Business Numbers – What they Mean for Not-for-Profits

Not-for-Profits and New Zealand Business Numbers The New Zealand Business Number Act 2016 provides that incorporated societies registered under the Incorporated Societies Act 1908, charitable trusts incorporated under the Charitable Trusts Act 1957, friendly societies and credit unions registered under the Friendly Societies and Credit Unions Act 1982, and industrial and provident societies registered under the Industrial and Provident Societies Act 1908 are eligible to obtain a New Zealand Business Number (NZBN). While having a NZBN may be of more obvious benefit to businesses, the anticipated benefits must also apply to not-for-profits. What is a New Zealand Business Number? The New Zealand Business Number Act 2016 was enacted on 15 April 2016, and most of it came into force in mid-May. A New Zealand Business Number (NZBN) is a unique a 13 digit Global Location Number (GLN) assigned to businesses and other entities, including not-for-profits, in New Zealand and usable worldwide. Use of NZBNs is expected to transform how entities with NZBNs share key information and interact with Government and with each other. Each NZBN is a 13 digit  Global Location Number (GLN). What are the benefits of NZBNs? According to Economic Development Minister Steven Joyce (and his quoted comments should apply to not-for-profits): “NZBNs are a key initiative of the Government’s Better for Business programme. They are a unique identifiers that reduce the time and energy businesses spend providing government the same information in different ways.” “A change to NZBN information will, over time, change the same information on other databases held by government. Ultimately businesses will only need to tell government their information once.” “For businesses it will...

Business Numbers – What they Mean for You

What is a New Zealand Business Number? The New Zealand Business Number Act 2016 was enacted on 15 April 2016, and most of it came into force in mid-May. A New Zealand Business Number (NZBN) is a unique a 13 digit Global Location Number (GLN) assigned to businesses and other entities in New Zealand and usable worldwide. Use of NZBNs is expected to transform how businesses share key information and interact with Government and with each other. Each NZBN is a 13 digit  Global Location Number (GLN). What is the benefit of NZBNs to business? According to Economic Development Minister Steven Joyce: “NZBNs are a key initiative of the Government’s Better for Business programme. They are a unique identifiers that reduce the time and energy businesses spend providing government the same information in different ways.” “A change to NZBN information will, over time, change the same information on other databases held by government. Ultimately businesses will only need to tell government their information once.” “For businesses it will save time and cost through reduced form filling and data entry processes, and speed up dealings with government agencies. Once fully implemented, the annual benefits for businesses from the NZBN Programme have been estimated to be around $60 million. In time NZBNs are expected to become the main identifier for businesses to share key information with Government Departments (but will not replace all identifiers across Government – for example, GST or ACC numbers) and other businesses. Ultimately, a change to NZBN information (primary business data) will change the same information on other databases held by Government. NZBNs are intended to enable...