Magazine article New Zealand Management

In Box: NZ Registered Companies Take Note

Magazine article New Zealand Management

In Box: NZ Registered Companies Take Note

Article excerpt

"New Zealand has been one of the easiest places in the world to incorporate a company online," says DLA Phillips Fox in a recent newsletter summarising some key changes to company incorporation.

"However, New Zealand incorporated companies have been involved in a number of less than savoury activities. Transporting North Korean arms is one high profile example."

Such incidents have been part of the driver for key changes to the requirements for incorporating a company with an overseas shareholder. All New Zealand registered companies should take note.

* The Companies Office has recently had its powers to reject company registrations with an overseas shareholder confirmed.

* The Companies and Limited Partnerships Amendment Bill has recently been reported back from Select Committee. It has also tightened the regime.

Amongst the changes now in place or likely to be put in place:

* The Companies Office seeks 'additional verification documentation' for all online incorporations which have overseas shareholders and directors (except where those people/entities are domiciled in Australia -- and even then it sometimes requires this). …

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