The changes require that all New Zealand companies incorporated after 1 May 2015 must have at least one director that:
Existing New Zealand companies have until 28 October 2015 to satisfy this new requirement.
In addition, company directors will be required to provide the following information to the Companies Office:
In the case of new company registration applications, non compliance will result in those applications being declined. In the case of existing companies, non-compliance will likely attract penalties and could result in the company being removed from the Companies register.
Having an ‘alternate director’ who is a resident in New Zealand may be an option for satisfying this new residency requirement.
The changes also provide the Companies Registrar with increased powers of enforcement that include: