This guide is for reference purposes only. Information may change over time. Please always verify the latest requirements and regulations on official New Zealand government websites before making any business decisions.
Knowledge Hub
Essential resources and guides for Sri Lankan entrepreneurs and business owners in New Zealand. Everything you need to start and grow your business.
Starting a Business
Step-by-step guide to incorporating your company and getting your NZBN.
Learn MoreStarting a Business in New Zealand
Your step-by-step guide to company incorporation
New Zealand is one of the easiest countries in the world to start a business. The process is straightforward, and most businesses can be registered online within a few hours. Here's everything you need to know:
1. Choose Your Business Structure
Before registering, decide on the right structure for your business. The most common options are:
- Sole Trader: Simplest structure, but you're personally liable for business debts
- Partnership: Shared ownership and responsibility
- Company: Separate legal entity, limited liability (recommended for most businesses)
2. Register Your Company
To incorporate a company in New Zealand, you'll need to register with the Companies Office. Here's what you need:
Requirements:
- A RealMe login (create one if you don't have it)
- A unique company name
- At least one director (must be 18+ years old)
- At least one shareholder
- A registered office address in New Zealand
- Registration fee (approximately $130)
3. Get Your NZBN
When you register your company, you'll automatically receive a New Zealand Business Number (NZBN). This unique identifier makes it easier to interact with government agencies, suppliers, and customers.
4. Understand Your Ongoing Obligations
Once registered, your company must:
- File an annual return with the Companies Office (fee applies)
- Keep company records up to date (director changes, address changes)
- Maintain a share register
- File tax returns with Inland Revenue
Pro Tip for Sri Lankan Entrepreneurs
Consider consulting with a New Zealand-based accountant or business advisor who understands both NZ and Sri Lankan business environments. They can help you navigate tax obligations, compliance requirements, and potential opportunities for trade between the two countries.
Business Banking in New Zealand
Choose the right bank for your business needs
Setting up a business bank account is essential for keeping your personal and business finances separate. New Zealand has several major banks offering business banking services tailored to different needs.
What You'll Need to Open an Account
- Your company's NZBN (New Zealand Business Number)
- Certificate of Incorporation or company registration documents
- Proof of identity for all directors and major shareholders
- Proof of address (utility bill or bank statement)
- IRD number for your company
- Some banks may require proof of business address
Major New Zealand Banks
Here are the main banks in New Zealand that offer business banking services:
ANZ Bank
New Zealand's largest bank with comprehensive business solutions including dedicated business managers.
ASB Bank
Award-winning digital banking with great business tools and competitive fees for small businesses.
BNZ
Bank of New Zealand offers tailored business packages with dedicated support for startups.
Westpac
Comprehensive business banking with extensive branch network and international trade services.
Kiwibank
New Zealand-owned bank with competitive rates and a focus on supporting local businesses.
Wise Business
Not a traditional bank, but a licensed fintech that offers real business bank accounts (NZD, AUD, USD, LKR & more). Ideal for international transfers with lower fees than banks.
Special Note for Sri Lankan Business Owners
If your business involves transactions between New Zealand and Sri Lanka, consider:
- Wise Business: Excellent for international transfers with lower fees than traditional banks
- Ask your chosen bank about their international transfer fees and exchange rates
- Consider maintaining accounts in both NZD and USD for flexibility
- Check if your bank has correspondent banking relationships with Sri Lankan banks
Registering for GST
Understand your tax obligations as a business owner
GST (Goods and Services Tax) is a tax added to the price of most goods and services in New Zealand at a rate of 15%. As a business owner, you need to understand when and how to register for GST.
When Do You Need to Register?
You must register for GST if:
- Your business turnover is $60,000 or more in any 12-month period
- You expect your turnover to be $60,000 or more in the next 12 months
- You choose to add GST to your prices voluntarily (even if under $60,000)
Important: Voluntary Registration
Even if your turnover is less than $60,000, you can voluntarily register for GST. This can be beneficial if:
- You have significant startup costs and want to claim GST back on expenses
- Your customers are mainly GST-registered businesses
- You want your business to appear more established
How to Register
Log in to myIR
Use your personal RealMe login to access Inland Revenue's online services.
Select "Register for new tax accounts"
Found under the "I want to..." tab in myIR.
Choose "Goods and services tax (GST)"
Select your company's IRD number.
Provide your business details
Include your business activity, expected turnover, and contact information.
Choose your filing frequency and accounting basis
Decide how often you'll file returns (monthly, two-monthly, or six-monthly).
Filing Frequency Options
Monthly
Required if turnover > $500,000/year. Best for cash flow management.
Two-Monthly
Default option. Good balance between compliance and administration.
Six-Monthly
Available if turnover < $500,000/year. Lowest admin burden.
Your Responsibilities After Registration
- Charge GST on all taxable goods and services (add 15% to your prices)
- Issue tax invoices showing GST separately
- Keep accurate records of all GST collected and paid
- File GST returns on time (even if zero)
- Pay any GST owing by the due date
- Claim GST credits on business expenses
Important: Late Filing Penalties
Inland Revenue charges penalties for late GST returns and late payments. Set reminders for your filing dates to avoid unnecessary costs.
GST Tip for New Businesses
Many new businesses choose to register for GST voluntarily from day one. This allows you to claim back the GST on your startup costs (equipment, setup fees, etc.), which can significantly help with cash flow in the early stages.
Need More Help?
SLBANZ is here to support Sri Lankan business owners in New Zealand. Contact us if you need:
Business Mentoring
Connect with experienced Sri Lankan business owners
Networking Events
Meet fellow entrepreneurs and build connections
General Advice
Get guidance on business challenges