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It is based on and very similar to the UK Trust and can have discretionary and/or fixed beneficiaries. Assets are transferred into a legal structure (considered a natural person), for the benefit of individuals, companies or trusts.

 

Registered Office and Agent. Every company must have a registered office in New Zealand, where statutory registers are kept, as well as an address for service, where legal documents can be delivered to the company. Both addresses must be notified to the Registrar on application for incorporation. It has to be a physical New Zealand address. Usually it is the business address of registered agent.

 

Trustee. The Trustee can be a Corporate Trustee or a natural person. The Trustee acts on behalf of the Trust. The assets are owned in the name of the Trustee, on behalf of the trust. The Trustee manages the Trust business, and operations, as well as approves the distributions to the beneficiaries of the Trust.

 

Corporate Trustee. It is often the case that a trust founder will found also a company to act as the corporate trustee of his trust. This corporation is operating in a trustee capacity, rather than trading on its own account. This NZ Corporate Trustee will own assets and operate businesses, or undertake any commercial activity on behalf of the Trust.

 

Disclosure. No registration or filing of the trust is required. A privately owned and controlled trust company may act as trustee ensuring confidentiality.

 

Tax. A company not resident in New Zealand is liable only in respect of income derived from New Zealand.

 

A New Zealand Company, which is structured as the Trustee of a non-resident New Zealand Trust is not taxable.

 

New Zealand has double tax treaties with 30 countries, therefore New Zealand companies may take advantage of the low rates of non resident withholding taxes deducted by the source country on interest, royalties and dividends ranging generally from 10-15%.

 

Beneficiaries. Accordingly a New Zealand offshore trust is able to distribute all foreign derived income and all capital gains without New Zealand tax being paid by either the trustee or the beneficiaries.

 

Assets. In general N.Z. does not tax real estate capital gains. This exemption also applies to any Foreign Trust investing in N.Z. real estate, although there might be exemptions to the above.

 

Powers of Attorney. A company may grant general or special Powers-of-Attorney to any person, to act on its behalf and to execute contracts, agreements, deeds and other instruments. These powers are not recorded in the Public Registry.

 

Amendments. The Memorandum and Articles of Association may be amended by either a resolution of directors or of shareholders and the amendment filed with the Registry of Companies.

 

Certificates of Good Standing. Good Standing Certificates for a company can be obtained upon application to the Registrar of Companies.