The assessment for the applications under Long Term Business category became stricter for those who plan to functions a small business in New Zealand.
According to the most recent newsletter issued form INZ Business Migration Branch at Wellington, where all the businesses applications need to be lodged, the applications based on the business plans such as
Tend to get declined, due to the fact that these proposed businesses appear partial or restricted in revenue potential and have not been considered to provide a advantage to New Zealand by promoting the monetary growth.
There is also new requirement added to the policy under Long Term Business category, in regards to how much the estimated amount of funds is considered as sufficient funds for the applicants’ own/families maintenance and accommodation, for the three-year duration of the LTBV visa. These figures are excluded from investment capital itself, and were not previously stated clearly.
Now according to the new policy, the below is the estimated amount of funds, which is is considered as sufficient for maintenance and accommodation.
They also clarified the meaning in regards to what nature of business is considered as benefit New Zealand when you propose the business plan, and also defined the meaning of the term for New and Existing business in this policy.
A business may be considered to significantly benefit New Zealand if it promotes New Zealand’s economic growth through, for example:
i introducing new, or enhancing existing, technology, management or technical skills; or
ii introducing new, or enhancing existing, products or services; or
iii creating new, or significantly expanding existing, export markets; or
iv creating sustainable and full-time employment for New Zealand citizens or residents; or
v revitalizing an existing business; and
“New” means new to New Zealand or the region of New Zealand in which the business would be located; and “Existing” means existing within New Zealand or the region of New Zealand in which the business would be located. If showing that a proposed business would enhance existing technology, skills, products or services, an applicant must provide details of how the proposed enhancement would promote New Zealand’s economic growth within the three year validity of the work visa.
Overall, it seems that INZ Business Migration Branch tries to attract business operator who can splash out much more large-scaled investment capital, with proposing a new, innovative business plan which creates the employment for New Zealand citizen/ residents instead of work visa holders, and is new within the region where the proposed business would be located. Such business plans with small investment capital and already having existed within the proposed location of the plan is no longer favorable for Long Term Business Visa category.