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BACKGROUND
Geographical Location
Niue, which is one of the world's largest coral islands, is located in the South Pacific Ocean, east of Tonga.
Geographic coordinates: 19 02 S, 169 52 W. The Capital, Alofi, is the administrative and commercial centre of Niue.
The island has a total area of approximately 260 square kilometres. Coastline: 64 km.
Climate: tropical; modified by southeast trade winds.
Population
Under 2,103 people (July 1999 est.), 90% of which are of Polynesian descent. The other 10% of the population
are made up of peoples of European and Tongan descent.
Religions: Ekalesia Niue (Niuean Church) 75%—a Protestant church closely related to the London Missionary
Society, Latter-Day Saints 10%, other 15% (mostly Roman Catholic, Jehovah's Witnesses, Seventh-Day Adventist).
Political Structure
Niue is a self-governing territory in free association with New Zealand. It is fully responsible for its own
internal affairs, with New Zealand retaining responsibility for external affairs. Niue is a British Commonwealth
Associate Member, and enjoys the protection of the British Crown.
The Niue Assembly comprised 20 members, 14 of which are elected by local constituencies and 6 by common roll.
The Head of Government is the Premier who is elected by the Assembly. The Premier chooses the Cabinet, which consists
of the Premier and three other ministers.
Infrastructure and Economy
Most Niueans work on family plantations. The only paid employment on the Island consists of working in Government
service, small industry or the Niue Development Board.
The Economy of Niue is heavily dependent on aid from New Zealand. Government expenditure regularly exceeds revenue,
with the shortfall made up by grants from New Zealand. The grants are used to pay wages to public employees.
The Agricultural sector consists mainly of subsistence gardening, although some cash crops are grown for export.
Industry consists primarily of small factories to process passion fruit, lime oil, honey and coconut cream. The
sale of postage stamps to foreign collectors is an important source of revenue.
In recent years, the Island has suffered a serious loss of population caused by the migration of Niueans to
New Zealand.
Language
Polynesian, but the official commercial language is English.
Currency
New Zealand Dollar
Exchange Control
None
Type of Law
Common Law based on the English system
Principal Corporate Legislation
International Business Companies Act, 1994
KEY FEATURES TABLE
| General |
| Political Stability |
Good |
| British Based Legal System |
Yes |
| Type of Company |
International |
| Disclosure of Beneficial Owner |
No |
| Migration of Domicile Permitted |
Yes |
| Tax on Offshore Profits |
Nil |
| Non-English Language Names Allowed |
Yes |
| Corporate Requirements |
| Minimum Number of Shareholders |
One |
| Minimum Number of Directors |
One |
| Bearer Shares Allowed |
Yes |
| Corporate Directors Permitted |
Yes |
| Secretary Required |
No |
| Standard Authorised Share Capital |
$10,000 |
| Local Requirements |
| Registered Office/Agent |
Yes |
| Company Secretary |
No |
| Local Directors |
No |
| Local Meetings |
No |
| Government Register of Directors |
No |
| Government Register of Shareholders |
No |
| Annual Requirements |
| Annual Return |
No |
| Audited Accounts |
No |
| Recurring Government Costs |
| Annual Tax/Licence Fee |
$150.00 |
| Annual Return Filing Fee |
Nil |
COMPANY FORMATION
Type of Company for International Trade and Investment
International Business Company
Procedure to Incorporate
Submission by the Registered Agent of Memorandum and Articles of Association to the Registry.
Restrictions on Trading
IBCs cannot Trade within Niue or undertake Banking or Insurance business. They cannot solicit funds from the
Public.
Powers of Company
An International Business Company has all the powers of a natural person.
Language of Legislation and Corporate Documents
The Legislation is in English. The Corporate Documents can be in any language, provided they are accompanied
by a Certified Translation in English.
Name Approval Required
On payment of a small fee names can be reserved for thirty days. Names can also be reserved for 72 hours free
of charge.
Shelf Companies Available Yes
Time Scale to Incorporate
One day, but allow a further five working days for delivery of the documentation from the Registry.
Name Restrictions
A name that is identical to an existing company, a name that contains the words "Assurance", "Bank",
"Building Society", "Chamber of Commerce", "Chartered", "Co-operative",
"Imperial", "Insurance", "Municipal", "Royal", "Trust Company"
or "Trustee Company". A name that is, in the opinion of the Registrar undesirable, or a name that implies
patronage of the Royal Family or the Government.
Language of Name
The Name can be in any Language, but must be accompanied by a Certified Translation into English to ensure
that the name is not restricted.
Suffixes to denote Limited Liability
"Limited", "Corporation", "Incorporated", "Société Anonyme",
"Sociedad Anonima", "Company", "Limitada", "Société par actions"
or "Aktiengesellschaft" or the relevant abbreviations.
Disclosure of Beneficial Ownership to Authorities
No
SHARE CAPITAL, TAXATION, LICENCE FEES AND COMPLIANCE MATTERS
Authorised Share Capital
Normally US $10,000 - the maximum capital for the minimum duty. The Authorised Share Capital can be expressed
in any Currency, or in a mixture of Currencies.
Classes of Shares Permitted
- Registered Shares
- Bearer Shares
- Shares of no par value
- Preference Shares
- Redeemable shares
- Shares with or without voting rights
Bearer Shares Permitted
Yes
Taxation An IBC is exempted from Local Taxation
Double Taxation Agreements
International Business Companies do not qualify for any Double Taxation Agreements Niue may have.
Licence Fees
- Licence Fees are due and payable by 31st May in the year following the year of Incorporation.
- Companies with an Authorised Share Capital which does not exceed US $10,000, all of which have a par value,
pay US $150.00 per year.
- Companies with an Authorised Share Capital over US $10,000, all of which have a par value, pay US $1,0000.00
per year.
- Companies whose Authorised Share Capital does not exceed US $10,000 and has some or all of its shares without
a par value, or companies without an Authorised Share Capital, and all of its shares have no par value, pay US
$350.00 per year.
Financial Statement Requirements
There is no requirement to file Financial Statements. The Company is required however, under the Legislation,
to keep financial records for the benefit of Members.
STRUCTURE OF MANAGEMENT
DIRECTORS
Minimum number of Directors
One
COMPANY SECRETARY
Company Secretary Required
The Legislation makes no reference to the Office of Company Secretary
SHAREHOLDERS
Minimum number of Shareholders
One
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