Annual renewal of a New Zealand LLC in 2022
Podcast
New Zealand company renewal process
Since 2003, Bejarano ADF Consultants Group PLC helps international Clients timely complete their annual New Zealand entity legal, accounting and tax obligations:
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New Zealand LLC renewal steps
- A month before the accounting year end, our Client will sign Bejarano ADF Consultants Group PLC’s re-engagement letter and settle our renewal invoice fees;
- Within a month after accounting year-end, our Client will supply Bejarano ADF Consultants Group PLC with a trial balance and/or Profit & Loss statement and Balance Sheet;
- Within a month thereafter, Bejarano ADF Consultants Group PLC will e-mail our Client i) draft financial statements for the New Zealand LLC and ii) a draft annual statutory return;
- Together with our Client, our Firm will legally minimise New Zealand and international tax and secure an exemption from an independent statutory annual audit;
- Within a month thereafter, Bejarano ADF Consultants Group PLC will timely submit to the New Zealand Inland Revenue Department (IRD) an accurate and complete statutory annual return;
- If our Client’s company is subject to IRD penalties, our team will aggressively and skilfully negotiate a waiver of Government fees and penalties;
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New Zealand Company renewal fees
Bejarano ADF Consultants’ average New Zealand company renewal fees:
Services Fee (US$) New Zealand legal registered office fees for 1 year 1,200 New Zealand Government fees 40 Passive nominee resident director fees for 1 year 8,125 Accounting and tax fees for a dormant company 950 Accounting & audit & tax fees for an active company 4,950 -
Independent Statutory Annual Audit Steps
- If an independent statutory annual audit is required, Bejarano ADF Consultants Group PLC will appoint a New Zealand independent auditor to timely complete the statutory audit;
- For the accounting period under review, our Client dropbox us i) a trial balance and bank statements ii) sales invoices and contracts and iii) expenses invoices;
- During the independent statutory annual audit, there is an 80% probability that the New Zealand auditor will revert at least one time to request for additional supporting documents to complete the audit and issue a final audit report.
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Accounting and Tax considerations
- New Zealand companies must submit annual tax filings before 31 March and settle provisional taxes on 15 January, 31 March and 7 May each year;
- Standard corporate tax is 28%, payable on local and global income;
- Eligible Look Through Companies (LTCs) pay no corporation tax. Bejarano ADF Consultants Group PLC will help determine LTC eligibility;
- The standard GST rate in New Zealand is 13%. Bejarano ADF Consultants Group PLC helps Clients register for a GST number if annual company proceeds exceed NZ$60,000. We will file monthly GST returns on behalf of our Client;
- New Zealand companies pay no capital gains tax if profit is generated from an overseas company or wholly-owned New Zealand subsidiary;
- See this webpage for detailed New Zealand accounting and tax information.
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Legal and Compliance Considerations
- During New Zealand company renewal, our compliance team may ask for additional updated Know Your Customer due diligence documents. We expect our Clients to timely provide the same;
- If our Client delays settling our renewal invoice, there will be a penalty to cover the costs of government penalties for late filing;
- See this webpage for detailed legal and compliance considerations.
