Doing Business in New ZealandModule 1 SLP
How easy it is to do business in New Zealand
Doing business in New Zealand is one of the easiest countries to do business. New Zealand is ranked 3rd out of 185 in World Banking.According to the World Bank and International Finance Corporation’s, it takes only one day and one procedure to register a private company in New Zealand.New Zealand was also rated highest for protecting investors and the third most business-friendly economy.The World Bank said that by allowing credit bureaus to collect positive information on individuals, New Zealand had made it easier to access to credit information.Since 2005, the average time to start a business in New Zealand has fallen from 50 to 30 days.
Government and of political stability
New Zealand’s government if known as a parliament. New Zealand’s government is formed from a democratically elected House of Representatives. The Government advises the head of State. By convention, New Zealand, acts on the advice of the Government in all but the most exceptional circumstances. This system is known as a constitutional monarchy.
New Zealand’s governmental system is based on the principle that power is distributed across three branches of government: Parliament, the Executive, and the Judiciary. Parliament makes the law. The Executive (known as the Government) administers the law. The Judiciary interprets the law through the courts.
New Zealand’s Corruption is perceived as almost nonexistent as New Zealand tied for first of 177 countries in Transparency International’s Corruption Perceptions Index in 2013. According to the World Bank, New Zealand’s business environment is ranked third in the world in terms of ease of doing business out of 189 countries.
Legal/regulatory system in New Zealand
The New Zealand legal system is derived from the English one and comes from two main sources which is: The common law, which is a body of law built up from decisions made in the United Kingdom and in New Zealand. Developments made by New Zealand courts mean that New Zealand now differs from the United Kingdom on some aspects of the common law and Statute law, which is all the law made by Parliament. As discussed above, the three branches work together. The first branch makes the laws, second branch initiates the law and the third applies the laws.
As far as the reform goes in New Zealand, it acts and/or reforms that have been put into place are to protect New Zealand and to better to assist the business with the Infrastructural systems to be able deliver their commodities.
Impact of corruption on doing business in New Zealand
New Zealand has a strong reputation for being free and intolerant of corruption and bribery. The country is also widely recognized for its commitment to supporting international efforts to combat such behavior and offences in all their forms.
For example, New Zealand consistently ranks among the least corrupt nations in the world – often topping the table on Transparency International’s corruption perceptions index (external link), which ranks countries by perceived corruption levels among public officials and politicians.