Explantion of the Entrepreneur Work Visa application
The Entrepreneur Work Visa Category (BB):
The Entrepreneur Work Visa is a temporary work visa which may lead to a Residence application under the Entrepreneur Residence Visa category (BH)
The objective of the Entrepreneur Work Visa is to contribute to NZ's economic growth by enabling experienced business people to grow or establish a high growth and innovative business with export potential (BB1).
The Entrepreneur Work Visa is a points based type application, that requires a minimum of 120 points (this may change from time to time).
Points are obtained through (BB3.10);
Employment (only in one category)
- Points for relevant self employment, or
- Points for other self employment, or
- Points for relevant senior management experience
|
BUSINESS EXPERIENCE (max of 1) |
|
|
Relevant self employment OR |
Points |
|
10 years + |
40 |
|
5 years + |
30 |
|
3 years + |
20 |
|
or Self employment OR |
|
|
10 years + |
20 |
|
5 years + |
15 |
|
3 years + |
5 |
|
or Senior management experience |
|
|
10 years + |
10 |
|
5 years + |
5 |
Benefit to New Zealand (in up to two categories)
- Points for new full time employment creation, and or
- Points for approved export business based on annual turn over, and or
- Points for unique or new products or services to NZ
|
BENEFIT TO NEW ZEALAND (max of 2) |
|
|
New full time employment creation |
Points |
|
10+ new full time positions for NZ citizens or residents |
80 |
|
5 or more new full time positions for NZ citizens or residents |
50 |
|
3 or more new full time positions for NZ citizens or residents |
30 |
|
2 new full time positions for NZ citizens or residents |
20 |
|
1 new full time position for a NZ citizen or resident |
10 |
|
Approved export business (based on credible business plan) |
|
|
$1,000,000 + turn over per year |
80 |
|
$750,000 + turn over per year |
60 |
|
$500,000 + turn over per year |
40 |
|
$400,000 + turn over per year |
30 |
|
$300,000 + turn over per year |
20 |
|
$200,000 + turn over per year |
20 |
|
Unique product or services to New Zealand |
|
|
A credible business plan proposal that provides new products/services to New Zealand, or to a particular region, that are currently not being provided by existing businesses in New Zealand |
30 |
Points for capital investment, excluding working capital
|
CAPITAL INVESTMENT |
|
|
A minimum of $100,000 is required (unless a waiver is requested and approved) |
Points |
|
$1,000,000 + |
80 |
|
$750,000 + |
60 |
|
$500,000 + |
50 |
|
$400,000 + |
30 |
|
$300,000 + |
20 |
|
$200,000 + |
10 |
|
Under $200,000 |
0 |
Points for age at time of lodging the application
|
AGE OF MAIN APPLICANT |
|
|
Age |
Points |
|
24 and under |
15 |
|
25 - 29 |
20 |
|
30 - 39 |
20 |
|
40 - 49 |
20 |
|
50 - 59 |
10 |
|
60 and over |
0 |
Bonus points
|
BONUS POINTS |
|
|
Bonus points |
Points |
|
Business based outside Auckland as defined in BB6.1.35 |
40 |
The Entrepreneur Work Visa which is valid for 3 years, will be issued in two stages (BB2.1.1);
- The Entrepreneur Start-Up Stage for 12 months. These 12 months are to start up and commence the business, transfer funds to NZ and move to NZ. This may be extended (BB4.5.5)
- The Entrepreneur Balance Stage
The basic requirements for the applicant to meet or satsify are (BB3.1);
- Minimum capital investment of $100,000, and
- Minimum 120 points, and
- Business plan specific for the proposed business, and
- Professional or occupational registration in NZ (if required), and
- Not invloved in bankruptcy or business failure (5 years), and
- Not involved in fraud or financial impropriety, and
- Sufficient funds for investment in the business and maintenance and accommodation for 3 years
- Suffcient relavant business experience and genuine intent
- English language requirements
- Business is not an unacceptable risk to NZ
Immigration New Zealand is quite clear in what businesses they prefer. Those are;
Creative and innovative, export focussed, creating employment, located in regional areas, science and technology based, IT and communication based, unique, different and interesting, sustainable and growth potential, software, social media or apps based, and well capitalised.
Planning a new business or purchasing an existing business (minimum 25% share) showing some of the above characteristics is already an excellent step in the right direction. It may however be more difficult in creating employement as it needs to be on top of existing employement levels.
Businesses that are too small (unless innovative) or are simple retail and hospitality (restaurants, take away food, diary shops) will have difficulties in obtaining an approval
The Business Plan will be assessed based on credibility, the applicant's capacity to contribute to the economic growth, the reasons why, applicant's relevant experience and whether the Business will significantly benefit New Zealand (BB3.15.5).
If the proposed business plan relates to an existing business, supporting documents from the existing business such as financial statements, number of staff with pay rate and number of hours, for the last two years are required (BB3.15.1).
Immigration New Zealand may verifiy the business plan through interviewing the applicant whether or not the information contained in the business plan is genuine and accurate (BB3.15.10)
A business plan may be changed only once and the proposed changes must be minimal (BB5).
An Entrepreneur Work Visa can be extended once (Renewal) for another three years. The normal criteria as described above do apply.
These are the main important sections of an application under the Entrepreneur Work Visa category. How these specific sections can be met and or satisfied is further described in the instructions in detail and will be advised.
The Approval rates for the period 1 April 2021 to 31 March 2022 are as follow;
EWV Interim – 7% Approval rate - 50% withdrawn
EWV Balance – 88% Approval rate - 12% withdrawn
EWV Renewal – 67% Approval rate - 33% withdrawn
EWV Change of plan – 50% Approval Rate - 50% withdrawn
EWV Reconsideration - 0% - 0% withdrawn
Entrepreneur Residence – 45% Approval Rate - 33% decline - 22% withdrawn
