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Thread: Conditions for applying Permanent Resident Visa through owing shares of an existing business

  1. #1
    Join Date
    Oct 2012
    Location
    Wellington
    Posts
    18

    Default Conditions for applying Permanent Resident Visa through owing shares of an existing business

    I got my resident visa (with 2 year traveling conditions) few months ago. However, my father in law have got serious sickness and my wife must go back soon. I cannot take care two children here ( one is 1.5 year old and one is 5.5 year old) and we decided to go back our home country together before finish 6 months holding NZ resident visa in New Zealand.

    We are now considering the way to keep my resident visa and also apply for permanent resident visa in next 2 year because we still want to come back after solving our personal issue.

    My question here is that:
    (1) if we buy 25-30% shares of an existing business, what are the conditions of this business (e.g how big business, area of which the business operates) we must consider? Is it ok if we buy shares of an existing restaurant or nail shop or cleaning company?
    (2) Do the shares can be hold by me (principle applicant) only or both I and my wife? if both, how many for each is enough?
    (3) Because we cannot predict my father in law situation so we may not come back New Zealand within 2 years (it means that we will only stay in New Zealand around 5-6 months of the first year). Can I apply for permanent visa from overseas in this situation if I buy 25% share of an existing business?

    Many thanks.

  2. #2
    Join Date
    Oct 2012
    Location
    Wellington
    Posts
    18

    Default

    anyone can help please?

  3. #3
    Join Date
    Feb 2013
    Location
    UK
    Posts
    1,547

    Default

    Hi. I imagine this is the section you have been reading. - see below. This confirms that as you have a residence visa, if you invest at least a 25% share in a NZ business which is trading successfully and benefitting New Zealand in some way demonstrated by the audited accounts, then you can become a Permanent Resident. It would probably be worth talking to someone in the Business Migration Branch about a specific business and how much they need to be contributing to be deemed "successful" before you buy your 25%. The number is Phone 0508 558 855 or Fax +64 4 801 2928

    Regulation
    RV2.5.15 Establishment of a business in New Zealand
    a.A principal applicant has demonstrated a commitment to New Zealand if they have been approved a resident visa under any category, and have successfully established a business in New Zealand that has been trading successfully and benefiting New Zealand in some way for at least 12 months immediately preceding the date the application for a permanent resident visa was made.

    b.Principal applicants applying for a permanent resident visa under these instructions will be considered to have successfully established a business in New Zealand if:
    i.they have established or purchased, a business operating in New Zealand; or
    ii.they have invested in a business in New Zealand by purchasing 25% or more of the shareholding of an established business.

    c.For the purposes of these instructions evidence that a business is trading successfully and benefiting New Zealand in some way is production of a set of the latest accounts relating to that business certified by a New Zealand chartered accountant and which confirm that in their view the business is a going concern.

  4. #4
    Join Date
    Oct 2012
    Location
    Wellington
    Posts
    18

    Default

    Many thanks for your help, Karen. This is exactly what I concern. It is unclear to clarify a NZ business "is trading successfully and benefitting New Zealand in some ways". I hope if someone have apply via this way can share their experience, for example which documents we need prepare, how much they concern about the benefit of a business.... Thanks.

  5. #5
    Join Date
    Feb 2013
    Location
    UK
    Posts
    1,547

    Default

    ... do try calling the Business Migration Branch in Wellington - I am sure they will help. If all else fails, I have the name of an excellent immigration lawyer (never thought 'd be saying that! ) who specialises in this area.

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