New laws to better protect New Zealand’s business reputation

Press Release – New Zealand Government

Commerce and Consumer Affairs Minister Paul Goldsmith says changes made by the Companies Amendment Act 2014 will help protect New Zealands integrity and reputation as a good place to do business. The changes to the Companies Act come into force from …New laws to better protect New Zealand’s business reputation

Commerce and Consumer Affairs Minister Paul Goldsmith says changes made by the Companies Amendment Act 2014 will help protect New Zealand’s integrity and reputation as a good place to do business. The changes to the Companies Act come into force from 1 May.

“These changes are being phased in to ensure that companies have the opportunity to prepare for, and meet, their obligations,” Mr Goldsmith says.

All new companies incorporated from 1 May will need to:

– Provide date and place of birth of all directors (this will not be publically available).
– Have at least one director who lives in New Zealand; or lives in Australia and is also a director of an Australian incorporated company.
– Provide details of any ultimate holding company if applicable.

All companies filing annual returns after 1 July will need to provide the
date and place of birth of all directors and details of any ultimate holding company, if they have one.

From 29 October, all New Zealand companies will be required to have at least one director who lives in New Zealand; or lives in Australia and is also a director of an Australian incorporated company.

“New Zealand is seen as an easy and transparent place to do business and this is reflected in World Bank Doing Business rankings.

“These measures will be effective in reducing the misuse of New Zealand’s company registration regime. It will make it more difficult for criminals to operate undetected, without increasing compliance costs significantly,” Minister Goldsmith says.

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Content Sourced from scoop.co.nz
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