Media Release
23 March 2009

Timely review for ‘frustrating’ Overseas Investment Act

The New Zealand Private Equity and Venture Capital Association is welcoming the government announcement of a review of the Overseas Investment Act.

Colin McKinnon, Executive Director of NZVCA, said the current rules have been frustrating for New Zealand and international investors and have jeopardised some transactions that could not afford to wait for lengthy and complex processes.

“Access to capital is important for New Zealand enterprises. We need legislation and supporting processes that encourage investors whether they are local or international,” he said.

“We share the government’s view that access to foreign capital is important for New Zealand firms.

The NZVCA also believes that access to domestic capital is just as important and we trust that the government will also turn its attention to access to capital barriers in the domestic market.

“The NZVCA is pleased that the Overseas Investment Act review has clear objectives and a tight timeframe. We will be preparing a submission for the Capital Markets Development Task Force that will highlight some of the domestic issues.”

About NZVCA
The NZVCA is a privately funded non-profit organisation representing private capital investors and their advisors. The NZVCA aims to develop a world class venture capital and private equity environment for the benefit of investors and entrepreneurs in New Zealand.

ENDS

© Scoop Media