Go Back  British Expats > Living & Moving Abroad > New Zealand > Immigration, Citizenship and Visas (NZ)
Reload this Page >

New Entrepreneur Category - EOI Procedure?

New Entrepreneur Category - EOI Procedure?

Old Nov 16th 2009, 4:11 pm
  #1  
Forum Regular
Thread Starter
 
Joined: May 2009
Posts: 43
Green Fruit is just really niceGreen Fruit is just really niceGreen Fruit is just really niceGreen Fruit is just really niceGreen Fruit is just really niceGreen Fruit is just really niceGreen Fruit is just really niceGreen Fruit is just really niceGreen Fruit is just really nice
Default New Entrepreneur Category - EOI Procedure?

Can anyone tell me, under the new Entrepreneur category which launches on the 19th of November, do applicants have to go through a "two tiered" process? In other words, does the applicant have to go through the same EOI procedure as similar to the SMC? Any advice would be appreciated.
Green Fruit is offline  
Old Nov 16th 2009, 5:05 pm
  #2  
TeamEmbo
 
TeamEmbo's Avatar
 
Joined: Jan 2007
Location: Rangiora
Posts: 1,557
TeamEmbo has a reputation beyond reputeTeamEmbo has a reputation beyond reputeTeamEmbo has a reputation beyond reputeTeamEmbo has a reputation beyond reputeTeamEmbo has a reputation beyond reputeTeamEmbo has a reputation beyond reputeTeamEmbo has a reputation beyond reputeTeamEmbo has a reputation beyond reputeTeamEmbo has a reputation beyond reputeTeamEmbo has a reputation beyond reputeTeamEmbo has a reputation beyond repute
Default Re: New Entrepreneur Category - EOI Procedure?

Not a scoob, sorry! Is there not details on the NZIS website for how to apply under this category?
TeamEmbo is offline  
Old Nov 16th 2009, 5:44 pm
  #3  
Forum Regular
Thread Starter
 
Joined: May 2009
Posts: 43
Green Fruit is just really niceGreen Fruit is just really niceGreen Fruit is just really niceGreen Fruit is just really niceGreen Fruit is just really niceGreen Fruit is just really niceGreen Fruit is just really niceGreen Fruit is just really niceGreen Fruit is just really nice
Default Re: New Entrepreneur Category - EOI Procedure?

For what I can find, there is a basic outline of the requirements which actually come into effect on the 30th. However, I don't think it states if it is done through an EOI or a direct application.
Green Fruit is offline  
Old Nov 16th 2009, 6:41 pm
  #4  
BE Site Lead & Admin
 
BEVS's Avatar
 
Joined: Oct 2003
Location: Below
Posts: 33,080
BEVS has a reputation beyond reputeBEVS has a reputation beyond reputeBEVS has a reputation beyond reputeBEVS has a reputation beyond reputeBEVS has a reputation beyond reputeBEVS has a reputation beyond reputeBEVS has a reputation beyond reputeBEVS has a reputation beyond reputeBEVS has a reputation beyond reputeBEVS has a reputation beyond reputeBEVS has a reputation beyond repute
Default Re: New Entrepreneur Category - EOI Procedure?

No idea.
For anyone out there, this is the forthcoming Entrepreneur Plus Category.

Originally Posted by NZIS
Thursday, November 12, 2009
The Entrepreneur Plus Category comes into effect from 30 November 2009. It provides a faster track to residence for migrants who can demonstrate they have been actively participating in business and contributing to New Zealand’s economic development.
Originally Posted by NZIS Q&A
Entrepreneur Plus Category questions and answers Thursday, November 12, 2009

What are the main requirements for the Entrepreneur Plus Category?
To be approved residence under the Entrepreneur Plus Category you must hold a long-term business permit and have:
  • successfully established a business in New Zealand
  • been 'self-employed' in your business
  • transferred at least NZ$0.5 million through the banking system to New Zealand
  • invested at least NZ$0.5 million in your business
  • created a minimum of three new full-time jobs for New Zealand citizens or residents (this is in addition to existing staff if you purchase a business)
  • a minimum English language ability of IELTS 4
  • met health and character requirements.
Unlike the Entrepreneur Category, there is no time requirement that you must have operated your business for to be successful under this category.

What is the application fee?

The application fee is NZ$2600.

Does my business have to be the same as the one for which I was granted a long-term business permit to establish?

Yes, unless a business immigration specialist at the Business Migration Branch has previously given consent for you to modify your original business proposal. Your application cannot be approved under the Entrepreneur Plus Category if your established business is different to your proposal in your business plan.

Do I have to provide evidence that I have transferred at least NZ$0.5 million of investment capital to New Zealand?

Yes, you should provide telegraphic transfer documentation as evidence.

What evidence do I need to provide showing the establishment of my business?

Acceptable evidence that you have established a business in New Zealand may include (but is not limited to):
  • a certificate of incorporation or business registration
  • shareholder certificates or proof of ownership of business
  • business purchase agreement
  • company financial accounts and bank statements
  • company tax returns
  • GST returns
  • documents showing property lease or purchase by the business
  • invoices for business equipment, supplies, ACC, utility bills
  • photos of the business
  • strategic planning documents.
All documents submitted to prove that you have established a business in New Zealand must be produced by a reliable independent agency or professional (for example, a solicitor or chartered accountant).

Does the rehiring of existing staff count as creating new jobs?

The purchase of an existing business and retention or rehiring of existing staff is not considered to be creating new jobs. In this scenario you would have to create three new sustainable jobs to meet policy.

Will purchasing a business for NZ$300,000 and keeping NZ$200,000 aside for contingencies meet the policy investment criteria?

Policy requires that a minimum of NZ$0.5 million must be invested into a new or existing business. This can be made up of the purchase amount, establishment costs (fixed assets etc) and/or working capital. If a business is purchased for NZ$300,000, an additional $200,000 must be introduced into the business as working capital to meet policy requirements. Any funds kept outside the business (ie in a personal bank account) will not be considered as part of the investment into a company.

How long will my residence visa/permit and returning resident’s visa be valid for?

If you are in New Zealand you (and your family) will be issued with a residence permit and a two-year returning resident’s visa (RRV). Your RRV will allow you to travel to and from New Zealand during this period. Both will be subject to section 18A requirements (see below).

Are there any section 18A requirements once my residence has been granted?

Once you have been granted residence under the Entrepreneur Plus Category, you and your family will be subject to section 18A requirements. The requirements will be that you:
  • must be self-employed in the business you have established or purchased for a minimum of two years (inclusive of time already spent operating the business while holding a long-term business permit)
  • retain the NZ$0.5 million invested into your business
  • maintain the three new jobs you have created in your business.
At the end of the section 18A period, a business immigration specialist has the ability to consider the circumstances regarding any failure to meet 18A requirements if they are satisfied the failure was beyond your control. For example, unforeseen economic change that requires reduction of staffing levels.
How long will the section 18A requirements apply?

The length of the section 18A requirements will be dependent on how long you have been self-employed in your business when your residence application is approved. For example, if you have operated your business for 12 months while holding a long-term business permit at the time your residence application is approved, your section 18A requirements will be in effect for 12 months. Providing you have met the requirements, after 12 months you will be eligible to have your 18A requirements removed.
What happens once my section 18A requirements are lifted?

Once your 18A requirements have been lifted you will be re-issued with an RRV without conditions that will be valid for the remainder of the initial two-year RRV period.
BEVS is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us Archive Advertising Cookie Policy Privacy Statement Terms of Service

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.