Mayne Wetherell has produced a guide to doing business in New Zealand to provide overseas investors, and their advisers, with information about investing here.
The guide summarises inbound investment, immigration, investment structures, financial services regulation, tax, securities, takeovers, intellectual property, employment, land law, and trade practices.
Useful links to market events and commentary.
The Panel approves the granting of exemption relief for Code companies to address COVID-19 impact
The Takeovers Panel today approved the granting of a suite of temporary class exemptions from the Takeovers Code (the Code) that are aimed at assisting Code companies in raising capital. The focus of the relief is on making it quicker and easier for shareholders to provide additional capital to Code companies.
FMA to extend deadline for financial reporting
The Financial Markets Authority (FMA) is providing regulatory relief to market participants to give them an additional two months to provide their audited financial statements. Due to the disruption caused by COVID-19, the FMA is taking appropriate steps to support the industry. Firms that need to provide these financial statements include listed issuers on the NZX.
Lift in capital-raising capacity to help buffer Covid-19
NZX has recently announced a lift in equity capital raising capacity to help NZX listed companies weather the impacts of COVID-19, along with measures to allow greater flexibility in the timeframes for financial reporting. NZX Chief Executive, Mark Peterson, said the measures were “designed to address the unprecedented impacts arising from the spread of COVID-19. We want to be practical, and do everything we can to ensure that NZX listed companies are able to access sufficient equity capital urgently, to strengthen businesses and save jobs
Government reveals action plan for businesses
Cabinet has approved the development of a Business Continuity Package to help support the economy through the disruption caused by COVID-19. The package includes a targeted wage subsidy scheme for workers in the most adversely affected sectors, training and re-deployment options for affected employees, and working with banks on the potential for future working capital support for companies that face temporary credit constraints.
Banking sector prepared for responding to COVID-19
New Zealand banks are ready to respond to the impacts of coronavirus, the Reserve Bank of New Zealand and New Zealand Bankers’ Association say. The COVID-19 outbreak has the potential to impact the operations of New Zealand’s banking sector by affecting banks’ staff, their funding and their customers. The Reserve Bank has asked all banks about their risk management approaches and preparedness for COVID-19. Reserve Bank Governor Adrian Orr said the responses show the banks are prepared.
Economist suggests Government steps in to financially assist businesses affected by coronavirus outbreak
Jarrod Kerr told Morning Report struggling businesses should either be provided with money or tax breaks as exporters and importers, as well as tourism, agriculture and education industries continued to be hit by severe disruption caused by the coronavirus. "What we need right now is targeted fiscal policy rather than monetary policy and I'd say if we're sitting here and the Reserve Bank is forced to cut 50 basis points, that's because the government hasn't done enough on the fiscal side".