You might be considered offshore person because related parties are based offshore, even if you do most of your business in New Zealand. If your business or organisation is considered offshore, we will refer to it as an offshore person.
Check if you should apply as an offshore person before you take any other steps.
Company or other incorporated body
A company or other incorporated body (excluding limited partnerships) may be an offshore person if it is:
- incorporated outside New Zealand
- incorporated inside New Zealand and is more than 25% owned or controlled (either through direct control, rights to control or power to control a governing body) by offshore persons (such as shareholders)
Trust or estate
A trust or estate may be an offshore person if:
- more than 25% of its governing body are offshore
- offshore person(s) have a beneficial interest or are entitled to more than 25% of the trust property
- more than 25% of the people with the right to change or control the trust’s trust deed are offshore persons
- more than 25% of the people with the right to control how the trust’s governing body is made up are offshore persons.
Limited partnership
A limited partnership may be an offshore person if it is:
- registered or incorporated outside New Zealand
A limited partnership may also be an offshore person if it is registered in New Zealand and 1 of the following apply:
- it has a general partner who is an overseas person
- more than 25% of the partnership interests are held by offshore persons
- it is more than 25% controlled by offshore persons.
General partnership, unincorporated joint venture and other unincorporated bodies
A general partnership, unincorporated joint venture or other unincorporated body may be an offshore person if:
- more than 25% of its partners (or members) are offshore persons
- offshore person(s) have a beneficial interest or are entitled to more than 25% of its profits or assets
- offshore person(s) have the right to exercise (or control the right to exercise) more than 25% of the voting power at a meeting.
Unit trust
A unit trust may be an offshore person if:
- the manager or trustee (or both) are offshore person(s)
- offshore person(s) have beneficial interest or are entitled to more than 25% of the trust’s property.