1 book, 1 kilogram: New Zealand Investment and Business Law and Taxation launched
On 9 December 2021, a heavyweight bilingual legal and tax reference book, New Zealand Investment and Business Law and Taxation, was formally launched at the China Chamber of Commerce in New Zealand's ‘New Zealand–China Economic Outlook’ seminar.
On 9 December 2021, a heavyweight bilingual legal and tax reference book, New Zealand Investment and Business Law and Taxation, was formally launched at the China Chamber of Commerce in New Zealand's ‘New Zealand–China Economic Outlook’ seminar.
David Wang, chair of the China Chamber of Commerce in New Zealand and CEO of Bank of China New Zealand, said: ‘This book is undoubtedly a compact encyclopaedia of New Zealand's legal profession and law firms.’ Industry figures also said it could help restart trade between New Zealand and China against the backdrop of efforts to combat Covid.
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An exceptional book every New Zealand business owner should read
New Zealand Investment and Business Law and Taxation was jointly edited by Dr Wayne Mapp, a former National Party Cabinet minister and MP, and lawyer Raymond Huo, a former MP and chair of Parliament's Justice Committee. It was written jointly by 11 leading law and accounting firms, including some of New Zealand's foremost century-old firms and authoritative leaders in various specialist fields; The current Minister for Economic Development, Tourism and Forestry, Stuart Nash, even personally compiled a Financial Glossary of more than 90 pages for the book. In addition, former Prime Minister and current ANZ chair John Key, along with New Zealand's Attorney-General and Minister of Revenue David Parker, contributed forewords, adding further distinction to this already substantial Chinese–English reference work.
The book covers an extensive range of subjects, including auditing and financial reporting; the Companies Act and the duties of shareholders and directors; employment and labour law; litigation; intellectual property; IPOs and capital markets; funds; government procurement; property law; land development, subdivision and conveyancing; building contracts; mergers and acquisitions (M&A); the Overseas Investment Act and OIO approvals; tax law and tax residency; and trusts, including family and investment trusts.
Although wide-ranging, the book is far from superficial. It draws on the best expertise of New Zealand law firms and other professional organisations, with chapters assigned according to their respective strengths. For example, Chapman Tripp helped draft New Zealand's limited partnership legislation, so it wrote the chapter on limited partnerships. Minter Ellison's particular expertise lies in the Overseas Investment Act and IPOs, and it covered those topics. Russell McVeagh wrote about financial products, PPPs and SPVs. Meredith Connell, although a law firm, also acts as a Crown prosecutor, so it wrote the chapters on litigation and fraud. The intellectual property ‘big three’, AJ Park, James & Wells and Baldwins, respectively contributed chapters on trade marks, patents and intellectual property commercialisation. PwC's chapters focus on capital markets, M&A and M&A-related taxation. The editors also carefully compiled an index spanning dozens of pages at the back of the book, allowing readers to locate the relevant chapters quickly whenever an issue arises and address it with confidence.
The book can be said to be tailor-made for anyone wanting to invest or do business in New Zealand, whether you are an established business owner or still working towards your dream. When facing legal, tax or business decisions, you can find the answers you need within its pages.
Far-reaching significance for China–New Zealand cooperation
Unlike similar reference books commonly available on the market, the Chamber's New Zealand Investment and Business Law and Taxation has broader significance. Since it was signed in 2008, the New Zealand–China Free Trade Agreement has been updated and upgraded. Bilateral cooperation in trade, finance, infrastructure, high technology, culture and education has deepened and advanced. This high-calibre New Zealand Investment and Business Law and Taxation, together with the participating organisations and the platforms arising from their involvement, can provide emerging and established small and medium-sized businesses with mutually beneficial opportunities and networks.
Co-editor Dr Mapp said China was becoming increasingly important to New Zealand, making the management of relations with China particularly significant amid the current complex and uncertain international situation. For Chinese-funded and private enterprises, there could be no better help than a guide with parallel Chinese and English text. ‘This is more than a book. It also provides a platform connecting businesses with government and professional expertise.’
The other co-editor, lawyer Raymond Huo, had just published his 8th monograph, The Power of Law: Classic Common Law Cases Explained. An honorary professor at his Beijing alma mater, China University of Political Science and Law, he is well versed in both statute law and case law. ‘Different judicial systems create many additional obstacles for businesses. Sometimes it is difficult even for negotiating parties to reach a shared understanding of contractual terms.’
Huo said a World Bank report ranked New Zealand as the world's easiest country in which to do business, yet placed it at number 21 for enforcing contracts. China ranked number 28 for ease of doing business, but number 6 for enforcing contracts. ‘Understanding each other's laws is the first step towards understanding ourselves, each other and the other party's business environment.’
