Articles by Matthew Gilligan
There is currently legislation before Parliament seeking to tighten up rules around incorporation of companies on the New Zealand Companies Office Register.
In particular, there is concern about companies being incorporated with offshore shareholders and directors, and then being used in criminal activities. A large part of the reason for this concern is that there are no restrictions on who can be a shareholder and director of a New Zealand company, and historically little has been requested in terms of identification for such people.
However, this is changing. Recently the IRD have started asking for identity documents for offshore shareholders and directors, and proof of residential address for the same. This new legislation proposes to go one step further by requiring every company incorporated on the New Zealand Companies Office Register to have a New Zealand-based director. This is very significant.
If you are an offshore director of a New Zealand company and you do not have a New Zealand-based director, then you need to be aware of this new rule. Note that it is not law yet, and when it does become law there will be a six-month grace period for companies that do not comply to get their affairs in order. We will keep you posted.
As always, these comments are of a general nature only and not a substitute for advice on your specific circumstances. Please contact us at GRA if you wish to discuss any aspects of the above.
I attended the GRA function last night - it was excellent, and goodness your knowledge is like an encyclopaedia! Phenomenal. We have already had an initial free consult with John Rowe, have attended one of Matthew's info evenings, and are already booked for Property School. I've read Tax Structures and am reading Property 101. We are very interested in moving to you for accounting also - our current accountant is lovely, and his fees are very low, but the more I'm learning, the more I'm realising this sweet man has oftentimes not steered us in the best directions, and definitely never asset structured us properly - and that is all in the plans to get sorted thx to getting to know GRA. - Tat & Trip - June 2016
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