- At least one Director living in New Zealand; or
- At least one Director living in Australia, who is also a Director of an Australian company
Failure to meet these requirements will result in the company being deregistered.
It is anticipated that if a company did not meet these requirements by 28th October 2015, then on the next day the Companies Office would issue a notice of proposed removal from the register. The removal procedure is still subject to the normal objection procedures and actual removal may take up to six weeks to complete. Once a company has been removed from the register, all of its assets will vest in the Crown under section 324 of the Companies Act 1993.
Directors of all New Zealand companies should be mindful of these requirements, as any future changes in residence of a Director, or resignation of a Director, could result in non-compliance, with potential deregistration of the company.
If you believe these new rules could affect you or your company please contact us as soon as possible.