New Zealand corporate bank account in 2023
Healy Consultants assists our Clients with opening a corporate bank account in New Zealand without travel. Our fee for this service is US$3,950 and within 4 weeks we will provide a corporate bank account number and two weeks later we will activate internet banking on behalf of our Client. Our experienced banking team will prepare all required documentation and submit them to your preferred bank. We will also attend the bank interview on your behalf.
New Zealand corporate banking options
- Just like Australia, New Zealand banks offer good customer service, excellent internet banking and multi-currency corporate bank accounts. Consequently, the country’s banks are rated as the 9th soundest in the world;
- We recommend our foreign Clients to open their New Zealand corporate bank account with a bank with which they already have a bank account in another country, as this will reduce i) time required to open the account ii) the bank’ requirements for our Client’s security check and iii) allow him to enjoy reduced/waived international transfers fees;
- Global banks present in New Zealand include i) HSBC and ii) Citibank, which we recommend as our firm has long standing relations with them. Other global banks include: i) ANZ, ii) ASB, and ii) Bank of China;
Other corporate bank account information
- New Zealand has revoked all foreign exchange controls. Accordingly, there are no such restrictions on the transfer of capital, profits, dividends, royalties or interest into, or from the country. That said, international funds transfers over US$10,000 are monitored by the Central Bank;
- The New Zealand government requests local banks to implement strict ‘know your Client’ procedures as part of their corporate banking policy. A comprehensive New Zealand bank account application is supported by detailed information on the company’s activities (including proof of business such as brochures, website, examples of contracts and invoices), information on the company’s customers and suppliers, and information about its shareholders and directors. Our New Zealand corporate banking team will prepare the necessary package of information to satisfy bank requirements;
- New Zealand banks are supportive of startups and will loan funds to finance investment projects, if provided with sufficient information on the project’s feasibility and expected earnings. Documents requested include i) a well-prepared business-plan, inclusive of a feasibility study ii) availability of collateral assets iii) qualifications of business owners and management iv) last 3 years audited financial statements and v) a detailed review of the project’s strength, weaknesses, opportunities and threats (SWOT matrix);
- In addition to corporate finance, our in-house consultants may also provide our Clients with assistance to secure trade finance services including i) bank guarantees ii) letters of credit iii) finance against trust receipt (for imported goods) and iv) document against payment and against acceptance.
- Despite being able to register a New Zealand company in just two weeks, our multi-national Clients can only issue invoices to customers once the company is tax registered. Unfortunately, it takes on average eight weeks to open a corporate bank account. Two weeks after that, the New Zealand government will issue tax numbers for the company.
Steps to opening a corporate bank account in New Zealand
- Healy Consultants and our Client agree the preferred bank and the preferred currency;
- We negotiate a travel exemption with the bank, order a corporate ATM and credit card and prepare a business plan on our Client behalf;
- Healy Consultants completes the corporate bank account application form on behalf of our Client and then couriers it in order to obtain our Client’s signature;
- Healy Consultants New Zealand corporate banking team submitting the New Zealand corporate bank account application form to the bank, altogether with the corporate and personal due diligence information documents;
- Healy Consultants attends a bank interview in New Zealand on our Client’s behalf;
- Our firm then pays the initial bank deposit to the New Zealand bank on our Client’s behalf. A scanned copy of the bank deposit slip is emailed to our Client as receipt of this expense;
- On behalf of our Client, Healy Consultants applies for New Zealand corporate Internet banking facilities and other services requested, including i) a corporate ATM/credit card ii) corporate cheque book;
- Healy Consultants New Zealand corporate banking team receives approval from New Zealand for the opening of the New Zealand corporate bank account;
- The bank directly couriers to our Client i) the corporate bank account Internet login and password information ii) cheque books and iii) ATM/credit cards in sealed letters.
Healy Consultant’s New Zealand corporate banking services
Our services related to business banking in New Zealand include the following:
- Completing the bank account application form on behalf of our Client, and obtaining our Client’s signature;
- Preparing a detailed business plan relating to our Client’s company to support the corporate account application;
- Healy Consultants’ New Zealand banking team attending a bank interview in New Zealand on your behalf;
- Our banking team paying the initial bank deposit to the New Zealand bank on our Client’s behalf. A scanned copy of the bank deposit slip is emailed to our Client as verification of the same;
- On behalf of our Client, Healy Consultants applies if required for New Zealand internet banking facilities, including a corporate credit card, corporate ATM card and corporate cheque book.
Healy Consultants corporate banking fees
Healy Consultants’ fee to help Clients open a New Zealand business bank account amounts to US$4,950. Please note that this fee does NOT include the initial deposit required by the bank.
Frequently asked questions
How much time is needed to open a corporate bank account in New Zealand?From the submission of a complete application, approximately four weeks will be needed to open a company bank account in New Zealand. New Zealand online corporate banking is activated within the following week.