THE NZ COMPANIES ACT 1993
New Zealand Resident Director
All existing and future New Zealand Companies legally require a Director who lives in New Zealand.
The legislation making a Resident Director a mandatory requirement for all New Zealand Companies became enforceable from the 1st of May 2015.
Failure to appoint a Resident Director will result in the Ministry of Economic Development of New Zealand taking action to close the Company through its removal from the New Zealand Registrar of Companies.
This can be a challenge when you are a foreign national or organisation with few local contacts. RDNZ are specialist providers of independent Resident Directors and welcome the opportunity to assist international clients comply with NZ legislation.
Compliance requirements
The NZ Companies Office maintains the integrity of all Companies incorporated in New Zealand, ensuring compliance with The Companies Act 1993 and other NZ legislation.
Directors' key responsibilities
Directors have many duties and obligations which include managing the company’s day-to-day business appropriately and ensuring that the Companies Office filing obligations are met.
Shareholders' responsibilities
Shareholders are the owners of a company. They aren't responsible for the day-to-day management of the company, but they do have voting rights.
Annual Filing Requirements
During the life of a company it must also file certain documents - some are required every year, others as certain events occur. Exactly what is required will vary from company to company. Most company filing can be done online.
Meetings
Every company must hold an annual meeting of shareholders once in each calendar year. Generally a company will hold several meetings during each year - some are shareholders meetings and others are meetings of the company directors (board meetings).
Maintaining and keeping records
In addition to filing documents with the Companies Office, legislation requires every company to keep and maintain certain records. This includes accounting records, the share register and other company documents.
Company Addresses
The registered office address of the company where company records are kept, and where certain records may be viewed by shareholders or (in the case of a public company) by the public; this must be a physical address - it cannot be a PO Box or Private Bag address or a 'virtual office' (that is, a mail/message collection point).
Anti-Money Laundering and Counter Terrorism Act 2009
Money laundering is how criminals disguise the illegal origins of their money. Financers of terrorism use similar techniques to money launderers to avoid detection by authorities and to protect the identity of those providing and receiving the funds.
Resident Directors NZ Limited is not obliged to be a reporting entity under Section 5 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. However in accordance with best practice, we do undertake a comprehensive due diligence on all prospective clients.