Business migration delivering big dollars

The Government’s business migration scheme has attracted $416 million of potential investment capital that is poised to flow into the economy, Immigration Minister Jonathan Coleman announced today.

‘’We developed a policy package that makes New Zealand very attractive to business migrants, and they’re staking their confidence in New Zealand at a time of difficult international financial conditions,’’ Dr Coleman says.

‘’The scheme has been operating for 16 months and already it’s attracted two and half times the amount of potential investment capital compared to the previous Government’s policy.’’

To date over $102 million has been transferred and invested in New Zealand under the Business Migrant Policy and $133 million has been approved for funds transfer. Applications from investors worth an additional $181 million are being processed.

Dr Coleman says the Government’s scheme identified the need to make it easier for people to invest money in New Zealand without compromising the security and integrity of the immigration system.

‘’For investor migrants we streamlined the previous three categories into two. We now have more realistic requirements for capital, language skills and time spent in New Zealand annually, and people have more investment options.

‘’We’re committed to policies that attract investment and make it easier to do business in New Zealand, and these figures reflect that. We’re now looking at whether we can make these policies even more attractive to investors.’’

ANZ Managing Director Wealth John Body says the Government’s investor policy is attracting not only investors’ wealth, but also their business nous.

‘’We have worked with a large number of individuals from different parts of the world who have entered New Zealand under the Government’s investor policies. These policies are attracting people to New Zealand with fantastic skills and international networks.

‘’That is good for businesses that may otherwise have been short of capital or lacking in international networks and ultimately very good for the New Zealand economy.’’

Phil McCaw, Chairman of the Angel Association of New Zealand which provides support and advice to new businesses, says the business migration package is an ideal vehicle to provide New Zealand entrepreneurs with much-needed capital.

‘’I see the investor migrant programme as a potential game changer for young New Zealand businesses. I've had the pleasure of meeting a few of the individuals coming in under this programme and they are world class.

‘’The combination of their expertise, global networks and cash available for investment has the potential to provide the fuel that many NZ businesses currently need.’’