New fee regime will help Overseas Investment Office 30 Jun 2016
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Hon Louise Upston
Minister for Land Information
30
June 2016
New fee regime will help Overseas Investment Office to increase resources
New fees that take effect on Monday will mean the Overseas Investment Office can hire more staff and further streamline its internal processes, says Land Information Minister Hon Louise Upston.
The Government has approved changes which will see OIO fees restructured and increased by between 8.7 and 166 per cent for different application fee types.
Ms Upston says recent internal changes in the OIO have driven operational improvements and the Government wants to see further improvement.
“Increased fees will enable the OIO to take on more staff, so reduce the time it takes to assess overseas investors’ applications, ensuring more responsive monitoring and enforcement practices.
“The higher fees will mean the OIO can hire up to 30 per cent more staff, to improve services and reduce administrative delays.
“The fees structure is changing to simplify the application types, and better match fees for different application classes with their screening and monitoring costs.”
Another package of measures will provide targeted exemptions to the investment screening regime from December.
“The overall effect of these changes will be to ensure that New Zealand’s economic interests are adequately safeguarded while the compliance costs associated with overseas investment applications are reduced.”
Ms Upston says that overseas investment plays an important role in growing the New Zealand economy and creating jobs. Without it, the cost of capital would rise and businesses' ability to grow and prosper would be constrained.
“The OIO’s job is to ensure that overseas investors seeking to invest in our sensitive assets meet a number of stringent criteria. Fee increases will help the OIO do that job better.”
ends
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