An Entrepreneur Work visa is for you if you are planning to run your own business in New Zealand and are able to invest. With a visa, you can enjoy many benefits and even get a New Zealand residency after a while.
Therefore, we explain the Entrepreneur Work Visa application process, the requirements, application fee, the processing time, and all you should know in your application process.
What is an Entrepreneur Work Visa?
Those who want to have their own business in New Zealand can apply for the Entrepreneur Work Visa. This visa is valid for 12 months when your business is at the startup level. Once you have set up your business, you can stay in New Zealand for another 24 months. If you intend to get this visa, you should pay attention to the following:
- You need to prepare a detailed plan for your business.
- You need to have at least NZ $ 100,000 to invest in your business.
- You must be able to acquire at least 120 points on the points scale.
- In your visa application, you can enter dependent children aged 19 and younger as well as your partner.
- If your business is in the field of science or ICT sector, you can be exempt from investing NZD 100,000 by showing a high level of innovation.
- This visa will not be granted to you if you have been bankrupt or involved in a business failure for the past five years.
- This visa will not be issued to you if you have been involved in any business fraud or financial wrongdoing.
- You must notify New Zealand Immigration within five years of your visa being approved if your address or contact information changes.
- You cannot receive any welfare assistance while in New Zealand under this visa.
- You can study for three months in 12 months.
- Remember to leave New Zealand before your visa expires.
- As long as you have this visa, you can work for yourself and in the location and business specified in your visa.
What are the requirements to get the Entrepreneur Work Visa?
- You must provide two acceptable photos. Photos should be such that your head and shoulders are clearly visible.
- A passport or certificate of identity is required.
- To prove your good health, you need to do a medical examination and chest x-ray.
- If you are 17 or older, you need to provide a police certificate. This certificate is issued by one of the following:
- Your country of citizenship
- A country where you have lived for five years or more since you turned 17 years old.
For details on how to get a police certificate, visit the New Zealand Immigration website. On this website, by entering your country’s name, you can find accurate and up-to-date information.
- You must state that you can meet the fit and proper person requirements. To do this, all your jobs have influence over must follow immigration and taxation laws. You should never be investigated by the Serious Fraud Office or the New Zealand Immigration Police for business-related violations.
- You must be able to speak English. To prove your ability in English, you can consider the following:
- The result of an acceptable English language test
- You need to prove that you have an English-speaking background.
- Evidence you are a competent user of English for other reasons.
It should not be more than two years since your language certificate was issued.
- You can also bring your partner and dependent children to New Zealand under this visa. Therefore, you must provide documents such as a marriage certificate or birth certificate to prove your relationship with your family members. Keep in mind that your family members must also be able to meet the requirements of character, health, and identity.
- You must prove that you can invest NZ $ 100,000. Besides, you must show that you can support yourself and your family members. You also need to prove that you intend to use your capital investment owned by you (or you and your partner). Also, your assets must be legally acquired. The documents you need to provide in this case are:
- Bank statements
- Title deeds
- Property valuations
- Share certificates
- Business ownership documents
- Asset valuations.
The following documents show that your capital was legally obtained:
- Tax returns or certificates
- Business financial statements
- Business shareholdings
- Receipts for property sales
- Bank certificates
- Share trading profits
- Evidence of gifted money
- Probate and other evidence of inherited money.
- In the following cases, you can request the waiver of the investment condition:
- Your business is in the field of science, ICT, or any area with high-value export
- There must be a high level of innovation and short-term growth prospects in your business
High-value export jobs are considered to:
- Create at least five jobs for New Zealanders
- Turnover NZ $ 500,000 in annual exports.
High level of innovation means:
- You increase the production of goods and services in a way that does not increase the cost of production
- Your business will probably succeed because of your innovation
- You must score at least 120 points. This score is calculated based on the following factors:
- Your age
- The amount of your work experience and capital investment
- The Benefits of Your Business for New Zealand
- Your business location
- You must provide a detailed plan of the business you intend to start in New Zealand. Your plan will not be approved if your business intends to assist non-New Zealanders and facilitate their entry into the country.
- You need New Zealand occupational registration to start your business in New Zealand.
- Once you have been given a New Zealand Entrepreneur Work Visa, you must start your own business within 12 months. At the end of this period, you:
- Have made the capital investment detailed in your business plan
- Have taken proper steps to set-up or invest in the business detailed in your business plan.
Evidence you can provide:
- Telegraphic transfers
- Bank statements
- Any documents showing it was transferred to New Zealand through the banking system.
Evidence you have taken steps to set-up:
- A certificate of incorporation
- Audited accounts
- GST records
- Other tax records
- Documents showing you’ve purchased or leased the business site
- Invoices for business equipment and supplies
- Any other documents that show you are in business, such as employment agreements, and bank statements
- If your visa application is approved, you must participate in the evaluation of the Entrepreneur Work Visa Category.
How do you apply for this visa?
The steps to apply for an Entrepreneur Work Visa are:
- First, you need to prepare your documents.
- You will then need to complete the Entrepreneur Work Visa Application form and pay for the visa application and immigration levy. You must then submit the completed form with supporting documents for New Zealand immigration. Remember to submit a detailed plan of your business as well.
- You will then have to wait to process your documents by New Zealand Immigration. At this step, they may ask you to submit other documents.
- If your application is approved, you have a 12-month visa to start your business. At the end of 12 months, New Zealand Immigration will ask you to submit some information. If your current conditions are approved, you will be granted another Entrepreneur Work visa, which will be valid for up to 24 months.
How much does it cost to apply for a New Zealand Entrepreneur Work Visa?
For more information on how much you have to pay, you can visit the New Zealand Immigration website. But citizens of most countries have to pay NZ $ 3365 to get this visa.
What is the processing time for a New Zealand Entrepreneur Work visa?
90% of the submitted requests are usually processed within 18 months.
Let’s sum up…
In this article, we explained the Entrepreneur Work Visa, including the requirements, the application process, and other details. Note that in order to be eligible for this visa, you must earn at least 12 points on the points scale and invest at least NZ $ 100,000 in your business. You can access other New Zealand visas from the left sidebar. You can also learn about visas from different countries on the Visa Library website.
If you have experience obtaining an Entrepreneur Work Visa, you can share it with our other readers through the comments section. Conveying your experiences can be a precious help to others. You can also ask your questions through this section.