Direct Parties is a feature that allows Orchestra companies to manage entities that are directly associated to a single share parcel. All direct parties are displayed on the New Zealand Companies Office website when viewing the published shareholder list.
The Direct Parties feature is available for the following entity types, and can be accessed either by editing an existing shareholder entity, or on creation of a new shareholder entity.
- Partnership entities
- Trust entities
- Joint entities
Adding new Direct Parties
When an eligible shareholder entity type is selected, you will reveal the option to add a new direct party. With direct parties, the shareholder name will be automatically generated from the direct party names, and as such doesn't require entry from you.
There are only a couple of fields required for each direct party.
- Direct party name
- NZ Business Number (NZBN), if the direct party is of type 'company'
- A registered address
Once completed, save your new direct party. You will now notice the entity name will be automatically generated and populated.
You can now add additional direct parties until all parties have been added.
Save all changes to the shareholder entity to make sure all your changes persist.
If your company is linked to the New Zealand Companies Office API, shareholder changes will be sent to the Companies Office immediately.
What you see on the New Zealand Companies Office
The Direct Party feature was developed to accommodate information required by the New Zealand Companies Office. Below is an example of how a typical combined shareholding is displayed.
Within Orchestra, the above entity would have the following structure.
- Bright Company Limited & Joseph Banks (Trust)
- Direct parties:
- Bright Company Limited (Company)
- Joseph Banks (Individual)
- Direct parties: