NZ Company Director: Your Financial Checklist for the First 30 Days

Congratulations on Incorporating

You have registered your NZ company. Now comes the part nobody warns you about: the first 30 days are the most financially consequential period in your company's life. The decisions you make now about structure, tax, and relationships with advisors will follow you for years.

This checklist covers everything you need to set up, in priority order.

Week 1: The Non-Negotiables

1. Open a Business Bank Account

Do this before anything else. Your personal and business finances must be kept separate from day one. Commingling funds is the number one accounting headache for new NZ directors.

The main NZ business banks for small companies: ANZ, BNZ, ASB, Westpac, Kiwibank. All offer business checking accounts. BNZ and ASB tend to have the fastest online setup for new incorporations.

2. Register for GST (If Required)

You must register for GST if your taxable turnover will exceed NZ$60,000 in any 12-month period. You can register voluntarily below this threshold.

Registration is free via myIR (ird.govt.nz). You will need your IRD number (usually arrives by post within 2 weeks of incorporation). If you expect to hit the threshold quickly, register now.

Your first GST return due date depends on your filing period: monthly (>NZ$500k turnover), 2-monthly (most SMEs), or 6-monthly (

3. Get Accounting Software

Set up Xero, MYOB, or an equivalent before your first transaction. Trying to reconstruct a year of transactions from bank statements is painful and expensive.

Xero is the dominant choice for NZ small businesses (most NZ accountants are Xero-certified). Connect your bank account for automatic transaction import. Set up a basic chart of accounts suited to your industry.

Week 2: Employment and Compliance

4. PAYE Registration (If You Are Hiring)

If you are employing anyone (including yourself as a salaried director), register as a PAYE employer with IRD before the first pay run. PAYE filing is now mandatory via myIR payday filing (within 2 working days of each pay day).

For a sole director paying themselves a salary: you need an employment agreement for yourself, PAYE registration, and KiwiSaver employer contribution setup.

5. KiwiSaver Employer Obligations

As an employer, you must automatically enrol eligible new employees in KiwiSaver and contribute at least 3% of their gross salary. Your payroll software handles the deductions; the contributions go to IRD with your PAYE returns.

If you are the sole director-employee: you can opt out of KiwiSaver as an employee, but check the rules about self-employment and voluntary contributions with your accountant.

6. ACC Levies

ACC covers work-related injuries and deaths. As an employer, you pay ACC employer levies based on your payroll and industry risk classification. As a self-employed director, you are covered by CoverPlus by default (based on your income).

Consider CoverPlus Extra if you want a fixed agreed income for your ACC cover, regardless of actual earnings. Particularly useful in the startup phase when income is irregular.

Week 3: Protection and Professional Relationships

7. Business Insurance

At minimum, consider:

• Public liability insurance: Covers injury or property damage to third parties. Most commercial leases require it.
• Professional indemnity (PI): Covers advice or service errors. Essential for consultants, advisors, and technical specialists.
• Business interruption insurance: Covers lost revenue if you cannot trade due to a covered event.

Contact an insurance broker in your first month. The premiums are tax-deductible as a business expense.

8. Choose an Accountant

Even if you plan to manage your own bookkeeping, a good accountant is worth the annual fee for tax structuring advice alone. The salary vs. dividend mix decisions, provisional tax management, and year-end timing strategies can save you multiples of your accounting fees.

New NZ companies are in high demand from local accounting firms. Many will offer a free initial consultation. Find a local accountant through FreshFirms.

Week 4: Growth Infrastructure

9. Shareholder Agreement

If you have co-directors or shareholders, get a shareholder agreement before you start trading. Covering: decision-making thresholds, what happens if a shareholder wants to exit, how disputes are resolved, and drag-along/tag-along rights. Without it, the Companies Act defaults apply, which may not match your intentions.

10. Terms of Trade

Your terms of trade govern your relationship with customers: payment terms, late payment interest, dispute process, and limitation of liability. Without them, you are exposed to payment disputes and liability claims that are difficult to defend. A commercial lawyer can prepare a standard set for NZ$500-1,500.

11. Provisional Tax Planning

Once your income exceeds NZ$2,500 in residual income tax in a year, you will need to pay provisional tax in instalments. This catches many new directors off-guard with large end-of-year tax bills. Your accountant can set up a provisional tax payment schedule so you are putting money aside throughout the year.

Getting Help

The first 30 days involve more professional relationships than most new directors expect. The best NZ businesses get their accountant, lawyer, and insurance broker relationships in place early.

If you are a professional who helps new NZ companies get set up, FreshFirms monitors new company registrations daily and can connect you with directors in their critical first month.