One of the large benefits of using Orchestra as a New Zealand Company is that when you update your share registry on Orchestra this automatically updates the New Zealand Companies Office website, creating a single source of truth for your business.
As part of the initial onboarding process for Orchestra a company's data must be formatted in a way that allows for this automatic updating to be completed as per the New Zealand Companies Office API regulations (but don't worry the Orchestra team does this for you).
In some instances what this means is that we have to remove a shareholder from a share allocation and immediately replace this shareholder with the correctly formatted data. This can have the effect of a shareholder being seen as both a 'Current' and 'Former' shareholder in a company if anyone is to search the New Zealand Companies Office registry.
This action happens when a company is onboarded onto Orchestra and is the suggested method of data exchange as per the New Zealand Companies Office API team.
We are working with the New Zealand Companies Office to understand if this historical data can be formatted in such a way as to remove the need for this step in the process. But for now this step is required if your business is to benefit from the automatic updates offered by Orchestra.