Complete Guide to New Zealand's residency visa for Startup Entrepreneurs

New Zealand is attractive for business entrepreneurs because of its pristine climate, business-friendly environment, and quality of life. New Zealand offers two types of entrepreneur visas to establish and run a business in New Zealand. One is the New Zealand Entrepreneur Work Visa, valid for three years; the other is the New Zealand Entrepreneur Resident Visa, which allows for an indefinite stay in the country. Read on to learn more about New Zealand startup visas for global entrepreneurs and the application process.

Table of contents
What is the New Zealand Startup Visa? Benefits of the New Zealand Startup Visa for Entrepreneurs Requirements for New Zealand Startup Visa Application process for New Zealand Startup Visa Moving to New Zealand from abroad Banking in New Zealand Meet Wise: International Account for Global Entrepreneurs Wise Account for New Zealand Residents Wise Business Account for New Zealand Startups

What is the New Zealand Startup Visa?

New Zealand offers business-friendly immigration opportunities through its New Zealand Entrepreneur Work Visa. This visa allows global entrepreneurs to establish business entities in New Zealand. However, you must have at least $100,000 NZD to invest in the business and be able to claim 120 points on their points scale.

This visa allows you to stay for up to 12 months in the startup stage and a further 24 months by providing evidence of having set up your business. There is an option to waive the capital investment requirement if the business is in the science or ICT sectors and shows high export potential and innovation.

This visa allows a total stay of three years in New Zealand. One option for a long-term stay is that you can apply for the Entrepreneur Resident Visa, which allows an indefinite stay in New Zealand. The New Zealand Entrepreneur visa will enable you to immigrate along with your family.¹

Benefits of the New Zealand Startup Visa for Entrepreneurs

The New Zealand Startup Visa offers multiple benefits to applicants who apply for this visa compared to other visa types.²

• Business-friendly ecosystem - New Zealand allows global entrepreneurs to start their business from scratch. At the same time, this visa is also available to business entities who want to buy an existing venture in New Zealand. The minimum investment levels are relatively low compared to other countries like the US. If your business meets specific criteria, you can also have the minimum investment amount waived.
• Set up a business anywhere - This visa allows you to set up your business anywhere in New Zealand. There is no age limit for applying for this visa.
• Path to residency - While the New Zealand Entrepreneur Work Visa allows you to stay and work for three years maximum, once your business is up, you can apply for the Entrepreneur Resident visa and remain indefinitely in New Zealand. This will help you get the status of a permanent resident and have all the benefits available to New Zealand residents.
• Option to include your family - Your family, including your children, can join you in the Entrepreneur Visa application. If approved, they will receive the same status as you. Once you get the Entrepreneur Resident Visa, your children get the same classification as domestic residents. This can be especially helpful when paying school fees, where you can now receive domestic tuition instead of international student fees.³

Requirements for New Zealand Startup Visa

The New Zealand Startup visa has two stages. The first stage is applying for the Entrepreneur Work Visa. After that, you can apply for the Entrepreneur Resident Visa.

The important requirements for the New Zealand Enterprise Work Visa are as follows:⁴

• You must have an idea to establish a business that aligns with your experience and expectations.
• You must submit a complete business plan that satisfies the New Zealand immigration authorities.
• Your business must have an initial investment of $100,000 NZD. However, the immigration authorities can waive this requirement if your business is in the science or ICT sectors and has a scalable scope for innovation and export.
• You have to satisfy the minimum requirement of 120 points for factors relating to the success of your business and its value to the New Zealand economy.
• You have to satisfy the legal requirements of New Zealand immigration when applying for the Enterprise Work Visa.
• You must not be involved in or have a history of fraudulent activities, financial impropriety, business failure, or bankruptcy.
• You have to satisfy the English language, health, and character requirements.

The second stage is applying for the New Zealand Enterprise Resident Visa. Here are the essential requirements for applying for the New Zealand Enterprise Resident Visa.⁵

• You can apply for the Enterprise Resident Visa after running your business successfully in New Zealand for 2 years.
• A fast track option allows you to apply for the visa after 6 months, provided your investment in the NZ business is at least $500,000 NZD. In addition, your business must create at least three full-time jobs locally. The employment and business must be maintained for at least two years.

You can apply for the New Zealand Entrepreneur visas from your country. The visa application and processing fees are as follows.^{6, 7}

Type of fee	Cost
Entrepreneur Work Visa	$3,920 NZD
Entrepreneur Resident Visa	$6,860 NZD

Application process for New Zealand Startup Visa

You can apply for the New Zealand Enterprise Work Visa from home at the official website of New Zealand Immigration Services. Here is a summary of the steps in the application process:⁸

• Provide proof of your identity by submitting your passport and two acceptable photographs.
• Undergo a medical examination and chest x-ray as proof of your good health.
• Applicants over 17 years old must provide a police clearance certificate.
• Meet the character and English language proficiency requirements.
• Provide evidence of ability to invest at least $100,000 NZD in the business. You can request a waiver, if you are eligible.
• Check your points in the website's ‘Check your points’ section.
• Gather your documents and pay the application costs.
• Apply and wait for the decision.

Around 80% of Entrepreneur Work visas are granted within 12 months. The visa is initially granted for one year. As the expiration date approaches, the immigration authorities will contact you to provide the details of the capital investment and evidence of doing business. Once satisfied, they may extend the visa by two more years. You must always satisfy the visa conditions to remain and work in New Zealand.

Here is the Entrepreneur Resident Visa application process. You can apply at the official website from New Zealand or your country of residence:⁹

• Prove your identity.
• You must be healthy and have a good character.
• Satisfy the English language proficiency conditions.
• You can include your family and children by providing evidence of their relationship.
• You must possess a valid Entrepreneur Work Visa.
• Your business should have realized the benefits outlined in the business plan.
• Your business must contribute to the New Zealand economy.
• Provide evidence of your capital investment.
• Your business must strictly comply with New Zealand Employment and Immigration Law.
• Your business must be at least two years old and have not received welfare assistance.
• Pay the visa application fees and apply for the Entrepreneur Resident visa.
• Provide evidence of employing at least three New Zealand nationals for two years.

The New Zealand Entrepreneur Resident Visa processing times are not currently available.

Moving to New Zealand from abroad

Getting a visa is just the first step. But before getting on a plane, here are some other factors to consider before and after moving to New Zealand:

• Update bank and credit card accounts: Establishing a business and shifting your base to New Zealand may change the status of your bank accounts in your home country. You will likely have to notify your bank of the move and, for example, convert accounts to non-resident accounts if you are a resident of India. Also, ensure you have set up appropriate solutions for any recurring payments you will have at home while abroad. Similarly, you should update your credit card company about your move abroad and expect possible charges from New Zealand.
• Staying connected to family and friends: It is easy to miss home once you’ve moved abroad. Make use of apps like WhatsApp and Instagram to keep in touch with loved homes back home or in other countries. Getting a local SIM card is also a good idea in order to make friends locally and save on international roaming charges.
• Cultural changes: New Zealand may feel similar in certain ways to other British Commonwealth countries, but it has its own distinct culture and history. Adapt in ways that make you feel comfortable while also holding on to your traditions and cultures in meaningful ways. Also, in such a diverse country, seek out communities from your country to feel more at home.
• Accommodation and logistics: Renting a place to live can be a good idea if you are still determining how long you may stay in New Zealand. You can look online ahead of time before moving or book a hotel and look in person once you arrive. Remember that there may be cost differences between major cities and smaller towns in the country.
• Healthcare: Health insurance is compulsory in New Zealand. Make sure you have appropriate coverage for you and your family. Also, identify your nearest healthcare facilities and doctors upon settling in the country.

Banking in New Zealand

You will likely want to open a personal and business bank account in New Zealand. A personal bank account will allow you to deposit your earnings and make local payments, like rent. Learn more in our complete guide about how to open a bank account in New Zealand.

A business bank account can help you track your business transactions and expenses. Developing a relationship with a bank can also help with financing and loan options. Popular banks in New Zealand are ANZ, Westpac, ASB and BNZ.

If your business operates globally, be sure to look at international transaction fees at banks. Banks set their own exchange rate, which can often hide an extra fee. Plus, with high transaction costs, a transfer can cost more than you think.

Want a cheap, fast and simple way to send money abroad? Check out Wise.

Meet Wise: International Account for Global Entrepreneurs

Send money to local bank accounts overseas with Wise. Wise uses smart tech to make transfers secure and fast: the money can arrive within a matter of minutes on popular transfer routes.

With a low transfer fee and the mid-market exchange rate on every transaction, you will always know how much your transfer will cost upfront. That means no extra mark ups on the exchange rate.

Sign up for Wise and see how much you can save on your next international transfer.

Wise Account for New Zealand Residents

When you need to book your next holiday, send money home and purchase that new item online, but in different currencies, Wise is here to make life just a bit easier. The Wise multi currency account lets you hold multiple currencies in one account. You can also spend and send money to local bank accounts and make purchases from overseas retailers. The account offers a linked debit card to make payments even easier by tapping or swiping when you’re travelling.

Sign up for the Wise multi currency account and see how much simpler living globally can be.

Wise account for New Zealand Residents 🚀

Wise Business Account for New Zealand Startups

Startups in New Zealand can sign up for the Wise Business account. It is everything you love about Wise, but now for your business. You can send money to local bank accounts for suppliers, freelancers or staff in over 70 countries. This includes batch payments of up to 1,000 people.

Wise Business integrates with your business by connecting with your existing accounting software like Quickbooks so you can keep track of all your transactions. With an account, you can also offer clients bank details in multiple currencies so they can pay in the best currency for them.

Go global and save money and time with the Wise Business account.

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This article provides a general overview of how to get a startup visa for New Zealand and is not intended to be personalized advice. Consult with finance, immigration and business professionals to chart out your own unique path for you and your business.

Sources used for this article:

1. New Zealand Entrepreneur Startup Visa
2. New Zealand Entrepreneur Work Visa Benefits
3. New Zealand Entrepreneur Resident Visa Benefits
4. New Zealand Entrepreneur Work Visa Requirements
5. New Zealand Entrepreneur Resident Visa Requirements
6. New Zealand Entrepreneur Work Visa Costs
7. New Zealand Entrepreneur Resident Visa Costs
8. New Zealand Entrepreneur Work Visa Application Process
9. New Zealand Entrepreneur Resident Visa Application Process

Sources verified on 10 January 2024.

Cover photo by fauxels.