Almost anyone can set up a company online these days and you can even buy a DIY kit to write your own will. So why would you bother paying someone to set up a company or a trust and then manage it for you?
Firstly, you need to make sure that things actually get done. For example, the Companies Act 1993 specifics that every company needs to set up and maintain adequate records, including statutory registers. Secondly, without proper maintenance, companies can be struck off through not having annual returns filed.
With trusts, proper formation and management are even more critical. An article run in The Press have indicated that well over 250,000 Kiwis could have a Trust. Our concern is that a good number of these could be deemed as sham trusts, and tipped over by an aggrieved creditor, a aggrieved spouse or the IRD.
If you don’t like detail and paperwork, you should be outsourcing the implementation and management of your companies or trusts to a trusted adviser like Inspired. Detail is not only part of our job, but for most accountants is a personality trait!
We will ensure that the statutory and compliance matters around your company or trust are attended to as and when required. It won’t cost you much for your peace of mind, but not doing it at all will catch up with you at a time when you really don’t need that hassle.
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