New Director and Partner requirements for companies and limited partnerships

Many Directors of New Zealand companies may now need to re-assess who sits on their boards. All New Zealand companies are now required to have at least one Director who lives in New Zealand, or (at this stage) a Director who lives in Australia and is a Director of a company in Australia.

All New Zealand limited partnerships are also now required to have at least one general partner who is 'resident' in New Zealand (or resident in Australia and a director of a company registered in Australia, if a natural person). If the general partner is a company it must be a New Zealand-registered company under the Companies Act 1993.

All Company Directors will be required to provide their date and place of birth, together with their residential address. General partners will be required to provide:

• The full name, residential address, and place and date of birth of every natural person who is proposed to be a general or limited partner.
• The name and address of every general partner and limited partner who is not a natural person.

Further, the Registrar of Companies will have more power to identify the true owner of a company by enquiring about:

• Individuals controlling companies and limited partnerships;
• Individuals controlling directors and general partners; and
• Individuals that directors and general partners may have delegated their powers to.

These measures are designed to shore up New Zealand's company registration process against fraudulent activity.