Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Company registration bill passes into law


Hon Craig Foss
Minister of Commerce

24 June 2014


Company registration bill passes into law


Commerce Minister Craig Foss today welcomed the passing of a bill to protect New Zealand’s international reputation as a trusted place to do business.

The Companies and Limited Partnerships Amendment Bill creates the Companies Amendment Act (No 4) 2014 and the Limited Partnerships Amendment (No 2) Act 2014.

“Protecting New Zealand’s international reputation as one of the best and most trusted places to do business is essential to the growth of our economy. The World Bank Doing Business Index ranks New Zealand number one for starting a business and number three, behind Singapore and Hong Kong, for overall ease of doing business,” Mr Foss says.

“New Zealand now has a robust regime that will limit the opportunity for dodgy individuals to use shell companies to exploit our good name.

“The introduction of offences for very serious misconduct by directors and the changes to company reconstruction rules will promote investor confidence.”

The new Acts will:
• require all New Zealand registered companies and limited partnerships to have a director or general partner who lives in New Zealand or is a director of a company in a prescribed enforcement country
• give new powers to the Registrar of Companies to better investigate companies and limited partnerships
• introduce offences for very serious misconduct by directors that results in serious losses to the company or its creditors
• align the company reconstruction provisions in the Companies Act with the Takeovers Code.

“These changes are an important part of the Government’s Business Growth Agenda to improve regulation and lift confidence in New Zealand’s capital markets,” Mr Foss says.

The offences for directors and provisions for company reconstruction will come into force after Royal Assent.

The registration provisions will come into force by Order in Council, with a further six month period for existing companies to comply with the resident director requirement.

For more information: http://www.med.govt.nz/business/business-law/current-business-law-work/companies-act-changes


ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Wage Hike For MPs (and Paul Robeson)

Hard to tell what is more infuriating. Is it the 5.3% increase on the already bloated salaries of MPs, or their pantomime of outrage at being gifted with such a wonderful back-dated bonanza?

As usual, Prime Minister John Key has busily tried to distance himself from the political fallout, even though he happens to be the main beneficiary of the Remuneration Authority’s generosity. Finance Minister Bill English says with a straight face that it would actually be very hard to give the money back...

Even if it were true, it would actually be very easy for English and any other guilty colleagues, to give the extra money away. There are any number of food banks or homeless shelters who would be able to put the money to good use. More>>

 

PARLIAMENT TODAY:

No Designers Or Visual Artists: Flag Panel Members Announced

The Government has appointed 12 New Zealanders as members of the Flag Consideration Panel which will engage with the public about a possible new New Zealand flag, Deputy Prime Minister Bill English says. More>>

ALSO:

Labour MP Stands Down From Portfolio: Comment From Carmel Sepuloni

The first I knew of my mother’s charges was when I was called by a reporter yesterday. I spoke to Andrew and we agreed there is a conflict of interest at the present time which means I will temporarily stand aside from the Social Development portfolio. It’s the right thing to do… . More>>

ALSO:

Gordon Campbell: On Whether NZ Troops Are The Least Of Islamic State’s Problems

Given that it has been politically packaged and sold as a training mission, the Iraq deployment announced yesterday by Prime Minister John Key seemed to be mysteriously short of actual trainers... The other wing of the argument is whether a troop deployment is (a) the only effective way and (b) the appropriate time to combat Islamic State. More>>

ALSO:

143 Troops, Possible SAS Deployment, Legalities Unsorted: PM’s Statement On ISIL

Mr Speaker, today I am announcing to the House the Government’s decisions about our contribution to the fight against the Islamic State of Iraq and the Levant, or ISIL... More>>

ALSO:

Liu Saga: PM's Dinner With Controversial Donor

John Key must front up to New Zealand and say what he discussed with Donghua Liu when the disgraced businessman paid $25,000 for the Prime Minister to come to dinner at his Remuera home, the Green Party said today. More>>

ALSO:

Roads: National MP 'Concerned' At Overseas Driver Crashes

Waitaki MP and Parliamentary Private Secretary for Tourism Jacqui Dean said she was concerned at the number of fatal crashes involving overseas licence holders and she really felt that the time had come for more to be done. More>>

ALSO:

Parliament Today: Parole Bill Passes

A bill reducing parole hearings deemed to be unnecessary has passed. The third reading of the Parole Amendment Bill was completed by 104 to 16 with the Greens and Maori Party opposed. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news