New Zealand Law Society - Reminder of need to tell OIO if director changes

Reminder of need to tell OIO if director changes

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When the Overseas Investment Office (OIO) is processing an application, if there is a change in directors of the relevant overseas person, it is the responsibility of the applicant (or their representatives) to update the OIO, it says.

"You will need to do this as soon as you are aware of a change. If you leave it to the end of the assessment process, the investor test will need to be re-done and your application will be delayed."

In a general reminder of the need to stick to timeframes, the OIO says to ensure applications are processed efficiently, all the information required must be included and passports must be scanned in high resolution (they need to be scanned in colour and be over 300 dpi).

The OIO says it completes a thorough quality assurance process when applications are received - if material information or appendices are missing, the OIO will not be able to accept an application for assessment.

It says common examples of items missing are CVs not provided,  inadequate counterfactual submissions, insufficient ownership and control information, and incomplete information on special land.

The OIO says statutory declarations also need to be provided within the requested timeframe. It says applications without a statutory declaration cannot be processed.

"In addition, if the OIO doesn’t receive the statutory declaration within a reasonable time, it may also result in your application being lapsed."