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Overview of New Zealand

Ed Kruger
Ed Kruger

New Zealand is a developed country with a population of 4.4 million. It has a GDP of $135 billion and exports mainly to Australia, China, the US, and Japan. New Zealand has a constitutional monarchy and parliamentary democracy. It has a modern economy that has been deregulated and open to international trade and investment since the 1980s.

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Basic Facts and Information about New Zealand New Zealand is well developed modern nation, with Population: 4.4 million an efficient market orientated economy, first world infrastructure, a world-class financial and banking Currency: New Zealand Dollar (NZD) system, and a secure and stable government. GDP: NZD 189.2 billion (approx. USD 135 As an upstanding member of the international billion) community, New Zealand is participant in several GDP per capita: NZD 43,269 (approx. USD 31,071 ) multinational organizations, including the United Nations, World Trade Organization, International Top Export Partners: Monetary Fund, Organization for Economic Australia NZD 9.9 billion Cooperation and Development, the South pacific China NZD 4.2billion Forum, the Asia Pacific Economic Cooperation, and USA NZD 3.7 billion the Commonwealth. Japan NZD 3.2 billion UK NZD 1.5 billion Total Exports NZD 41,463 billion Total Imports NZD 40,597 billion
New Zealand New Zealand Business Geographic Overview Overview New Zealand is an island nation In the past the New Zealand located 2000 kilometers south-east economy was constrained by Double Taxation Agreements of Australia. It is comprised of two numerous government regulations, Australia primary landmasses, known as the import tariffs, import controls, Austria North and South Islands, and a subsidies and a platitude of other Belgium significant number of smaller islands. legislations. Since 1984 the New Canada The largest city in New Zealand is Chile Zealand government has led an People's Republic of China Auckland, in the top half of the overhaul and rethink of economic Czech Republic North Island, while the capital, and financial legislations, staging the Denmark Wellington, lies in the Southern tip path for the national economy to Finland of the northern island. The land become deregulated, decentralized, Fiji mass of New Zealand consists of and open to international France 368,680 square kilometers, making it Germany investment. Indonesia the 75th biggest nation in the world India and covers 0.18% of the world's As part of the economic overhaul Ireland surface. process, New Zealand has affirmed Italy its aim to strengthen its political, Japan New Zealand economic and trade ties with nations Korea Malaysia in Asia and the Pacific Rim. This is Government Overview evidenced by the large number of Mexico Netherlands trade-pacts currently signed Norway New Zealand is a constitutional between New Zealand and Asian Philippines monarchy with a parliamentary countries. New Zealand was the first Poland democracy. The parliament building Russian Federation Western country to have signed a resides in the capital, Wellington, in Singapore, free-trade agreement with China. a building dubbed "The Beehive". South Africa Queen Elizabeth II is currently the Spain Today New Zealand is internationally Sweden Queen of New Zealand, although is recognized for being an Switzerland represented by the Governor- exceptionally easy and safe country Taiwan General. The Governor General of in which to do business. In the World Thailand New Zealand is able to exercise a United Arab Emirates Banks 2010 the Doing Business certain number of reserve powers, United Kingdom survey, New Zealand was ranked as like the appointing and dismissing United States of America the third for the overall Ease of Governors and Prime Ministers, Doing Business category. It was also Free Trade Agreements dissolving Parliament, and refusing ranked top for the Ease of Starting a the Prime-Minister's request for an Australia Business and Investor Protection. Peoples Republic of China election. The Transparency International Thailand Singapore Corruption Perceptions Index 2010 New Zealand is a common law Brunei ranked New Zealand as the least Chile jurisdiction, developed from case corrupt country in the world, Malaysia law and statutes previously enacted Hong Kong alongside Denmark and Singapore. by the New Zealand Parliament.
Time Overview Standard time zone: UTC/GMT +12 hours Standard Public Holidays New Year's Day 1 January Day after New Year's Day 2 January New Zealand Tax Overview Waitangi Day Taxation in New Zealand is administered and operated by the Inland 6 February Revenue Department (IRD). Any individual or business entity wishing to work in the country is obligated to register for an IRD number. Even ANZAC Day companies which are registered but are not indented to operate 25 April immediately must register for an IRD number. Christmas Day st The New Zealand financial year runs from April 1 to March 31 . st 25 December As of April 1st 2011 the primary tax rates faced by companies are: Boxing Day 26 December Corporate Income Tax : 28% Goods and Service Tax: 15% Capital Gains Tax: 0% The New Zealand government has made a clear that non-resident receiving income that was sourced from non-New Zealand activities will not be liable Legal Disclaimer for New Zealand tax liabilities. To that effect, several entity types are currently available in New Zealand which can facilitate the governments 0% Neither this brochure nor our tax intentions: New Zealand Foreign Trusts, New Zealand Limited website provides neither tax, nor legal or accounting advice. Please Partnerships, and New Zealand Look-Through Companies. do not confuse the information given in our brochures, websites New Zealand Banking and Finance Overview and communications with a professional consultation. This brochure should not be construed The Reserve Bank of New Zealand is charged with implementing the as a solicitation or offering of any governments monetary policy in the country, and supervising the national other service of Abaconda banking sector. The banking industry is open to new entrants, from overseas Management Group Ltd. or locally, but they must be registered and approved by the Reserve Bank. Companies wishing to offer financial services in New Zealand must also be Abaconda Management approved and registered with a national Dispute Resolutions Scheme (if Group providing retail services), which are aimed at providing some safeguards for 556 Cameron Rd, Office 3 consumers. Tauranga South Tauranga 3112 New Zealand +64 9 88 9 22 77 info@abaconda.info http://abaconda.info

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Overview of New Zealand

  • 1. Basic Facts and Information about New Zealand New Zealand is well developed modern nation, with Population: 4.4 million an efficient market orientated economy, first world infrastructure, a world-class financial and banking Currency: New Zealand Dollar (NZD) system, and a secure and stable government. GDP: NZD 189.2 billion (approx. USD 135 As an upstanding member of the international billion) community, New Zealand is participant in several GDP per capita: NZD 43,269 (approx. USD 31,071 ) multinational organizations, including the United Nations, World Trade Organization, International Top Export Partners: Monetary Fund, Organization for Economic Australia NZD 9.9 billion Cooperation and Development, the South pacific China NZD 4.2billion Forum, the Asia Pacific Economic Cooperation, and USA NZD 3.7 billion the Commonwealth. Japan NZD 3.2 billion UK NZD 1.5 billion Total Exports NZD 41,463 billion Total Imports NZD 40,597 billion
  • 2. New Zealand New Zealand Business Geographic Overview Overview New Zealand is an island nation In the past the New Zealand located 2000 kilometers south-east economy was constrained by Double Taxation Agreements of Australia. It is comprised of two numerous government regulations, Australia primary landmasses, known as the import tariffs, import controls, Austria North and South Islands, and a subsidies and a platitude of other Belgium significant number of smaller islands. legislations. Since 1984 the New Canada The largest city in New Zealand is Chile Zealand government has led an People's Republic of China Auckland, in the top half of the overhaul and rethink of economic Czech Republic North Island, while the capital, and financial legislations, staging the Denmark Wellington, lies in the Southern tip path for the national economy to Finland of the northern island. The land become deregulated, decentralized, Fiji mass of New Zealand consists of and open to international France 368,680 square kilometers, making it Germany investment. Indonesia the 75th biggest nation in the world India and covers 0.18% of the world's As part of the economic overhaul Ireland surface. process, New Zealand has affirmed Italy its aim to strengthen its political, Japan New Zealand economic and trade ties with nations Korea Malaysia in Asia and the Pacific Rim. This is Government Overview evidenced by the large number of Mexico Netherlands trade-pacts currently signed Norway New Zealand is a constitutional between New Zealand and Asian Philippines monarchy with a parliamentary countries. New Zealand was the first Poland democracy. The parliament building Russian Federation Western country to have signed a resides in the capital, Wellington, in Singapore, free-trade agreement with China. a building dubbed "The Beehive". South Africa Queen Elizabeth II is currently the Spain Today New Zealand is internationally Sweden Queen of New Zealand, although is recognized for being an Switzerland represented by the Governor- exceptionally easy and safe country Taiwan General. The Governor General of in which to do business. In the World Thailand New Zealand is able to exercise a United Arab Emirates Banks 2010 the Doing Business certain number of reserve powers, United Kingdom survey, New Zealand was ranked as like the appointing and dismissing United States of America the third for the overall Ease of Governors and Prime Ministers, Doing Business category. It was also Free Trade Agreements dissolving Parliament, and refusing ranked top for the Ease of Starting a the Prime-Minister's request for an Australia Business and Investor Protection. Peoples Republic of China election. The Transparency International Thailand Singapore Corruption Perceptions Index 2010 New Zealand is a common law Brunei ranked New Zealand as the least Chile jurisdiction, developed from case corrupt country in the world, Malaysia law and statutes previously enacted Hong Kong alongside Denmark and Singapore. by the New Zealand Parliament.
  • 3. Time Overview Standard time zone: UTC/GMT +12 hours Standard Public Holidays New Year's Day 1 January Day after New Year's Day 2 January New Zealand Tax Overview Waitangi Day Taxation in New Zealand is administered and operated by the Inland 6 February Revenue Department (IRD). Any individual or business entity wishing to work in the country is obligated to register for an IRD number. Even ANZAC Day companies which are registered but are not indented to operate 25 April immediately must register for an IRD number. Christmas Day st The New Zealand financial year runs from April 1 to March 31 . st 25 December As of April 1st 2011 the primary tax rates faced by companies are: Boxing Day 26 December Corporate Income Tax : 28% Goods and Service Tax: 15% Capital Gains Tax: 0% The New Zealand government has made a clear that non-resident receiving income that was sourced from non-New Zealand activities will not be liable Legal Disclaimer for New Zealand tax liabilities. To that effect, several entity types are currently available in New Zealand which can facilitate the governments 0% Neither this brochure nor our tax intentions: New Zealand Foreign Trusts, New Zealand Limited website provides neither tax, nor legal or accounting advice. Please Partnerships, and New Zealand Look-Through Companies. do not confuse the information given in our brochures, websites New Zealand Banking and Finance Overview and communications with a professional consultation. This brochure should not be construed The Reserve Bank of New Zealand is charged with implementing the as a solicitation or offering of any governments monetary policy in the country, and supervising the national other service of Abaconda banking sector. The banking industry is open to new entrants, from overseas Management Group Ltd. or locally, but they must be registered and approved by the Reserve Bank. Companies wishing to offer financial services in New Zealand must also be Abaconda Management approved and registered with a national Dispute Resolutions Scheme (if Group providing retail services), which are aimed at providing some safeguards for 556 Cameron Rd, Office 3 consumers. Tauranga South Tauranga 3112 New Zealand +64 9 88 9 22 77 info@abaconda.info http://abaconda.info