The TMF Group Global Complexity Report has named
New Zealand and
Ireland as the easiest countries in the world in which to do
business. We take an in-depth look at why these two nations are
getting it so right when it comes to compliance.
New Zealand is constantly ranked as one of the most world's
most competitive business locations in international surveys, from
the TMF Group survey to the Global Competitiveness Report.
Here's a quick run-down of NZ's most attractive
A welcoming government: The NZ government
actively encourages foreign investors to invest in New Zealand,
recognising the important contribution foreign investment makes to
the development of industry, resources and community. They are on
the side of business.
It's the 21st century, online is always
best: The Companies Office Registrar is maintained
online. The ease of making all submissions and filings online
is very appealing – it is so efficient that companies can
even be set up in a matter of hours from the comfort of your
office. Guidance about compliance requirements is also available
online so you can find out what you need to know at the click of a
Easy on the requirements: There are no
requirements for positions such as corporate secretaries. Currently
directors do not need to be NZ residents - although this could
change soon pending the
Companies and Limited Partnerships Amendment Bill. Original
documents need not be stored at the registered address of the
company, provided there are adequate measures in place to prevent
falsification of records. Although in some instances (such as
litigation) originals may be useful. There are also no requirements
to have an official stamp, chop or seal and share certificates do
not need to be issued. Last but not least, there are no
different compliance requirements for different regions of NZ. One
country, one set of rules (which, don't forget, you can look up
Ireland is an English speaking country trading on a global scale
- with exports of pharmaceutical products, computer software and
the provision of financial services providing its raison d'etre
in the international business world. Not to be outshone, it topped Forbes' 2013 list as the best place
to do business.
Some of the reasons these industries are clustering in
Time is precious: The incorporation of a
company in Ireland typically takes less than five days thanks to a
fast and efficient electronic incorporation system.
Talking the international business language:
As an English speaking country, communications between the domestic
authorities and multinational companies are prepared in English and
do not have to be translated further. All official documents and
certificates are issued in English and all relevant communications
with the authorities can be done online.
The best things in life are free: Through a
wide Double Taxation network and membership of the European Union,
cross border provision of services is done so freely, whilst also
reducing the corporate secretarial requirements of multinational
Taking the complexity out of compliance: The
Irish legal system is common law based and does not generally have
strict requirements for the execution of contracts and other
documents. In an additional attack on unnecessary complexity in the
business environment, the Irish government plans to enact the
Companies Bill 2013, which codifies and encompasses all Irish
Companies Legislation into one single Act. This means even less
complexity in deciphering a company's obligations and will help
keep Ireland on top of TMF Group's Global Complexity Report
well into 2015.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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