For quite a few years now, New Zealand has become a bustling business hub. What’s attracting companies and investors to the New Zealand demographic are numerous business benefits that are available. These are helping companies establish themselves easily and also grow in the market. If you are looking to establish, or already have a business in New Zealand, here are a few benefits that you must take advantage of.
A friendly and forgiving tax system
One of the biggest concerns of a business when ‘opening shop’ is upfront taxes. Several countries impose a number of heavy taxes on businesses, resulting in a disruption to cash flows. However, if you are a business operating in New Zealand, the scenario is friendlier and more forgiving.
If you are self-employed, a business partner or a sole trader, the New Zealand taxing regime offers a 6.7% discount on taxes. You may qualify for this discount if your annual income is equal to or less than NZD $38,000. This is a huge discount when it comes to saving up on taxes.
Easy-to-setup and competitive pricing
When it comes to starting a new business in New Zealand, the process is superbly simple. Unlike other countries, you don’t need to wait for weeks on end to receive clearances and approvals. In fact, it takes a maximum of three days to start a new business in New Zealand since the required paperwork can be completed online in two to three hours.
Plus, finding a cost-effective office space isn’t that tough either. Amongst all developed countries, the cost of office space rentals is one of the lowest in New Zealand. With only a small amount of rent per month, you can set up a large enough office space as per your needs.
Remember, when setting up a business, especially with physical office space, it is crucial for you to invest in Business Insurance. To get competitive online quotes now, check out BizCover New Zealand. Securing your company with a smart business insurance policy helps take care of any unforeseen heavy expenditures or damages that you might suffer. Plus, since New Zealand is prone to frequent natural disasters, business insurance coverage can help you prevent any such financial losses.
Ease of cross-border transactions and business relationships
New Zealand offers competitive and easy cross-border transactions when it comes to foreign partners. It even ranks higher than the United States, Australia, Germany and Ireland in this respect. Plus, the country has also taken steps to maintain low compliance costs. This includes maintaining a liberal environment when it comes to foreign investments in the country and offering free-trade agreements. Thus, if you run a business out of New Zealand, making strategic business partners and establishing relationships with foreign businesses can be super simple.
Low costs of utilities
In several countries, businesses need to pay a huge amount of money for electricity, Wi-Fi, water, and other such utility bills. Such hefty bills cause them to lose a lot of revenue in non-business areas. However, this scenario is, fortunately, very different if you establish a business in New Zealand.
The natural resources and energy sector in New Zealand is very liberal. This has resulted in fairly low costs of utilities when it comes to electricity, water and so on. Moreover, telecommunication providers in New Zealand offer Wi-Fi and phone communication services at very competitive prices. The telecommunication infrastructure has four on-shore mobile network systems along with five international submarine systems. This, helps businesses keep these costs low save money.
Government grants for start-ups
To help businesses financially and in other matters, the New Zealand government has made numerous grants available for start-ups and small businesses. Some of the most important grants you can take advantage of as a small business include Business Training and Advice Grant, Callaghan Innovation, Capability Development Vouchers, Research & Development (R&D) grants, Flexi-Wage Subsidy and Energy management support. These grants can help you save money, develop and grow the business better, build your business innovations in research and development, and train your staff at low costs.
Conclusion
Running a business is not easy. It takes immense capital, assets, paperwork, commitment and hard work to build a successful and reliable business. However, if you establish a company in a country that offers a competitive advantage, your business can thrive immensely. New Zealand is one country that offers its businesses all such benefits.
Make use of the country’s forgiving tax system, government grants, and free-trade agreements that can help you establish better relationships with foreign businesses. If you take advantage of these benefits, starting a business in New Zealand can be very rewarding. Read more interesting stories here at The Right News Network.