Long Term Business Visa

The New Zealand Long Term Business Visa / Permit is designed to help New Zealand visa applicants who are migrating to New Zealand and starting a business in New Zealand.

The New Zealand Long Term Business Visa / Permit is a temporary residency permit that can lead onto the Entrepreneur Category which then entitles the applicant to permanent residency in New Zealand.

Duration

A New Zealand Long Term Business Visa or Permit allows the applicant to stay in New Zealand as a self-employed person for up to three years. A New Zealand Long Term Business visa is a step to gaining residence in New Zealand through the Entrepreneur Category.

Eligibility Criteria

Business Plan

An application for starting a business in New Zealand under the New Zealand Long Term Business permit category must be accompanied by a business plan.

This business plan, along with supporting documents, will be used to determine that:

• The New Zealand Long Term Business Visa / Permit applicant has enough money to establish the proposed business in New Zealand and to support themselves and any family.
• The New Zealand Long Term Business Visa / Permit applicant's financial forecasts are realistic.
• The New Zealand Long Term Business Visa / Permit applicant has relevant business experience, including qualifications, existing businesses, shareholdings.
• The New Zealand Long Term Business Visa / Permit applicant has not been involved with a business failure within the last five years.
• The New Zealand Long Term Business Visa / Permit applicant has not been involved in business fraud or wrongdoing.
• The New Zealand Long Term Business Visa / Permit applicant has obtained occupational registration in New Zealand, where this is required, for the business.
• The New Zealand Long Term Business Visa / Permit applicant has gained an understanding of the New Zealand market.

One should research a lot in the preparation and finalisation of a realistic business plan which not only will obtain an LTBV, but also and more importantly, will allow the applicant to satisfy the requirements for the grant of New Zealand residence under the Entrepreneur Category;

Whilst INZ does have discretion to grant LTBVs to individuals who do not have business experience specifically related to the intended venture, the business plan would need to be very sound before one should entertain any type of business other than what one is already know. It is essential that the applicant hire a professional accountant for research and preparation of the business plan, as per laid guidelines.A good accountant will not merely focus on preparing a good business plan to obtain an LTBV, they will also be similarly focused on ensuring that the business has a chance to succeed irrespective of any immigration concerns.

Employment/Business Experience

Applications for this business visa will be judged on a case-by-case basis. New Zealand Long Term Business Visa / Permit applicants who have not owned their own business or have not had experience in a senior management position that is responsible for all aspects of business operation are unlikely to be accepted under the New Zealand Long Term Business Visa / Permit category.

Investment Capital

While there is no set limit on capital required, business permit applications will be judged subjectively on a case-by-case basis where funds will need to be appropriate to the business. Contact Global Visas for more information about the investment capital required to be eligible for a New Zealand Long Term Business Visa / Permit.

Benefit to New Zealand

To be eligible under the New Zealand Long Term Business Permit / Visa category an applicant will need to show that the proposed business is benefiting New Zealand.

A business will be considered to be benefiting New Zealand if it promotes New Zealand's economic growth. This might be through:

• The introduction of new or enhanced existing technology, management or technical skills.
• The introduction of new or enhanced products or services or export markets.
• The creation of new or expansion of existing export markets.
• The creation of new job opportunities.
• Revitalising an existing business. - The business must be trading at the time the applicant applies and must clearly have the potential to become profitable within 12 months.

In addition to the minimum requirements above, basic standards of English language, health and character have to be met in order to lodge a successful business visa application.

The LTBV is an exceptionally complicated part of immigration policy, and all applications are processed by the Business Migration Branch located in Wellington. Even though the governing policy is made readily available by INZ, in actual it is applied in a very discertionary, case specific manner.

If the applicant is investing into an existing NZ business, then it must be trading profitably on the date he starts to lodge his application or must clearly have the potential to become profitable within the following 12 months.