We’ve already written about the process and steps to set up a charitable trust in New Zealand, including signing a Trust Deed, setting up a charitable entity, and received a certificate of incorporation from Companies Office. But what next?
Here is a list of steps we suggest you consider as things to do next:
- Open a bank account – usually can be done with certificate of incorporation. These days, expect many queries about proof of funds and about identity of trustees. It may pay to shop around as well;
- Apply to Charities Services for registration as a charity, if you want to be charitable. If you’ve had our input on creating the charitable trust then we will be helping you with this as well;
- Obtain a common seal – yes, this is still required. We’ve written more on this here. They can be prepared by this company: montarga.co.nz/collections/custom-self-inking-stamps
- Keep good records of minutes of the Trustees meeting and other documents like contracts – we even have some templates you can adapt;
- Consider what insurance might be needed. Best to talk to a broker about this as it will depend on what activities you are undertaking;
- Always keep an eye on how many of your activities are going on overseas so it doesn’t creep above 25%, as that could have implications for your tax donee status (see here); and
- Prepare a terms of use for website and perhaps a privacy policy if collecting information – we can assist if needed.
We hope that this checklist is of use to you and all the best as you start on the journey of doing good with a new charitable entity!
