CAPE CANAVERAL, FL - JANUARY 10: In this handout provided by the National Aeronautics and Space Administration (NASA), SpaceXs Falcon 9 rocket and Dragon spacecraft launch from Launch Complex 40 at the Cape Canaveral Air Force Station for their fifth official Commercial Resupply (CRS) mission to the orbiting lab on January 10, 2015 in Cape Canaveral, Florida. (Photo by NASA via Getty Images) (Photo : NASA / Handout)

The world is ready for takeoff now that Rocket Lab Launch Complex 1, the world's first private orbital launch site, has completed construction in New Zealand.

According to a report from Space, the Los Angeles-based commercial spaceflight company Rocket Lab is planning to use the complex for the launch of the Electron rocket, which will carry small satellites and payloads. The site's main objective is to provide and enable more affordable and more frequent access to space.

Rocket Lab CEO Peter Beck revealed that the complex is authorized to conduct a launch every 72 hours, although they are expecting to only launch around four or five times a month. This impressively high frequency is due to the sparsity of air activity near the site.

The complex marks a historic milestone as the first private orbital launch complex in the world. Competitors include Blue Origin, which has a private launch facility but only operates suborbital flights, and SpaceX, whose own private orbital launch facility hasn't opened yet.

"Completing Launch Complex 1 is a significant milestone in the buildup to our first Electron test flight," Beck said in the statement. "It's wonderful to celebrate the completion of the site with those who have helped us get this far and welcomed us into their community. Launch Complex 1 presents a considerable opportunity to change how we access space."

Rocket Lab is already planning to begin test launches of the Electron before the year ends.

Economic Development Minster Steven Joyce, who opened the site, hinted at the country's interest in space-related activity, according to a report from Scoop.

He explained, "Rocket Lab will be a catalyst for other space-related activity in New Zealand. Space activity is pervasive in our lives, to such an extent we are no longer aware that our internet, our decision-making around energy and resource management, our marine surveillance to name only a tiny fraction, all rely on what we are doing in space."