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NEW ENTREPRENEUR WORK VISA EFFECTIVE 24 MARCH 2014

Peter Wong
Peter Wong

ARTICLE by Peter Wong

14 March 2014

 

 

The Long Term Business Visa Category which was closed in December 2013 has been replaced with the Entrepreneur Work Visa Category. Immigration New Zealand (INZ) will accept application under the new category from 24 March 2014.

The new category is designed to attract high value business from experienced business people who can create high growth and innovative businesses with export potential It requires a minimum capital investment of NZ$100,000 excluding working capital. The principal applicant is self-employed to operate the business.

Applicant is required to score the minimum of 120 points from the following areas. The introduction of the points system and the minimum capital investment are designed to ensure that successful applicants can create high growth and innovative businesses with export potential.

  • Business experience
  • Investment capital
  • Age
  • Employment creation
  • Turnover of the business
  • Points will be awarded for:
    • business based outside Auckland
    • export potential
    • innovation
    • market research approved by INZ and/or local agency support

Applicants are required to provide a sound business plan to support the application. The holder of an Entrepreneur Work Visa may submit one request to change the business plan within the validity of their visa. Any changes must be minimal or it will be declined.

 Applicants who have already made an application under the old Long Term Business Visa will be processed under that policy. People who are on a Long Term Business Visa and who are ready to apply for residence under Entrepreneur category will be able to do this.

 The Entrepreneur Plus category is now closed and has been replaced with the new Entrepreneur Residence Visa category.   Principal applicant and their partner or dependent children of aged 16 years and over must meet the minimum standard of English when they apply for residence under the new category.

 The requirement relative to Investment category namely Investor 1 and Investor 2 has been changed. Venture capital investments are now deemed to be acceptable investments.

 Please contact Peter Wong on (09) 837 5736, 021 027 82079 email pwong@corbanrevell.co.nz for further particulars.