In March 2014, the New Zealand government will introduce two entrepreneur visa categories in an effort to create more local businesses and attract more foreign entrepreneurs and investors.
The Entrepreneur Work Visa will replace the current Long-Term Business Visa and will feature a points-based system with criteria related to business experience, employment creation, export potential, innovation, age, and a plan to invest outside of Auckland. A minimum capital investment of NZD 100,000 is a key requirement.
Since December 20, 2013, applications for the Long-Term Business Visa are no longer accepted, but applications submitted before this date will continue to be processed. As a result, foreign nationals will not be able to apply for a self-employment work visa until the creation of the new Entrepreneur Work Visa, anticipated to be March 2014. The Long-Term Business Visa has been the only option for foreign nationals intending to establish a new business or assume ownership of an existing business in New Zealand.
The current Entrepreneur and Entrepreneur Plus Categories will be discontinued and renamed simply the Entrepreneur Residence Visa. This visa will include a fast-track residence option for applicants who have successfully invested NZD 500,000 in a business that has been in operation for at least six months and has generated full-time ongoing employment for at least three New Zealand nationals or permanent residents.
Government guidance with full details of the new requirements will likely be released in late February 2014. As future guidance for the new programs is developed, Immigration New Zealand will seek feedback from organizations representing the country's immigration advisers.
This alert is for informational purposes only. Fragomen’s Worldwide Investor Group focuses on issues, developments, and strategies for entrepreneurs and investors around the globe. If you have any questions, please do not hesitate to contact the global immigration professional with whom you work at Fragomen Global Immigration Services or send an email to [email protected].
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