New laws to better protect New Zealand’s business reputation – Government

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Source: NZ Govt – 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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Selwyn Manning, BCS (Hons.) MCS (Hons.) is an investigative political journalist with 23 years media experience. He specializes in reportage and analysis of socioeconomics, politics, foreign affairs, and security/intelligence issues. Selwyn has extensive experience as a commentator and has provided live political analysis to a wide range of television and radio organizations broadcasting in New Zealand, Australia and globally including the BBC (Five Live, London) and BBC (World Service). He is currently a correspondent to Australia's FiveAA radio, and is a regular live-on-air panelist on Radio New Zealand's The Panel with broadcaster Jim Mora.

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