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Company registration bill passes second reading

Hon Craig Foss

Minister of Commerce
2 July 2013 Media Statement
Company registration bill passes second reading

A Bill to strengthen the companies and limited partnerships registration regime has passed its second reading announced Commerce Minister Craig Foss.

The Companies and Limited Partnerships Amendment Bill will address the misuse of New Zealand’s registration scheme by overseas entities and tightens the criteria for company registration.

The Bill will require each NZ registered company to have an identifiable individual who is the point of contact. This person must be a director of an NZ company, or director of a company in a country where NZ has reciprocal arrangements for the enforcement of criminal sanctions.

“The Bill will also give new powers to the Registrar of Companies to investigate non-compliance with the Companies Act. Companies will be removed from the register if they provide inaccurate information, or persistently fail to comply with the Act,” says Mr Foss.

The Bill will also introduce offences against very serious misconduct by directors.

“I’m confident this bill strikes the right balance between holding to account directors who irresponsibly breach their duties and cause serious loss while still allowing for legitimate risk-taking,” says Mr Foss.

Progressing the Bill is part of the government’s Business Growth Agenda to improve regulation and lift confidence in New Zealand’s capital markets.

ENDS

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