New requirement for Companies

From 1 May 2015 new registration requirements come into force for applications to incorporate a New Zealand limited liability company.These are

• All New Zealand incorporated companies to have a director who:
  • is resident in New Zealand or
  • lives in Australia and is also a director of an Australian incorporated company.
• All directors must provide their date and place of birth.
• The board of directors will also be required to advise the register of the name and full details of any ultimate holding company (if applicable).

The aim of the Act is to help prevent the misuse of New Zealand companies register.For existing companies ...From 1st July:All New Zealand companies incorporated prior to 1 May 2015 filing annual returns after 1 July 2015 will be required to provide:

1. The date and place of birth of all directors (these will not be publicly available)
2. Details of any Ultimate Holding Company if applicable.

This information is required to complete an annual return. The registrar will take steps to remove any company that does not provide an annual return from the register.By 28th October:All New Zealand companies will be required to have at least one director who either lives in New Zealand, or lives in Australia and is a director of a company incorporated in Australia, by 28 October 2015. When filing annual returns after 28 October 2015 New Zealand companies will need to indicate whether any director living in Australia is also a director of a company incorporated in Australia. They will also need to provide details of one of those Australian companies (ACN, name and registered office address).A member of the Legacy team will contact you over the coming months to ensure our clients comply with the new requirements.If you have any concerns please contact us.This post is from Jason Lougher. Jason is a chartered accountant who moved back to the Bay of Plenty – his favourite part of the world – to work with small and medium enterprises. Jason’s passion is taxation and effective tax structuring, trust set up and intergenerational planning, Inland Revenue audits and tax disputes, and business development. Jason works closely with the other directors to combine their skill sets to achieve the best outcome for clients. Additionally Jason is on the NZICA Bay of Plenty Local Leadership Team and is a Business Mentor with Business Mentors New Zealand.Legacy Chartered Accountants has offices in Whakatane and Tauranga.