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New rules for limited partnerships begin

New rules for limited partnerships begin

Commerce Minister Craig Foss says new rules coming into force today will protect New Zealand’s international reputation as a trusted place to do business.

The Limited Partnerships Amendment Act takes effect today requiring all limited partnerships to have a general partner who lives in New Zealand or an enforcement country. This person can be held responsible if a partnership fails to comply with its obligations.

“These new rules prevent the misuse of New Zealand limited partnerships by overseas entities and enhance the powers of the Registrar of Companies to verify information and take stronger action if required,” Mr Foss says.

“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.

“Improved regulation that leads to increased confidence and participation in New Zealand’s capital markets is a key component of the Government’s Business Growth Agenda.

“These are the first in a suite of law changes to improve the transparency of New Zealand’s company registration system and reduce the risk of New Zealand entities being used for money laundering, fraud, tax evasion and other criminal activity.”

Further changes tightening the criteria for company registration will take effect when the Companies Amendment Act 2014 comes into force on 1 May 2015.

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