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Power announces new company rules to stop foreign criminals setting up NZ businesses
Commerce Minister Simon Power has announced the tightening of company registration rules to stop foreign criminals from setting up and operating businesses in or from New Zealand.
The new rules will also flag publicly on the Companies Office website when a company is being investigated. The Registrar of Companies will also have greater powers to strike off companies where directors have previously breached rules or given misleading information, Power said in a statement.
Here are the details below:
The main change will require all New Zealand companies to have either one New Zealand-resident director or a local agent. Mr Power says the measures are designed to shore up New Zealand’s company registration process against criminal activity from overseas.
"Our company registration processes are highly-respected but there have been increasing threats to our international reputation posed by overseas interests which use New Zealand-registered companies to undertake criminal activity. “These changes will help ensure New Zealand retains its position as one of the best places in the world to do business”.
New Zealand-resident directors or agents will be responsible for ensuring companies provide accurate information to the Registrar of Companies and will be liable if companies breach their filing requirements under the Companies Act. The Registrar of Companies will also get expanded powers.
There will be a greater ability to remedy issues concerning the bona fides of directors and shareholders of companies, and to deal with compliance issues around company registration.
There will also be greater powers to take action where doubt exists about the accuracy of information about a company on the register.
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"In particular, the Registrar will be able to 'flag' companies which are under investigation," Mr Power says. "This will provide greater protection for legitimate businesses, which will be able to check the Companies Office website to see if there are concerns about the bona fides of the companies they are doing business with."
"If the investigation shows that a company and its directors or agent have given inaccurate or misleading information, or have committed other breaches of companies legislation, the Registrar will be able to remove that company from the register.
"The Registrar will be able to also prohibit any person from acting as a director for up to five years where they were a director of such a company."
Similar provisions will be put in place for limited partnerships. The measures will require amendments to the Companies Act and related legislation. A bill setting out these measures is expected to be introduced to Parliament next year.
Your view on these changes? Is it necessary? What experiences have you had in this area? We welcome your comments below.
17 Comments
It's the home-grown crims
It's the home-grown crims that worry me. God knows we have plenty of them.
2012 a Kiwi to another Kiwi:
2012 a Kiwi to another Kiwi: "Where are all the foreigners ?"
2014 a Maori to another Maori: "Where are all the foreigners ?"
2016 a Kiwi (bird) to another
2016 a Kiwi (bird) to another Kiwi (bird): "Where are all the humans ?"
2018 The last Tui drinks the
2018 The last Tui drinks the last Tui - Amen !.
I didn't realise that it was
I didn't realise that it was so simple to stopn foreign criminals, maybe we could now use the companies act to stop local criminals.
All that will happen is that it will now be harder for foreign criminals but you won't stop them doing what they have always done, i.e. it implies that our companies act enabled foriegn criminals and by tweaking the rules we can now stop them.
Another nuisance rule we
Another nuisance rule we don't need. So if a one man company owner goes overseas for a few months to set up an export business overseas, then he become and overseas resident, he must pay for an agent. The best he can do is ditch the New Zealand company altogether and join the brain drain, 40% of skilled people have already left. Last one out, please turn off the light. harriss.rick at gmail.com
Perhaps you should get your
Perhaps you should get your facts right before criticizing. The number of dodgy companies being set up here is phenomenal. The problem I have with this is that the nominee director or agent could be persons of straw. I believe that for this to work, companies with only one nz director should not be allowed to operate until that director is investigated and it is made clear that they are capable of acting as a proper director. I also believe that our building societies act should not be used for foreigners to set up businesses taking advantage of nz good name in the financial system. In fact no entity should be allowed to hold themselves out to be a financial institution and be registered here, unless they are actually operating in nz and selling financial services to nz
What about the ones in
What about the ones in POWER.....Mr POWER.
ANYONE who double dips is a criminal, especially if they have manipulated and used and voted to continue the charade and the system they devised to their own ends.
White collar crime here is as rife as anywhere, worldwide, we just have more per capita.. The criminal thing here is they have no shame and say that it was all a mistake.
The mistake was on the VOTERS part..
A bit like a jury of ones peers dismissing the smiling crim, cos he had a nice smile.
And the one before looked like the crim-reaper...or is that GRIM-reaper.
Man...I never know.
Just like the ones before were paroled due to the UN-informed and PC do-gooders at the R.E-view bored....(I am sure it is not board)....
They must have been bored and asleep on the job, letting some of our worst offenders out to kill and maim...AGAIN.
The criminal thing here is the vast number of criminals who will never be brought to JUSTICE....is it they have already BOUGHT the justice.
Sound Judgement is never used at the Serious Fraud Office it seems. Nor the parole board....yawn.......no seriously.
However, in my judgement there should be an awful lot of Company Directors and Managers doing the time for the scams perpetrated ably aided and abetted.
Bailing out criminals and the profligate is just as criminal in my humble opinion.
The scam now is being perpetuated, not fixed.
Theft from the future taxpayer is still theft by deception. Call it what you will.
POWER to the people....I think not.
Justice...where were you....nah...just kidding.......
Justice....is not apparent ...here.
The hard done by, getting
The hard done by, getting their just desserts.
http://www.dailymail.co.uk/news/article-1310304/Bonfire-quangocrats-4-public-sector-chieftains-facing-chop.html
Well at least it is a start.
Perhaps someone might like to start here too.
Then perhaps we can live within my means.
(I jest......will never happen)