| Doing Business In – New Zealand
Information on Doing Business in New Zealand A range of information you will need to do business in New Zealand is listed below. If you need professional advice please click here.
Economic & political outlook - from The Economist. Key economic indicators - from The Economist. Why invest in New Zealand? - from Investment New Zealand. Business entities: Types of business in New Zealand - from The Business Information Zone (Treasury site). Accounting and auditing Legal considerations Legal system in New Zealand - from the Auckland District Law Society. Taxation Source of finance Overview of New Zealand banking system - from The Reserve Bank of New Zealand. Useful resources: New Zealand Economy Per capita income has risen for eight consecutive years and reached $27,300 in 2007 in purchasing power parity terms. Consumer and government spending have driven growth in recent years, and exports picked up in 2006 after struggling for several years. Exports were equal to about 22% of GDP in 2007, down from 33% of GDP in 2001. Thus far the economy has been resilient, and the Labor Government promises that expenditures on health, education, and pensions will increase proportionately to output. Inflationary pressures have built in recent years and the central bank raised its key rate 13 times since January 2004 to finish 2007 at 8.25%. A large balance of payments deficit poses another challenge in managing the economy. Source: CIA World Factbook International trade At the same time, there is reliance on overseas suppliers of raw materials for industry and for many of the goods and services in other areas of everyday life. For these reasons, New Zealand is at the forefront of negotiations to break down barriers to trade with individual countries, within geographical regions, and across the globe as a whole. Over 40 percent of New Zealand’s global trade is now conducted through cross-border investment, and investment is growing at three times the pace of trade in goods. This boom in Foreign Direct Investment (FDI) underscores the increasingly important role played by trans-national corporations in the development of the global economy. Investment is essential for ensuring sustained economic growth and prosperity in New Zealand. FDI enables a higher level of investment in the economy than domestic savings can finance. The significant 'add on' benefits of investment are job creation, the introduction of new technology and expertise, the opening of new markets and access to global distribution networks. An estimated one-third of the New Zealand workforce is likely to be in jobs which have been created either directly or indirectly from FDI. Source: New Zealand Ministry of Foreign Affairs and Trade Legal and judicial system Source: CIA World Factbook The independence of the Judiciary is an important principle of the New Zealand Constitution, to ensure judges are free of political interference. This is reflected in the standing orders of the House of Representatives, which prohibit Members of Parliament from criticising a judge. A judgement may be criticised but personal attacks on, or attempts to influence a judge are not allowed. Although Parliament makes laws, it is the job of the Judiciary to interpret and apply those laws in cases that come before the courts. Source: New Zealand Government Online There is a four-level hearings and appeals system:
There is also the Small Claims Court which handles smaller personal disputes. Civil and criminal cases start in the District or High Court, depending on their seriousness and appeals go up the chain. Certain rare cases can start in the Court of Appeal. District and High Court judges sit alone or with juries. The Court of Appeal (and on certain rare occasions the High Court) consists of three or five judges sitting 'en banc'. The Judicial Committee of the Privy Council consists mainly of British Law Lords with New Zealand judges also sitting in New Zealand cases; in theory its decisions merely 'opinions' for the benefit of the monarch as the fount of all justice, but in practice its rulings have the force of ultimate appeal. All judges are appointed by the government - High Court judges are nominated by the Law Society, but District Court judges apply for the job like any other. Various special-purpose courts (Industrial Court, Maori Land Court, Family Court, etc.) exist and have the same status as either a District Court or the High Court. Source: The soc.culture.new-zealand Government The unicameral parliament (House of Representatives) usually has 122 seats, seven of which currently are reserved for Maori elected on a separate Maori roll. However, Maori also may run for, and have been elected to, non-reserved seats. Parliaments are elected for a maximum term of 3 years, although elections can be called sooner. In the next election, there will be an additional electorate seat created in the North Island. The judiciary consists of the Supreme Court, Court of Appeal, High Courts, and District Courts. New Zealand law has three principal sources--English common law, certain statutes of the U.K. Parliament enacted before 1947, and statutes of the New Zealand parliament. In interpreting common law, the courts have been concerned with preserving uniformity with common law as interpreted in the United Kingdom. Local government in New Zealand has only the powers conferred upon it by parliament. The country's 12 regional councils are directly elected, set their own tax rates, and have a chairperson elected by their members. Regional council responsibilities include environmental management, regional aspects of civil defense, and transportation planning. The 74 "territorial authorities"--15 city councils, 58 district councils in rural areas, and one county council for the Chatham Islands--are directly elected, raise local taxes at rates they themselves set, and are headed by popularly elected mayors. The territorial authorities may delegate powers to local community boards. These boards, instituted at the behest either local citizens or territorial authorities, advocate community views but cannot levy taxes, appoint staff, or own property. Source: New Zealand Treasury |
