PRESENTATION ON THE NEW ENTREPRENEUR WORK VISA CATEGORY NZAMI webinar presentation by Marcus Beveridge , Bradley So and Wiebe Herder
OVERVIEW Topics Introduction • Key Changes • Practical Tips • Case Study • ● Comments and discussion Potential Issues • Q&A •
INTRODUCTION WHY CHANGE THE INSTRUCTION? Old • ● Ambiguous ● Changes in Economic/Political environment Low quality application • ● Work to Residence undermined Last resort to maintain lawful status •
KEY CHANGES POINT SYSTEM • 120 points but not an EOI ● Easier to assess before applying ● Priority for more points ● INVESTMENT CAPITAL AND DISCRETION • $100,000.00 excluding working capital ● Limited Discretion – Manager ● TEST TO WAIVE CAPITAL REQUIREMENT Business in Science/ICT/high value export; AND ● Demonstrate: ● High level of innovation OR Credible short term high growth • prospect
KEY CHANGES BENEFIT TO NEW ZEALAND • Employment – at least 1 new full time position resident/citizen ● Definition – new full time and ongoing jobs 30 hours • Excluding contract or casual roles • Two part timers = 1 full-time • Export AND minimum turnover NZD $200,000 ● Unique or new products or services NZ ● “Unique” definition Only product/services provided in New Zealand; or • Not available elsewhere in NZ or the region of NZ of the business • New Product or services definition Significant enhancement of existing business in NZ or the region of the proposed • business; or Promote NZ’s economic growth within the 3 year validity •
PRACTICAL TIPS PROJECT MANAGE BUSINESSS PLAN • A ssess Assessing a business plan requires a strategic • approach Set of questions and issues to help identify the • • I dentify issue TYPE OF BUSINESS • • P lan Existing Business ● Supporting Documents • Benefit to NZ - Employment • E xecute • Creating a New Business ● CAPITAL REQUIREMENT • Existing Business ● Share Acquisition • Asset Acquisition • LOCATION • Forecast ● Market Research ●
SUMMARY OF FACTS CASE STUDY 1 Applicant approaches you to apply under the Long • Term Business Visa in November 2013 The proposed business was to: • Purchase 50% of an existing business that’s been ● operating for 5 years. The business is a kimchi manufacturing company ● with a turn-over of $800,000.00 per annum and 2 full-time staff in addition to the owner The business is a Limited Liability Company with 1 ● Director and 1 Shareholder Accountant has valued 50% of the shares at NZD ● $100,000.00 The applicant owned a restaurant in Korea for 3 ● years The applicant could not submit the application before • 20 December 2013. She will now need to apply under the new Entrepreneur Work Visa. QUESTION Can the applicant qualify under the new Entrepreneur • Category? What is our recommendation? •
Recommend
More recommend
