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

 

Water, Pests, Erosion...: Commissioner Releases Mixed Report Card On Environment

The Parliamentary Commissioner for the Environment has released a mixed report card in her assessment of the state of New Zealand’s environment. “We are lucky to live in an exceptionally beautiful country, but we have some big issues to face up to” said Dr Jan Wright. More>>

ALSO:

Education: Private Schools Beneficiaries Of Extra Cash

“Not only did this year’s Budget freeze operational funding for state schools, but 86 per cent of secondary school principals say they don’t get enough funding, and the demand for school donations from parents is rising at 10 times the rate of inflation... Now we’ve got Hekia Parata proposing more cash for private schools." More>>

ALSO:

Shop Hours Bill Second Reading: Government Blocks Easter Trading Petition

The union representing retail workers is warning that the Government is out of touch with working people after passing the second reading of the Shop Trading Hours Amendment Bill, a law handing local authorities the power to permit trading on Easter Sunday. More>>

ALSO:

Gordon Campbell: On The Shewan Inquiry Into Our Tax Haven Rules

Like the political equivalent of lithium, Prime Minister John Key is routinely administered to dull any politically dangerous mood swings amidst the general public... More>>

ALSO:

Law Commission: Review Of Search And Surveillance Act Begins

“For example, the Act was drafted before cloud-based storage of data was commonplace. In the light of these and other developments, the Commission will be examining whether the investigative powers in the Act are sufficient for law enforcement purposes. We will also consider whether the safeguards that surround those processes are adequate.” More>>

ALSO:

Houses, Campers And Cops: LGNZ Media Briefing

At their quarterly media briefing today Local Government New Zealand addressed areas where local authorities are feeling pressure and outlined their approach for the upcoming local body elections in September-October. More>>

ALSO:

17 Year Sentences In Baby Moko Case: Attorney General On Plea Bargain

“The Crown’s decisions in this case, including the decision to accept the manslaughter pleas, were motivated by the need to secure convictions for this horrendous killing and to avoid the significant risk that either of the defendants could escape such a conviction because of evidential issues.” More>>

ALSO:

As Govt Cuts Lobby Anti-Smoking Group Funds: On The Nation - Plain Packaging Debate

Imperial Tobacco leaves open possibility of law suit against New Zealand government if plain packaging is introduced, as planned. Says it’s a “last resort” but “of course we will defend the right to use our brands”. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news