Business visa changes 'to create jobs and growth'

Immigration Minister Michael Woodhouse has announced a new business visa policy to encourage migrants to set up high-quality businesses in New Zealand to help create local jobs and support economic growth.

"New Zealand needs to attract talented, enterprising, well-connected business people to invest and grow businesses in New Zealand," Mr Woodhouse says.

"That’s why a new Entrepreneur Work Visa will replace the current Long-Term Business Visa, which has not been significantly changed since 1999 and has attracted a large number of low-quality applications.

"The Entrepreneur Work Visa will operate under a new points-based system that will result in higher quality, more productive businesses.

"It will also encourage business-savvy migrants to invest, settle, and create jobs across the country, by offering extra points for expanding or starting businesses outside of the Auckland region."

Points will also be offered for criteria including job creation, export potential, and business experience. A minimum capital investment of $100,000 will also be required to ensure applicants have the means to create high growth and innovative businesses.

"This is an ambitious new policy that will raise the bar and encourage innovative, export focused businesses, while again demonstrating a commitment to the regions.

"These changes are designed to attract talented, entrepreneurial migrants who can invest in our communities, grow profitable businesses, and create jobs for New Zealanders around the country."