New Zealand’s highly anticipated Privacy Act will commence on 1 December 2020, replacing the Privacy Act 1993.
The Government has announced that it will amend the Overseas Investment Act in mid-June. From then, the proposal is that all foreign investment that results in a more than 25% ownership interest, an increase in existing interests to, or greater than, 50%, 75%, 100%, or effectively a change of control in the underlying business, must be notified.
Supply chain has been severely impacted by the COVID-19 pandemic and New Zealand is swiftly moving through the lockdown levels.
A Supreme Court judgement handed down last month related to the Commerce Commission’s cases against real estate agencies in Hamilton in connection with TradeMe fees for properties listed for sale. The Commerce Commission has to date secured $19m in penalties and the High Court will now determine the penalties for the remaining two agencies and two individuals. This time next year it will be a criminal offence to enter into a cartel arrangement in New Zealand. This aligning New Zealand competition law with that of Australia and other trading partners.
As COVID-19 has dramatically changed the business landscape in New Zealand, many directors have been left wondering whether their efforts to save their businesses could expose them to personal liability for trading whilst insolvent.
On 1 April the New Zealand Government, together with retail banks and the Reserve Bank announced the Business Finance Guarantee Scheme package for businesses affected by the COVID-19 pandemic.
At a press conference today given by Finance Minister Grant Robertson (Minister) it was announced that the government will be introducing legislation to amend the Companies Act 1993 (Act) to help companies that are faced with insolvency due to COVID-19.
It always seems to be a rough road for the agri-sector. Recent years have seen it faced with drought, low milk prices and a change in government which has had severe knock on implications not only for overseas investors, but also for famers themselves. The banks are tightening their LVR requirements and some are looking to divest of certain agri-sectors all together.
Whether you are running a small local business or a large multi-national organisation, your brand will often be your most important asset. A distinctive brand is an important way to target and maintain a connection with your chosen market. By protecting your brand, you can ensure that it remains unique to your business and contributes to strong and consistent brand awareness amongst both your existing customers and your wider target market.
Anthony Drake, Partner at Wynn Williams talks to Jake Millar, CEO of Unfiltered about how to structure your business.
Nick Kovacevich, Partner at Wynn Williams talks to Jake Millar, CEO of Unfiltered about his top five tips for entrepreneurs. The video includes the importance of having a shareholder’s agreement, looking after your intellectual property and why people are the most important aspect of your business.
Nick Kovacevich, Partner at Wynn Williams interviews Jake Millar, CEO of Unfiltered about his experiences as an entrepreneur starting out.
When looking to raise equity capital for your business, it is crucial to understand that there is no one size fits all approach. A business will need to understand the full range of capital raising options available to it and then choose the option which not only optimises the actual cash raised but the value added to the business by an investor.
Under the Takeovers Code (Code), a person and their associates are prohibited from becoming the holders or controllers of 20% or more of the voting rights in a company with 50 or more shareholders and 50 share parcels (Code Company), except in a manner permitted by the Code.
As the M&A landscape continues to shift towards equilibrium after the GFC, recent international trends have emerged in the New Zealand market. Specifically, the increased use of: • locked box pricing mechanisms; • warranty and indemnity insurance; and • the "fundamental warranty" exclusion for vendor warranty limitations.
Once again, New Zealand is leading the way in business reform. New laws allowing equity crowdfunding fundamentally change the way that private companies can raise funds, and give them a meaningful, cost effective and efficient way of doing so. The recent implementation of the Financial Markets Conduct Act 2103 allows companies to raise up to $2 million from the New Zealand public in a 12 month period, in return for shares in their company, provided they do so via a licensed equity crowdfunding provider.
Equity crowdfunding gets green light from the Minister – no individual investor caps Cabinet has approved the regulations for equity crowdfunding which will come into force on 1 April. Equity crowdfunding will allow businesses to raise up to $2 million from investors, via a licensed crowdfunding platform, without the need for a formal prospectus or prescribed investment statement. Commerce Minister Craig Foss announced today that there will be no individual caps on the amount any investor may invest in a company raising funds via a licensed equity crowdfunding platform, provided however that a company will only be permitted to raise up to $2 million in any year. Wynn Williams has made a number of submissions on investor caps, as well as meeting with MBIE and Minister Foss, and has voiced strong support of no individual investor caps.
The New Zealand government is backing innovation and we in Australia seem to be watching on as our smaller neighbour becomes more agile and starts to get noticed overseas. The recent introduction of crowdfunding is just one example of how the entrepreneurial landscape in New Zealand is changing. With platforms such as Snowball Effect signing licensing agreements with the new regulator, the Financial Markets Authority, Kiwi entrepreneurs and investors are off to a flying financial start. Lawyer Hayley Buckley of New Zealand based Wynn Williams Lawyers estimates more than $NZ7.2 million has been raised via equity crowdfunding; $NZ5.7 million of that with Snowball Effect. Six companies have received significant investments to date, including Invivo Wines raising $2 million and capping out.