“NZ is open for business”   8 Apr 2014

High Commissioner launches new Entrepreneur Work Visa in London

Charlotte Everett

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NZNewsUK London Editor Charlotte Everett speaking with the High Commissioner

High Commissioner announces new Entrepeneur Work Visa

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“Open space, open hearts, open minds – New Zealand is now open for business”. On Friday 4 April, New Zealand’s High Commissioner to London, Rt Hon Sir Lockwood Smith KNZM, announced a new Entrepreneur Work Visa to make it easier for enterprising UK business people to invest in New Zealand's dynamic growth economy.

Speaking at an early-morning event in London to launch the new visa in the UK, Sir Lockwood Smith said: "The New Zealand Government is actively promoting foreign investment with a range of business and migrant-friendly policies. Our stable and internationally competitive economy has one of the best tax and regulatory systems in the world. We wish to welcome those looking for business investment opportunities to our country, along with their families who may be seeking a new lifestyle."

The High Commissioner remarked to me just before the event, “Our home is wonderful – so in many ways, New Zealand is actually pretty easy to promote!” Later speaking to everyone present, he went on to highlight that New Zealand is the only country in the world to have free trade agreements with China, Hong Kong and Chinese Taipei. New Zealand has done more trade with China since the agreement was signed in 2008, than in the entire history of their trading relationship with China.  Although New Zealand is truly a country of global relationships, its gateway to Asian markets is unrivalled.

New Zealand was also ranked this year first in the world for ease of establishing business, least corrupt country in the world, and most recently – most socially progressive country in the world.

 For the savvy investor, New Zealand has it all - The Economist has described the country as "an entrepreneurial powerhouse, leading the world in the creation of small and medium-sized enterprises".

New Zealand Immigration Minister, Michael Woodhouse explained: "The new business visa policy is designed to attract talented, enterprising, well-connected business people to invest and grow businesses in New Zealand.  We particularly want to encourage innovative, export focused businesses." 

The application and commitment that is often seen from the All Blacks on the pitch is reflected in the approach taken by some of New Zealand's most successful companies. Inspired by their landscape, geographic isolation and independent spirit, New Zealanders make things happen.

Added to this, New Zealand has a very favourable tax environment and is a perfect launch pad for international trade, particularly into China and the burgeoning ASEAN markets. New Zealand's top-notch triple AAA credit rating has been confirmed by ratings agency, Moody's, highlighting a strong economy expected to grow by 3 per cent this year. 

Investment and business opportunities are available in a wide range of sectors.  New Zealand excels in traditional industries such as marine, food and wine. The country is currently witnessing the growth of globally-significant, cutting edge technologies including ICT, the creative industries and health and life sciences. Furthermore, the Christchurch rebuild is a NZ £40bn project and has emerged as a particularly attractive investment opportunity for European investors.

Peter Elms, Assistant General Manager of Immigration New Zealand, went into detail at the launch event as to how the new visa is expected to work. “The entrepreneur categories opened on 24 March,” Peter explains, “and the categories are designed to result in residency in New Zealand”. The visa duration is three years, and entrepreneurs will be eligible to apply for residence after two years – or fast-track eligibility with a $500,000 investment (excluding working capital). What makes the new visa unique is that it has no maximum age cap.

To be eligible for the new Entrepreneur Work Visa, applicants must invest at least $100,000 excluding working capital, and score 120 visa points from a variety of categories, including business experience and full-time employment that will be created – and bonus points awarded for basing the business outside of Auckland.

Sir Lockwood summed up the launch of the new Entrepreneur Work Visa by concluding:  "Our economy, culture and governance systems result in fewer barriers for investors and business, and more opportunities for success."

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