New rules for limited partnerships begin
Commerce Minister Craig Foss says new rules coming into force today will protect New Zealand’s international reputation
as a trusted place to do business.
The Limited Partnerships Amendment Act takes effect today requiring all limited partnerships to have a general partner
who lives in New Zealand or an enforcement country. This person can be held responsible if a partnership fails to comply
with its obligations.
“These new rules prevent the misuse of New Zealand limited partnerships by overseas entities and enhance the powers of
the Registrar of Companies to verify information and take stronger action if required,” Mr Foss says.
“Protecting New Zealand’s international reputation as one of the best and most trusted places to do business is
essential to the growth of our economy.
“Improved regulation that leads to increased confidence and participation in New Zealand’s capital markets is a key
component of the Government’s Business Growth Agenda.
“These are the first in a suite of law changes to improve the transparency of New Zealand’s company registration system
and reduce the risk of New Zealand entities being used for money laundering, fraud, tax evasion and other criminal
activity.”
Further changes tightening the criteria for company registration will take effect when the Companies Amendment Act 2014
comes into force on 1 May 2015.