Locals will benefit from a safer and more streamlined business environment as the government introduces reforms to modernise company law. 

Commerce and Consumer Affairs Minister Andrew Bayly says these changes will help deter poor business practices and reduce compliance burdens. 

The reforms aim to combat "phoenixing," where companies go bust and reappear under a new name, leaving debts behind. 

Key changes include unique identification numbers for directors, optional removal of home addresses from the Companies Register, and updates to insolvency law.

These reforms address outdated requirements, such as physical publication of information in newspapers, and streamline processes like share buybacks and share capital reduction. 

With over 730,000 companies in New Zealand, this update to the 30-year-old Companies Act brings the law into the 21st century, enabling businesses to focus on growth and innovation.