We’ve already written about the process and steps to set up a charitable trust in New Zealand (here). But what next?
Once you’ve signed a Trust Deed and set up a charitable entity and just freshly received a certificate of incorporation from Companies Office then … congrats! But what next? Here is a list of steps we suggest you consider as a checklist of other things to do:
– 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 common seal – yes, this is still required – we’ve written more on this here – they can be prepared by this company https://shop.montarga.co.nz/collections/common-seal;
– 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 much 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
We hope that checklist is of use to you and all the best as you start on the journey of doing good with the new charitable entity!