BB3.15 Requirements for a business plan

Business plans must:

1. be to establish or purchase a specific business in New Zealand; and
2. be specific to the proposed business, not a generic or template business plan; and
3. be no more than three months old on the date the application is made; and
4. include satisfactory evidence:
   1. to support the claims that have been made for the proposed business; and
   2. that the principal applicant has sufficient funds and/or assets to finance their business proposal; and
   3. that the principal applicant has sufficient business experience that is relevant to their business proposal; and
5. demonstrate to the satisfaction of a business immigration specialist that:
   1. the principal applicant’s financial forecasts are realistic; and
   2. the principal applicant has sufficient relevant knowledge about the proposed business and the New Zealand business environment; and
   3. the principal applicant has done sufficient market research into the New Zealand business environment and market for their proposed business, to optimise their chances of succeeding; and
   4. the proposed business meets at least one of the following three business characteristics identified in the objective of the Entrepreneur Work Visa Category (BB1):
      • high growth
      • innovative, or
      • export potential; and
6. include sufficient supporting documentation to support any of the claims made about the proposed business, or concerning any aspect of the applicant’s skills, funds or experience.

BB3.15.1 Requirements for a business plan involving the purchase of an existing business

Where the business plan involves the purchase of an existing business, the plan must:

1. identify the particular business to be purchased; and
2. include:
   1. information that allows business immigration specialists to assess the benefit that the applicant’s business activity will provide New Zealand; and
   2. evidence that outlines the purchase price and the financial performance of the existing business, which may include, but is not limited to the conditional sale and purchase agreement, an independent valuation, and/or financial statements for the previous two years; and
   3. information on numbers of positions currently employed in the business, such as wage records, anonymised employment agreements and job descriptions for each role, or Employer Monthly Schedules prepared for Inland Revenue.

BB3.15.5 Assessment of a business plan

1. A business immigration specialist will assess applications based on:
   1. an applicant’s capacity to contribute to economic growth by growing or establishing a business in New Zealand that either:
      • is high growth; or
      • is innovative; or
      • has export potential; and
   2. plans provided by the applicant to demonstrate how they will meet the objectives set out in their business plan; and
   3. evidence that the applicant has sufficient business experience relevant to the proposed business; and
   4. information provided by the applicant demonstrating how their business will significantly benefit New Zealand.
2. In assessing a business plan, a business immigration specialist will consider the credibility of the information provided and whether the business will significantly benefit New Zealand.
3. Business immigration specialists must be satisfied that the information an applicant submits complies with the evidential requirements set out in Entrepreneur Work Visa Category instructions and may request additional evidence as they deem necessary to demonstrate that an applicant or a business plan meets the requirements as set out in B3.1.
4. INZ may submit any business plan to an independent person or business for vetting. They will offer an independent assessment and advice, which will be considered by a business immigration specialist in making a decision.
5. INZ may also consult other government agencies or sections of the Ministry of Business, Innovation and Employment when assessing business plans.

BB3.15.10 Verification of a business plan

1. A business immigration specialist must be satisfied that documents provided in support of the business plan are genuine and accurate, and may take any steps they determine necessary to verify such documents and the information they contain.
2. A business immigration specialist may interview, or ask another office of INZ to interview, the principal applicant in order to determine whether or not the information contained in the business plan is genuine and accurate.

Effective 28/08/2017