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Thread: Definition of sufficient funds

  1. #1
    Join Date
    Jun 2013
    Location
    Germany
    Posts
    2

    Default Definition of sufficient funds

    Hi,

    I've decided moving to New Zealand. Since I've never bothered going through formal education my career as an employee is based on extensive work experience, reputation and most of all results. In the eyes of an embassy clerk however that may not be enough, even if I'd manage to get a job offer in NZ.

    Starting a business is a dream of mine anyway and over the course of the last 12 month that desire became quite strong. I think about getting into NZ through a Long Term Business Visa starting my own company or even establish a branch for my current employer in NZ.

    I'm confident about creating a sound business plan and finding customers. However, wherever I read about this type of visa, one of the requirements mentioned is a sufficient amount of funds not only for the business but also to cover the cost of living.

    Here's the deal. I nether need much money to start my kind of business nor do I expect a full fledged lifestyle. The tools I need I'll bring along with me. I don't need an office, nor do I don't need much more than a room to live at and the most basic insurances will do. I know this from experience as the company I'm currently working at started with little more than a few train tickets and a laptop but today employs 60+ people full time.

    I don't have a years pay at my disposal nor do I have huge savings. With some luck I'll be able to show up with 15k NZD which would be plenty enough in my eyes to get going. Now given the assumption that my business plan requires little more than $3000 to get me started (I don't think they'd accept 0$ ), how much more money do I have to have in order to satisfy the requirement of sufficant funds?

    Another question would be, can an established company putting their weight behind my efforts increase my chances to get the Long Term Business visa?

    Thanks a lot for your recommendations
    Tom

  2. #2
    Join Date
    May 2009
    Location
    Blenheim
    Posts
    1,594

    Default

    I possibly don't know enough about the Long Term Business Visa, but one point I seem to remember is that you need to show your ability to create (a) job(s) for local people. It sounds like you are planning on running a one- person business from your home, so not sure if that would meet the criteria.
    I am sure that there will be more knowledgeable forumites around, though.

  3. #3
    Join Date
    Jun 2013
    Location
    Germany
    Posts
    2

    Default

    No, I want to start as a one man show yet since I don't want to be trapped working in my business forever but on my business hiring people (e.g. consultants, trainers, supporters, etc.) is something I have in mind already.

  4. #4
    Join Date
    Sep 2007
    Location
    Waitakaruru
    Posts
    167

    Default

    You don't actually have to create a job opportunity, I didn't and my LTBV was granted (5 years ago), but in my business plan I did say that I HOPED to be able to create such a position in the future, then if you are unable to, you haven't actually gone away from what your business plan said. As long as you can explain why not when you come to apply for Residency. Again with the funds issue, I think that if you can explain to them that you have done your research and know that you will be able to support yourself on the funds that you do have available, and on the income you hope to get from your business venture, then it should not be too much of a problem.
    Hope this helps.
    Rob.

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