Come 1 September 2014 all new Limited Partnerships will be
subject to new requirements set out in the Limited Partnerships
Key new requirements include:
Where the General Partner is a natural person they must either
live in NZ or live in an enforcement country (e.g Australia) and be
a director of a company that is registered in that enforcement
Where the General Partner is a company it must have a director
who either lives in NZ or lives in an enforcement country.
Every person who is a General Partner or a director of a General
Partner must meet new qualification requirements (similar to the
qualification requirements for Directors).
Provision of more detailed personal information for general and
limited partners (including the directors of a general partner
company), including full legal names, place and date of birth,
together with residential address details.
Annual Returns must include more detailed information.
The Registrar of Companies will have enhanced powers to
de-register Limited Partnerships.
The changes are in line with similar changes that impact the
incorporation of companies in NZ.
In addition to applying to new Limited Partnerships, all
existing Limited Partnerships will also have to comply with the
resident general partner requirements by 27 February 2015.
Anyone with an existing Limited Partnership or thinking about
setting one up should familiarise themselves with these