First and foremost, meeting your tax and legal obligations should be a top priority. Laying a solid legal foundation for your new business will enable you to start developing it with confidence. Things to consider include:
- Your business tax obligations
- What structure you will use to operate your business e.g. sole trader, a partnership or a company.
- Registering your company name
- Registering for GST
- Looking into regulations within your industry
- Knowing your business expenses and deduction entitlements
Taking care of these things up-front will help safeguard your investment in the future. Check out this helpful infographic from business.govt which details these finer details of beginning a business. In addition to this there are a wide range of public resources that can offer further information and assistance. Useful tools include:
- Business.govt.nz
- IRD's "Starting a business" section
- ONECheck - check out the availability of a company name, domain and trade mark all in the one place.
- The Companies Office - as soon as a business name is reserved on the companies register, it is impossible for others to reserve the same or a similar name within the next 20 days.
If you're unsure about the particulars of setting up a new business it's best to consult your lawyer and or accountant. Cornish have a strong background in business advisory and Lawrie would be more than happy to assist you in your new business planning. Get in contact today for a free consultation