The Immigration Minister of New Zealand – Michael Woodhouse has announced that he will abandon the old Long Term Business Visa in order to introduce a new type Entrepreneurship visa. The new type of visa will be given according to a points-based test which will determine the eligibility of the applicants. In addition to that, there will be a minimum investment of 100 000 NZD that all people who want to receive the visa must make.
The immigration minister hopes that the new visa will attract high-quality foreign businessmen who will create new working places and will help the New Zealand economy to grow. Immigration New Zealand released a statement saying that it was seeking to encourage businesses that would be more beneficial to the New Zealand economy. It says that it particularly wants to attract entrepreneurs who will establish businesses that ‘bring in new technology; employ New Zealanders; support effective domestic competition; and [have] good growth prospects’.
According to Mr Woodhouse applicants for the new Entrepreneurship, Visa will be given more points if they intend to settle outside Auckland. Auckland is the biggest city in the country with a total population of nearly 1,5 million people, given that the whole population of New Zealand is around 4 million. The Long-Term Business Visa stream was for business people to stay and set up businesses in New Zealand.
Applicants under this scheme were also required to submit a business plan. This was assessed and successful applicants were then granted an initial nine-month visa to allow them to establish themselves in New Zealand.