The three registries are part of legislation relating to Companies, Incorporated Societies, and Personal Property Securities (PPSA) that were passed in late 2017.
The PPSA allows for moveable property to be used as collateral for loans and all three pieces of legislation were tailored to meet local conditions.
The online registry project will fully implement the three registries, with a timeframe to complete the project in the 2019-20 financial year. In January, the selection of a software vendor through the ADB procurement process was finalised.
The online software solution for the project will be provided by ParadigmApps, a California-based company, who has successfully implemented several registry projects in the Pacific region.
Secretary of the ministry, Tamatoa Jonassen, explained: “This is very much the beginning stages of the project with the current focus on system design. Other aspects of project development, such as prototyping, configuration, and data migration will occur over the next several months.”
The New Zealand Companies Office will be assisting in parts of the project development process. The project is funded by the Governments of New Zealand and the Cook Islands and ADB.