Changes are being made to New Zealand Business Visas.
From March next year, the Long-Term Business Visa will be replaced with a new visa called the “Entrepreneur Work Visa” and a new points system will be introduced for applicants.
Under the new points system for the business work visas, points will be awarded for criteria including job creation, export potential, and business experience. Applicants will receive extra points for investing in the regions and outside Auckland.
They will require a minimum capital investment of $100,000 (approximately LKR 11 million).
The current Long Term Business Visa will be closed at 4pm New Zealand time on Friday 20 December to prevent too many applications being made in the run up to the changes. Applicants who have already lodged an application under the old policy can continue to be processed under that policy.
The Entrepreneur Plus Category will be discontinued. The Entrepreneur Category (for business migration) will be renamed to “Entrepreneur Residence Visa“. There will be a fast-track provision for residence for applicants who have
- successfully established a business
- run the business for six months,
- invested at least $500,000 in it, and
- created full-time ongoing employment for at least three New Zealanders.
“These changes are designed to attract talented, entrepreneurial migrants who can invest in our communities, grow profitable businesses, and create jobs for New Zealanders around the country,” said NZ Immigration Minister Michael Woodhouse.
Details of the new policy are expected to be made available in February 2014, pending the implementation in March 2014.