If you have been in New Zealand on a Long-Term Business Visa to enable you to buy/ establish and work in your business, and now wish to apply for residence, the Entrepreneur Visa may be the best option for you.
Working in your own business while holding a Long Term Business Visa allows you to apply for residence under the Entrepreneur category. Holders of a New Zealand Long Term Business Visa can apply for a Permanent Residency status under two options, provided he fulfils the eligibility criteria. These are:
- Entrepreneur Visa Category
- Entrepreneur plus visa category
Eligibility Criteria for Entrepreneur Visa Category
The established business should provide benefit to the country`s economy
Fulfil requirements related to health and character, along with fulfilling the mandates of attaining proficiency in the English language.
Social Welfare are not used in establishing the business or supporting the dependants (if applicable)
Provide a proof that you have successfully established the business in the country. For this, it is essential to prove that the business has been established, courtesy a substantial investment. Additionally, the applicant needs to prove that the business has been established for a minimum of two years with lawful workings.
Your business has been beneficial to the New Zealand economy. It can be proved by showing that you have introduced a new or enhancing existing technology or managerial skill; come out with a new product or service; come out with new job opportunities; expanding export and business markets or an exciting business.
The business must show signs of profitability.
Entrepreneur plus Visa Category
This is a faster route towards gaining a permanent Residency status in the country.
Eligibility Criteria for Entrepreneur plus Visa Category
The applicant must be self employed in a successfully established business.
Funds of a minimum of NZ$0.5 million should be transferred to the country, courtesy banking system.
An investment of a minimum of NZ$0.5 million should be made in the business.
In addition to the already present staff, the applicant is required to create three job opportunities in NZ.
Fulfil criteria for English proficiency (IELTS 4) along with meeting health and character requirements.
*Please Note: in order to apply under the Entrepreneur plus Category, it is essential that your established business is same with that of the one mentioned in your business plan.
Government Application Fee: Application fee is NZ$2,600, which is non-refundable. Hence, taking guidance from an Immigration expert would be advisable, to ensure that the visa is not denied.
Maintenance Expenses: Apart from the minimum investment of New Zealand Dollars 500,000/-, it is critical for the applicant to budget his (and dependants, is applicable) maintenance expenses. One should always take in account facets like family size and lifestyle expectations and budget the fiances in accordance to them. Consult an Immigration expert fro for info on the same.
Application Processing Time: Processing can take somewhere between three months to an extended duration. One should plan for a time frame of six months in advance to get final approval for application as well as medical and visa stamping process.
Other Business Visa Types: