Things To Do After Registering A Company

Having established what you need to do first as a director of a newly-registered company, let’s look at what comes next after completing these initial steps.

After setting up a new company, we recommend that you register for an IRD number, complete your tax registrations and open a company business account.

Quick Recap

To get started, let’s briefly review the first steps you should have already taken as a new company director. As mentioned previously, if you have just become a new company director, you will need to:

• Understand your obligations and duties as a director.
• Start and maintain a company register, collect your relevant company documents and records.
• Start keeping track of your company decision making by written minutes.
• Start and maintain a share register.
• Keep all your consents up to date.

With these immediate actions squared away, you can now start completing the following steps.

1. Register for an IRD Number

After you have received your Certificate of Incorporation, you can now register an Inland Revenue Department (IRD) number for the company.

An IRD number is generally required for all businesses operating in New Zealand. Be sure to apply for your company’s IRD number first because you will be using this to complete the other registrations also.

You can apply for an IRD number through the Companies Office during the company registration process or separately through the Inland Revenue website. It’s straightforward to apply for an IRD number online – and it’s free.

Don’t forget to store a copy of your IRD number and any other registrations along the way in your new company register.

2. Register for GST

With your IRD number in hand, you can now register for Goods and Services Tax (GST) if your company will have a turnover of more than $60,000 per year. GST registration is compulsory once you exceed this threshold, but you can also choose to register voluntarily if you are below it.

You can usually register for GST at the same time you apply for an IRD number. Alternatively, you can register through the Inland Revenue’s GST section.

3. Open A Company Bank Account

Now that you have successfully registered your company with the Inland Revenue, you will be able to open a company bank account which you will need to use for making your company transactions moving forward.

How To Open A Company Bank Account:

In order to open your company’s bank account, prepare the following:

1. Authority to open a bank account. Most company setup packages will have a handy template document for this type of resolution, which requires you to declare that the company has decided to open a bank account and that all the company directors agree, with their signatures.
2. 100 points of identification. 100 points of ID can be made up by a range of documents, including your passport, driver’s license, birth certificate, etc. If you are unsure how many pieces you will need, contact your bank manager.
3. Details of all your company’s directors, secretary and members, together with their relative appointments dates.
4. Your company’s Certificate of Incorporation.
5. Your Company Constitution, if you have one.

Once you have these documents prepared, bring them to your bank manager who will be able to open your bank account for you.

Conclusion

If you have taken the steps above, congratulations! You have now completed your post company registration setup actions and are ready to focus on growing your business.

However, don’t sleep on your other legal obligations. Be sure to keep accurate records throughout the year, be mindful of your directors’ duties and keep your company details up to date with the New Zealand Companies Office and through your annual return.

If you would like help or more information about any of the above steps, be sure to contact us at Sprintlaw for qualified, fixed-fee legal help. Contact the team at 0800 002 184 or [email protected].

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