations may apply to each individual, the process is straightforward based on the business structure you choose. Processes include registering to pay Goods and Services Tax (GST), employer registration, and applying for an Inland Revenue (IRD) number to operate a business. The paperwork can be completed online within hours, with ease and convenience.
Supportive startup community. If you’re a new business, then you know that you’ll need continuous support, especially if it’s your first time in the NZ market. The startup community here provides resources that you can take advantage of. With plenty of working spaces and a friendly, tight community full of positive peers. You’ll find a plethora of support whenever you need advice, resolution, or just someone to share ideas with.
A forgiving tax system. Tax is an inescapable reality of life, but NZ makes it more bearable. For small businesses (SMB), tax can be a concern since it impacts their income. A businessneed to payincome tax on its net profit from the number of goods and services it sells. This is shaped by your business type, as well as the income you make within the year.
The tax environment in New Zealand isfortunatelyforgiving. Many tax concessions include a 6.7% discount on taxes for those in self-employed positions or within a partnership and rebates for sole traders and partners in a partnership,provided that their annual income falls below NZD 38,000.
There you have it! In summary, starting a business in New Zealand can be a very profitable choice – plus, it has never been easier. If you have an existing physical business here but still don’t have a site, then it’s time to consider a domain NZ provider that can guide you along the way. Whenever you venture into a new market, it’s vital to ensure that you do ample research. For example, if you get a .nz domain, you get a better chance at higher search engine results and attention from NZ locals. Country-code top-level domain (ccTLD) shows that your website is focused on a specific geographic country or location.