Does Resident Directors NZ Limited provide taxation or legal services?

In most instances we believe we best serve our clients by concentrating on the provision of Resident Director services. Furthermore a significant number of our clients are referred from NZ and International based professional firms - we respect these referrals and will work with your existing professional team. Where you require ongoing accounting or legal services we are happy to refer you to one of our partner organisations.

Can RDNZ decide to resign and withdraw its independent Directorship services?

Yes - in some circumstances our Insurers may require us to resign. This will only occur where the client has failed to meet its obligations. For example in the event that the NZ Company did not meet its tax obligations we would have no choice but to tender our resignation. We do not wish to resign unnecessarily and will always attempt to resolve all matters before considering this option.

Why doesn't Resident Directors NZ publish its fee schedule on this website?

The provision of independent Director services is tailored to your specific circumstances. In particular we need to determine both the nature of your business, its activities and investments and the risk profile of the business.

Will Resident Directors NZ Limited help us incorporate a new Company?

We are a specialist provider of independent directorship services and believe our value to our clients is enhanced on concentrating on core services and competencies. We have an established partner who works with our clients to assist in the incorporation process. Company Formation Specialists Limited have been selected based on their professionalism and competitive fees.

Can our clients remove RDNZ from being a Director at any time?

Yes - you can notify us that you no longer require our services. Provided that all fees are paid up in accordance with our payment policy we will effect the resignation as independent Resident Director of your organisation. Please note that you will need to arrange for an alternate resident director to be appointed in order to ensure you do not breach New Zealand Company legislation. Failure to appoint an alternate New Zealand Resident Director will result in your Company being struck off the NZ Companies register.

Why must my Company have at least 2 Directors?

Under NZ Company legislation a sole Director is unable to resign. RDNZ insurers require us to be able to resign in the event that key terms and conditions have not been met by our client. As above please note that you will need to arrange for an alternate resident Director to be appointed in order to ensure you do not breach New Zealand Company legislation. Failure to appoint an alternate New Zealand resident Director will result in your Company being struck off.

Does RDNZ invoice us for the Director and Officer insurance costs it will incur?

No -RDNZ has worked closely with its Insurance provider to obtain comprehensive cover across all directorships it accepts at very competitive rates. Accordingly RDNZ has elected to absorb these costs at no further charge to our clients.

Will we need to engage a NZ Chartered Accountant to prepare Company Accounts and file Company tax returns?

Generally if your Company engages in any taxable activity in New Zealand or overseas, acquires any assets or incurs any obligations or liabilities in New Zealand or overseas it is a legal requirement that Annual Financial Accounts be prepared for the Company. Exemptions are available for small or non-active Companies.  Every year the Company will be required to file an annual Income Tax Return with the Inland Revenue Department. RDNZ are happy to provide an introduction to New Zealand Chartered Accounting firms that can assist with these requirements.

Will our Company have to pay tax to the New Zealand Government?

New Zealand Companies are taxed on worldwide income. Where a Company is merely an asset holding Company and does not earn taxable income it is unlikely that income tax will be payable. RDNZ are happy to provide an introduction to New Zealand Chartered Accounting firms that will assist the Company with complying and meeting all tax obligations.

Is it possible for our Company to register as a Financial Service Provider (FSP)?

All NZ Companies that are deemed to be Financial Service Providers are required to be registered with the Financial Service Providers Register. Recently the Companies Office has taken action to deregister Companies that it deemed were not providing financial services within New Zealand, but were instead improperly advertising their status as being FSP registered to improve their standing and perception in overseas markets. The New Zealand courts have agreed with the Companies Office. RDNZ will not generally act as a Director for Companies registered as a FSP, but will consider requests on a case by case basis.

Will our Company need to file annual audited accounts with the Companies Office?

Generally, provided that the Company shareholders resolve to not have its accounts audited, there is no need to have the accounts audited each year. However if a Company meets the definition of Large as set out in the Financial Reporting Act 2013, there will be a requirement to file annual audited Financial Accounts with the Companies Office. These accounts will be able to be viewed publicly.

How do we open a Company bank account?

New Zealand banks will usually require that Company owners attend personally on the bank to open a Company bank account. This is due to each bank's obligation under anti-money laundering legislation. It is not possible for the Resident Director to open a Company bank account without the Company owner, we can however offer an introduction to all major trading banks.

How does the Company obtain a New Zealand IRD/tax number?

As a result of recent changes in legislation a Company applying for an IRD number must first open a New Zealand domiciled bank account.

Can my New Zealand Company own property in New Zealand?

Yes. While there are some restrictions relating to foreign ownership of sensitive land, a New Zealand Company is able to invest in property. It is important to note that a Company wishing to invest in property will need an IRD (tax) number and a New Zealand Company bank account.