The Companies Amendment Bill, which creates the Companies Amendment Act 2014 (“The Act”) was passed into law by Royal Assent on the 2nd July 2014. As a result, new requirements have been introduced in relation to the appointment of Directors and the disclosure of personal information for any appointed Directors.
All new companies formed on or after the 1st May 2015 must have at least one individual Director who is either:
- A resident in New Zealand; or
- A resident in Australia (who is also a Director of a company incorporated in Australia).
For companies that are controlled from overseas, there is a new requirement to have at least one resident Director as set out above. In considering Director appointments, it is important to note that the Act does not permit the appointment of Corporate Directors. Furthremore, existing companies incorporated before 1 May 2015 have until 28 October 2015 to appoint a resident Director.
In relation to disclosure of information, the Act now requires all companies to disclose the following information to the Companies Office in New Zealand:
- Individual Directors: Place and date of birth of all Directors, with copies of passport and other proof of ID to be provided.
- Details of ultimate holding company: Name, country of registration, registration number, registered office and other prescribed information.