19 May 2012
Long Term Business Visa FAQs
What evidence must everyone in my LTBV application provide?
For every person included in the application you must provide:
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two passport-size photographs
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photocopies of the identity pages of their passport
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a full birth certificate.
Health
You must show that everyone included in the application meets our health requirements by submitting a completed medical and chest X-ray certificate.
Character
You must show that everyone included in the application who is aged 17 or more meets our character requirements by providing police certificates from their country(ies) of citizenship, and all countries they have lived in for 5 years or more since the age of 17. This includes countries where the stay has been broken by short departures.
Evidence of your partnership
If your partner is applying on your application form too, you need to show that you have been living together in a genuine and stable relationship. Later, if you apply for residence under an Entrepreneur category, you will need to supply evidence that you have been living together in a genuine and stable relationship for at least 12 months.
Evidence you live together might include original or certified copies of documents showing shared accommodation - such as joint ownership of residential property, joint tenancy agreement, or correspondence (including postmarked envelopes) addressed to both you and your partner at the same address.
How will my business plan be assessed?
A business Immigration specialist will be assigned to work with you. They will be looking at your relevant experience, your financial forecasts, your knowledge of the New Zealand business environment, and your access to capital.
Is there any age restriction under this category?
No.
Business experience
I have never owned my own business. Does this mean that I cannot qualify for a long term business visa?
Not necessarily. While the long term business visa category is primarily designed for people who have previously operated their own business, in some circumstances we may accept “senior management experience” as an alternative. We may be able to accept management experience, which includes responsibilities for:
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Operational aspects of a business, and
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Financial performance, and
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Organisational development, including Human resources, and
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Marketing
It is expected the level of management experience would have been great enough to influence the company’s direction.
What do you mean by “relevant” in the context of the requirement for “relevant business experience”?
We expect a close fit between the previous business operated in your home country and the proposed business in New Zealand. For example, if a person had operated his own building business in his home country, we would expect that the business to be operated in New Zealand would be within the Building Industry.
What type of evidence should I provide to demonstrate that I have business experience?
Evidence of business experience should include original or certified copies of documents from a variety of sources. Good evidence includes documents from official, verifiable sources such as:
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Company registration documents
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financial statements
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bank statements
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tax registration and receipts
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lease agreement, or business property ownership documents
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contracts, invoices, business brochures and other business documents showing your name/signature and position
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photos of the business and yourself in the business
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references from reliable, independent sources such as your accountant or bank manager
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other reliable evidence specific to your business.
We expect to see a range of documents showing your involvement in your/a business over a period of at least two years.
Benefit to New Zealand
Are there ways by which I can show that my proposed business will benefit New Zealand, other than those specified in LTBV requirements?
The requirements specified are simply examples. However you do need to state clearly how your business will meet the requirement, in a realistic and substantive way. Some other examples which might be acceptable are:
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To grow a business through new capital investment (especially where a good business is being expanded)
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Identifying a niche market where there is currently a gap in the market, e.g. providing a new service/facility/industry in a region where there is local support (e.g. from a Regional Development Council) for such a new venture
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Investment in a region or industry where there is a current shortage of investment
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Where the business will make a contribution to the Growth and Innovation Framework (i.e. in the areas of creative industries, timber processing, information technology, bio-technology, food and beverage technologies, niche manufacturing)
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To grow the business to allow the creation of at least one job for a New Zealand resident or citizen at a minimum of 30 hours per week
The best applications will have a combination of such factors.
My financial forecasts show that my proposed business is likely to require the payment of taxes. Is this sufficient for the requirement for benefit to New Zealand?
Not on its own. The payment of taxes is an obligation expected of all new migrants, and for all New Zealand citizens. Taxation is similar to the observance of health and safety requirements – they are expected of all New Zealand employers – they are not an additional benefit.
Funds
What amount of funds do I need for maintenance and accommodation, in addition to the capital for my business?
This will depend on your location, living arrangements and lifestyle but between $60,000 - $100,000 per year is a rough estimate. You should not rely on profits from your business for this purpose.
Financial Forecasts
What do I need to provide in my financial forecasts?
You need to provide sufficient details of all the material assumptions that you have made in calculating your figures.
If you are establishing a new business, you should explain how you have estimated all material items, particularly sales, cost of sales, rent, salaries, depreciation, etc. You should be realistic as to what you might achieve initially in a new business with no established customers.
If you are purchasing an existing business, you should provide the previous year’s financial statements. Any changes from that achieved in the previous year should be justified. For example, if you forecast a 0% increase in sales, you should explain how you are going to achieve that.
Do I have to show I have transferred my investment capital?
You must provide evidence demonstrating the direct transfer of your investment capital from your bank account through the banking system to New Zealand. Evidence of this transfer must include telegraphic transfer documentation.
Approval of Applications
If I provide all the required information is my application likely to be approved?
We assess the evidence to see whether you meet the requirements. Good applications that satisfy all of the requirements are approved. If part of an application does not fully satisfy the requirements, our Business Immigration Specialists have discretion to approve an application which is otherwise strong.
Subsequent to Approval of LTBV Application
I have been approved for a long term business visa. I’m now in the process of shipping my belongings to New Zealand. My moving company looked at my visa for nine months and, because this is less than 23 months, suggested that I would have to pay GST and import duty to bring my used household belongings to New Zealand. Is this correct?
The New Zealand Customs Service will allow concessions for holders of Long term business visas providing they meet the requirements for this.
Please go to their webpage www.customs.govt.nz for further information.
Where can I get more detailed information?
To get further detailed information, you can go to Immigration's business migration visa section at http://www.immigration.govt.nz/migrant/stream/invest/
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phone:
- 0508 55 88 55 (if you are within New Zealand but outside of Auckland)
- 09 914 4100 (if you are calling from Auckland); or
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E-mail entrepreneurs@dol.govt.nz
