Cabinet paper PDF - New Zealand Immigration Service

Legislative implications45 Regulatory changes would be needed to rename the current Long Term Business Visato the Entrepreneur Work Visa, and the Entrepreneur Visa to the EntrepreneurResidence Visa, and to disestablish the Entrepreneur Plus category.Regulatory Impact Analysis46 The Treasury has confirmed that a Regulatory Impact Analysis (RIS) is not required forthis paper.Recommendations47 It is recommended that the Cabinet Economic Growth and Infrastructure Committee:1 note that business migration policies are not however working well and policychanges are required to ensure good performance;2 agree to a package to maximise the performance of business policies comprisingthe following initiatives:2.1 renaming the existing Long Term Business Visa as the EntrepreneurWork Visa;2.2 renaming the existing Entrepreneur Visa as the Entrepreneur ResidenceVisa;2.3 disestablishing the existing Entrepreneur Plus Visa;2.4 enabling applicants to gain residence under the Entrepreneur ResidenceVisa category on the basis of either:2.4.1 having run their business successfully in New Zealand for at leasttwo years; or2.4.2 having successfully run their business for six months, invested atleast $0.5m in their business and created at least three fulltimejobs for New Zealanders (noting that applicants would, as now, besubject to conditions under section 49(1) of the Immigration Act2009, which would require them to run their business for twoyears);2.5 creating a fast track provision within the Entrepreneur Residence Visa, forapplicants who have successfully run their business for six months,invested at least $0.5m in their business, and created at least three newjobs for New Zealanders;2.6 establishing a new points-based system (including a minimum $100,000capital requirement), to actively assess intending business migrants andto choose those who can create high growth and innovative businesses,which includes points for:2.6.1 business experience;2.6.2 employment creation;2.6.3 export potential;2.6.4 innovation;2.6.5 capital investment;2.6.6 age;