Companies Amendment Act 2014

 

Companies Amendment Act 2014

Some changes are coming for NZ Companies. These changes come into effect on the 28th October 2015. 

From the Companies website - 

The Companies and Limited Partnerships Amendment Bill has been passed and received Royal Assent on 2 July 2014.

 

Companies Act amendments

As of 1 May 2015 new registration requirements will be introduced by the Companies Amendment Act 2014 (the Act) which will affect new applications to incorporate a New Zealand Limited Liability company with the Companies Office. Existing companies on the companies register will have 180 days to comply with the New Zealand ‘resident director’ requirement listed below.

Important changes introduced by the Act coming into effect will require:

  • All New Zealand incorporated companies to have a director who:
  • lives in New Zealand or
  • lives in Australia and who is also a director of an Australian incorporated company.

  • All directors to provide their place of birth and date of birth.

  • All companies to supply their ultimate holding company details (if applicable).

 

The aim of the Act is to assist with the prevention of misuse of New Zealand companies and provides the Registrar with additional powers.

The Acts will also enhance the powers of the Registrar of Companies to investigate non-compliance of companies by:

  • Introducing offences for very serious misconduct by directors that results in serious losses to the company or its creditors.
  • Aligning the company reconstruction provisions in the Companies Act with the Takeovers Code.

 

Limited Partnership changes

The Limited Partnerships Amendment Act 2014 (and Amendment Regulations) comes into force on 1 September 2014.

On this date, the Companies Act will also be amended so that a person who has been prohibited from being a general partner of a New Zealand or overseas Limited Partnership is also disqualified from being a director of a New Zealand registered company.

Original article can be found here

 

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