The New Zealand Government announced the new visa, which will be introduced as a four-year pilot project; beginning later this year reported Reuters at the end of April. This follows Australia's announcement in December of its "entrepreneur visa" as part of a raft of measures to boost innovation, the article said.
The Global Impact Visa have been designed to offset the loss to the country’s Gross Domestic Income resulting from the world-wide low global dairy prices trends which have slashed the incomes of farmers in New Zealand, the world's largest dairy exporter.
New Zealand Immigration Minister Michael Woodhouse said to Reuters that the aim of the global impact visas was to "help expand the pool of smart capital by attracting individual investors and entrepreneurs to live here in New Zealand".
“Now we are delivering on that commitment and aim to attract younger, highly talented, successful and well-connected entrepreneurs who are at the start of their entrepreneurial career and able to establish their ventures in New Zealand.
“GIVs will help meet the Government’s Business Growth Agenda’s innovation and investment objectives by lifting innovation in New Zealand. It will also help expand the pool of smart capital by attracting individual investors and entrepreneurs to live here in New Zealand,” he explained.
He also pointed out that the successful implementation of GIVs will create new jobs through the establishment of new ventures, attraction of smart capital and access to global networks.
According to a press release issued by the Kiwi Government the private sector partner for the visa programme will be selected through an open procurement process and will manage the attraction, selection and integration of the migrant entrepreneurs in New Zealand. The procurement process for selecting the private partner is due to begin next month.
How the New Zealand Entrepreneur Work Visa works
This three year work visa is structured in two stages:
1. Start-up stage: If your application is approved, you will initially be given a 12-month work visa, enabling you to buy or establish your business in New Zealand.
2. Balance stage: Once you have proven that you have taken steps to establish your business, you're granted the remaining 24 months of your visa.
Requirements for this visa include:
• A minimum capital investment of NZ$100,000 (excluding working capital)
• 120 points or more, with points awarded for factors about the likely success of the business and its value to New Zealand
• A clear business plan
• A clean recent history of bankruptcy, business failure and fraud
• Meeting health, character and English language requirements.
The Entrepreneur Residence Category allows you to live in New Zealand permanently if you have established a high growth and innovative business with export potential in New Zealand. There are two ways of qualifying for residence under this policy:
Entrepreneur Residence Category (2 years) - Requires you to have successfully established or purchased a business in New Zealand and have been self-employed in that business for at least two years, and for your business to have significantly benefited New Zealand.
Entrepreneur Residence Category (6 months) - This option provides a faster track to residence if you have invested at least NZ$500,000 in your business and have created a minimum of three new full-time jobs for New Zealand citizens or residents.
Under both options, you need to meet health, character and English language requirements.
Partners and dependent children can be granted work and student visas if they are accompanying the holder of an Entrepreneur Work Visa to New Zealand. They can also be included in an Entrepreneur Residence Visa application.