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Companies Act 1993

Accounting records and financial reporting - Financial reporting - Registration of financial statements of overseas companies and other companies with significant overseas ownership

207D: Application of registration provisions

You could also call this:

“Rules for applying registration requirements to large companies with significant overseas ownership”

Section 207E applies to large overseas companies and large companies where 25% or more of the voting power is held by certain overseas entities or people not usually living in New Zealand.

However, Section 207E doesn’t apply if the company is a subsidiary of a New Zealand company or one registered under Part 18, and group financial statements for all the companies involved are completed, signed, and registered or lodged as required.

You’re considered to usually live in New Zealand if you’re officially based there, or if you’ve been living there for the past 12 months (even if you’ve been away sometimes during that time).

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6041571.

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Part 11 Accounting records and financial reporting
Financial reporting: Registration of financial statements of overseas companies and other companies with significant overseas ownership

207DApplication of registration provisions

  1. Section 207E applies to each of the following:

  2. every large overseas company:
    1. every large company in which shares that in aggregate carry the right to exercise or control the exercise of 25% or more of the voting power at a meeting of the company are held by—
      1. a subsidiary of a body corporate incorporated outside New Zealand; or
        1. a body corporate incorporated outside New Zealand; or
          1. a person not ordinarily resident in New Zealand.

          2. However, section 207E does not apply to a company or an overseas company (A) if the following requirements are satisfied:

          3. A is a subsidiary of a body corporate (B) that is—
            1. incorporated in New Zealand; or
              1. registered or deemed to be registered under Part 18; and
              2. group financial statements in relation to a group comprising B, A, and all other subsidiaries of B that comply with generally accepted accounting practice are completed and signed within the time specified in section 202; and
                1. a copy of the group financial statements referred to in paragraph (b) and a copy of the auditor's report on those statements are delivered for registration under this Act or for lodgement under another Act.

                  1. For the purposes of subsection (1), a person is ordinarily resident in New Zealand if that person—

                  2. is domiciled in New Zealand; or
                    1. is living in New Zealand and the place where that person usually lives, and has been living for the immediately preceding 12 months, is in New Zealand, whether or not that person has on occasions been away from New Zealand during that 12-month period.

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                      Notes
                      • Section 207D: inserted, on , by section 30 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).
                      • Section 207D(2)(a): replaced, on , by section 24 of the Regulatory Systems (Commercial Matters) Amendment Act 2017 (2017 No 12).