Expand Business in New Zealand
Global Upside helps businesses expand into New Zealand by providing talent acquisition, human resources, accounting, payroll, tax, incorporation, and professional employer organization (PEO)/employer of record (EOR) services. Our comprehensive offerings create an end-to-end solution that helps you establish your business and optimize your operations, all while maintaining compliance with New Zealand’s laws and regulations.
The hiring and incorporation processes in New Zealand are often complex, time-consuming, and involve numerous legal and compliance challenges. Global Upside simplifies these processes and lifts the compliance burden from your business. Our teams have the experience and expertise required to help you establish a legal entity in New Zealand. We also offer PEO/EOR solutions to companies interested in hiring employees quickly, without setting up a legal entity in the country.
With a population of 5 million people, New Zealand is an island nation in the Pacific Ocean, southeast of Australia. The economy has developed from being an agrarian economy to a more industrialized and free-market economy that can vie internationally.
- New Zealand ranks as the 53rd largest economy in the world in terms of nominal GDP.
- New Zealand ranks as the 2nd largest economy in Oceania.
- New Zealand is the world’s largest producer of concentrated milk.
- New Zealand ranks as the 5th best country in the world for business.
A limited liability company is the most common form of an entity set up which is administered by a board of directors who are appointed by the investors. The liability is limited to the amount of capital shared by the investors.
It takes approximately two weeks to establish a legal entity set up in New Zealand.
The labor law in New Zealand is derived from two primary sources:
- Acts of Parliament – a statute
- Principles developed by Courts and Tribunals – common law
There is a chain of acts that make up what is stated as the “minimum code” that sets out the minimum rights of employees in New Zealand.
The terms that need to be stipulated in an employment contract are:
- Names of both the employer and employee
- Job description
- Job location
- Working hours
- Public holidays
The New Zealand Accounting Standards Board (NZASB) promulgates the accounting standards and it is a Committee of the External Reporting Board (XRB) which is an independent ‘Crown Entity’. The Financial Reporting Act 2013 was established by the New Zealand law.
The Privacy act 1993 and its Information Privacy Principles (IPPs) administer how companies collect, use, store, release, retain, and provide access to personal data.
Codes currently in place are:
- Credit Reporting Privacy Code
- Telecommunications Information Privacy Code
- Justice Sector Unique Identifier Code
- Health Information Privacy Code
- Superannuation Schemes Unique Identifier Code
- Civil Defense National Emergencies (Information Sharing) Code
Anti-Bribery & Anti-Corruption Law
The primary statutes that govern bribery and corruption in New Zealand are:
• Secret Commissions Act 1910
• Crimes act 1961; Part 6, Section 99-106
1. Bribery of Public Officials:
i) Imprisonment for up to 14 years
2. Bribery of Private Officials
i) Imprisonment of up to 7 years