Additionally, a country's business ecosystem, cultural diversity and support for international expansion are essential for attracting a wide target market and promoting long-term growth.

As New Zealanders we often understate how easy it is to start business in Aotearoa, whereas internationally we have recently been ranked the best country in the world to start business, ranking ahead of Singapore, Hong Kong and the United States.

Our country's political stability, innovative economy and seamless access to global markets is viewed as ideal for international entrepreneurs aiming to start and expand their businesses. In fact, Inland Revenue data indicates that we have 885 foreign-owned groups (banks and insurers excluded) with New Zealand turnover greater than $30 million, up 10% on the prior year.  Ultimate ownership is primarily located in the United States, Australia and Japan.

New Zealand stands out as one of the top countries to start a business because of programmes like Callaghan Innovation, which offers research and development grants to innovative businesses. These grants help companies in the high-tech and science sectors access funding to develop new products and technologies. This gives entrepreneurs the financial support they need to drive innovation and expand their businesses. New Zealand also has the Research and Development Tax Incentive regime which offers a tax credit equal to 15% of eligible R&D expenditure.

Our country also has a highly efficient business registration process that only takes a day or two, unlike the lengthy delays commonly seen when licences or permits are sought in some other Asia-Pacific countries. Our 28% corporate tax rate is also competitive in the global market and our Goods and Service Tax regime is widely acknowledged as one of the most simple and efficient broad-based mechanisms for funding Government expenditure.

Other areas where New Zealand rated highly include access to a skilled labour force in diverse industries, with policies on minimum wage, worker safety and benefits. Our transport systems also ranked well for easy trade and shipping, although market accessibility is a challenge due to geographic location. We also benefit from high-speed internet and tech hubs that help your business run efficiently and stay connected.

Quality of life was also viewed as an important factor when assessing the best place to conduct business, because it directly impacts the wellbeing for employees in a business. In a world of geo-political uncertainty, New Zealand is viewed as one of the safest places to live with high living standards, a low level of crime and corruption along with a stable political system.

If you have any questions in relation to starting or acquiring a business, contact your Baker Tilly Staples Rodway tax advisor. Our team of highly qualified and experienced advisors are ready to help you.