Annual renewal of a New Zealand LLC in 2024

Since 2003, Healy Consultants Group helps international Clients timely complete their annual New Zealand entity legal, accounting and tax obligations:

• New Zealand LLC renewal steps

  • A month before the accounting year end, our Client will sign Healy Consultants Group’s re-engagement letter and settle our renewal invoice fees;
  • Within a month after accounting year-end, our Client will supply Healy Consultants Group with a trial balance and/or Profit & Loss statement and Balance Sheet;
  • Within a month thereafter, Healy Consultants Group 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, Healy Consultants Group 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;

• New Zealand Company renewal fees

  Healy 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	2,700

• Independent Statutory Annual Audit Steps

  • If an independent statutory annual audit is required, Healy Consultants Group 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.

• 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. Healy Consultants Group will help determine LTC eligibility;
  • The standard GST rate in New Zealand is 13%. Healy Consultants Group 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.

• 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.