BD2.15 Capital investment funds

1. The principal applicant must be able to make a capital investment into their proposed business.
2. The principal applicant must:
   1. nominate funds and/or assets equivalent in value to the total capital investment required to purchase the business (or proposed proportion of ownership); and
   2. demonstrate ownership of the nominated funds and/or assets (see BD2.15.1); and
   3. demonstrate that the nominated funds and/or assets have been earned or acquired legally (see BD2.15.5).
3. The nominated funds and/or assets must not be gifted, unless gifted permanently through a will.
4. The nominated funds and/or assets must be unencumbered (see BD9.75).
5. The nominated funds and/or assets must not be borrowed except after a Business Investor work visa has been granted, including after a change of nominated business has been approved (see BD5), and the requirements as set out in BD6.5(e) are met.

BD2.15.1 Ownership of nominated funds and/or assets

1. Nominated funds and/or assets may be owned:
   1. solely by the principal applicant; or
   2. jointly by the principal applicant and partner and/or dependent children included in the application, provided a business immigration specialist is satisfied that the partner and/or dependent children meet the relevant requirements set out at E4.5.5 and E4.5.1 as applicable. If so, the principal applicant may claim the full value of such jointly owned funds or assets for assessment purposes; or
   3. jointly by the principal applicant and a person who is not included in the application. If so, the principal applicant must only claim the value of that portion of funds and/or assets for which they provide evidence of ownership.

BD2.15.5 Funds and/or assets earned or acquired legally

1. Funds and/or assets must be earned or acquired in accordance with the laws of the country in which they were earned or acquired, including any currency exchange of the nominated funds and/or assets.
2. Any transfers of the nominated capital investment funds, both within and from the country in which they were legally earned or acquired, must be made lawfully through the banking system (including via an acceptable foreign exchange company or money transfer business) as set out at BD6.5 (b).
3. Business immigration specialists may decline an application if they are satisfied that, had the funds and/or assets been earned or acquired in the same manner in New Zealand, they would have been earned or acquired contrary to the criminal law of New Zealand.

BD2.15.10 Funds and/or assets already held in New Zealand

1. Funds and/or assets held in New Zealand at the time the application is made may be included as nominated funds and/or assets and are otherwise subject to all requirements under these instructions unless otherwise specified.
2. The value of the funds and/or assets held in New Zealand is determined according to their market value at the time the application was made, not the original purchase price.
3. Funds and/or assets already held in New Zealand must meet the requirements in BD6.5.
4. Funds and/or assets held in New Zealand for more than two years before the application was made do not need to meet the requirements at BD6.5(b)(i) to (iii), but the funds and/or assets must originally have been transferred to New Zealand through the banking system or acceptable foreign exchange company from the country or countries in which they were legally earned or acquired, or they must have been earned or acquired lawfully in New Zealand.

BD2.15.15 Evidence of the nominated funds and/or assets

1. The principal applicant must provide evidence that:
   1. demonstrates ownership of the nominated funds and/or assets, and that the nominated funds and/or assets were legally earned or acquired; and
   2. the funds and/or assets nominated are at least equivalent in value to the total capital investment required to purchase the business (or proposed proportion of ownership).
2. All documents provided as valuations of assets must be:
   1. no more than three months old at the date the application is made; and
   2. produced by an external and reputable agency; and
   3. credible, as determined by a business immigration specialist.
3. A business immigration specialist may seek further evidence if they:
   1. are not satisfied that the nominated funds and/or assets were legally earned or acquired (including where any transfers have been made (see BD2.15.5 (b)); or
   2. consider that the nominated funds and/or assets may have been gifted or borrowed; or
   3. are not satisfied with the valuation provided; or
   4. consider that the nominated funds and/or assets do not meet the requirements in these instructions.

Effective 24/11/2025