The Government has announced a new visa, aimed at attracting business people to invest in New Zealand.
Immigration Minister Erica Stanford today announced the Business Investor Visa would provide a pathway to residency for migrants wanting to invest in and operate established businesses in New Zealand.
The visa would be open for applications in November, offering two pathways:
- The standard pathway involved a $1 million investment in an existing business, with a three-year work-to-residence pathway
- The other, a fast-track pathway, would require a $2 million investment in an existing business, with a 12-month wait for residency.
Applicants would need to invest in a New Zealand business that had been operational for five years, met financial thresholds, and employed at least five full-time staff.
They would need to create at least one full-time job for a New Zealand citizen or resident, maintain the employment of a minimum of five full-time staff, maintain the investment threshold, prove the business was solvent, spend a minimum of 184 days in the country, and meet New Zealand’s health and character requirements.
Applicants would also need to be under 55 years old, meet the English language requirements, fulfil the business experience requirements, and have sufficient funds to support themselves and their family ($500,000).
Businesses excluded from the scheme included adult entertainment, convenience stores, discount/value stores, drop-shipping, fast food outlets, franchises, gambling, home-based businesses, immigration advisory services, and tobacco/nicotine.
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The work visa would cost $12,380, and the resident visa would cost $14,890.
“This new visa will bring overseas investment to maintain and create jobs, grow incomes, and breathe new life into existing businesses across the country,” Stanford said.
“It has clearer settings that are easier for applicants to understand and for Immigration New Zealand to process, and it’s designed to deliver real economic benefits.”
She said the new visa was part of the Government’s refresh of the country’s business settings.
In February, the Government adjusted its Active Investor Plus visa, which provided a pathway to residency for wealthy individuals willing to invest in the New Zealand economy.
It required a minimum investment of $5 million for a minimum period of three years or a minimum investment period of $10 million over five years.
Entrepreneur category ended
At the introduction of the new visa today, the Government retired the Entrepreneur Category due to low application numbers, high decline rates, and failure to deliver strong economic impacts.
Stanford said work was underway on a visa pathway for startup-entrepreneurs with “scalable, innovative business ideas, designed to complement existing settings and complete the suite”.
“Our Government is focused on smart, flexible and nuanced immigration solutions to help stimulate the New Zealand economy. These changes will help bring brighter days ahead for all Kiwis.”
