Starting A Business Flow Chart Page 3
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4“Why should I switch?”
Have you covered the legal aspects?
No
Intellectual property protection
Have you protected your intellectual
property?
Most businesses will want a unique business name – but
some will need further protection. If you have a developed
a design, process, or want to register a trade mark, then
Yes
you should do this before you start your business.
Sometimes if the idea gets into the public domain, it’s
harder to protect it. Visit the Intellectual Property Office of
New Zealand (IPONZ) to find out what is IP.
No
Do you have all the licenses and permits to
Complying with regulations
operate?
Some businesses require permission to operate. You can’t
start jet boat trips on the local river or sell possum pies to
supermarkets without a licence or permit. Find out exactly
Yes
what you need or face being shut down before you start.
Some will be local (e.g. – your local city or region licenses)
and some will be countrywide (approach your industry
association for what may apply to you).
No
Are you aware of your tax obligations?
Tax obligations
You need to be aware of what documents you will need to
Yes
assess your taxable income. Also find out how GST works,
whether you need to account for Fringe Benefit Tax, what
your ACC levies will be, and any other tax implications.
Too much to do on your own? Consider booking yourself
into one of Inland Revenue’s free Introduction to Business
workshops to understand more about your tax obligations
before you start your business.
There’s also a lot of content on the Business.govt.nz
website to help navigate your way through this potential
minefield.
Think about setting up a separate account for tax so that
when you need to pay tax, it’s all sitting there.
No
Business structures
Have you selected a business structure?
Usually there are three options. A sole trader where you
start a business on your own, a partnership which sees two
Yes
or more of you in business together, or a company which is
its own legal entity formed on your own or with others.
A company is often best. To form a company, visit the
Companies Office. You can apply online.
No
Do you have a great name?
Selecting and protecting a business name
The best way to protect a business name is by forming
a company. You can’t register a business name in New
Zealand on its own. Make sure your chosen name isn’t
used by someone else.
Have a look at ONECheck. It’s the Government’s online
search tool that combines a company name, domain name
and trade mark search all in one place.
Are you ready to launch?
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Parent category: Business