Business Investor Work Visa (BD)

At a glance

The Business Investor Work Visa is a temporary entry class visa under the Business Immigration Instructions. Its broad objectives are to enable owners of businesses that contribute to New Zealand's economic development to obtain residence while working actively in those businesses, and to enable New Zealand to benefit from the skills and business experience such people bring [BD1]. More specifically, the Business Investor work visa aims to contribute to economic growth by lifting the amount of foreign capital invested in New Zealand, and to better enable the buying and selling of New Zealand businesses to ensure continuity and growth of employment [BD1.1]. It allows principal applicants who have an application for residence under the Business Investor Category (or who have been invited to apply) to work in New Zealand while their residence application is processed, and to establish themselves in the country in preparation for residence [BD]. The visa operates in two stages: an Establishment stage, during which the holder may purchase a nominated New Zealand business and begin operating it, and an Operating stage, allowing the holder to continue operating and grow the business [BD1.5][BD6]. The visa may be granted for a total period of up to 4 years, consisting of a 12‑month Establishment stage and, if the holder meets the Operating stage requirements (BD6.1), an Operating stage for the balance of the 4 years; if the requirements are not met in the Establishment stage, the visa expires at the end of that 12‑month period [BD4.1]. Only one further Business Investor work visa (a Renewal) may be granted beyond the 4‑year period, as set out in BD8 [BD4.1].

How to apply

Applicants must complete the prescribed application form, provide evidence that they meet the requirements set out in BD, and pay the applicable fee. Detailed application steps, documentation requirements, and processing timeframes are specified in BD [BD].

Eligibility criteria

To be granted a Business Investor Work Visa, an applicant must meet the following criteria:

• The applicant has an application for residence under the Business Investor Category pending, or has been formally invited to apply for residence under that category [BD].
• The applicant must satisfy all the requirements set out in BD2.1, which include:
  1. having nominated a business to purchase that meets the nominated business requirements (BD2.5) [BD2.1];
  2. having conducted due diligence on that business (BD2.10) [BD2.1];
  3. intending to be actively involved in operating the nominated business after purchase [BD9.1] [BD2.1][BD9];
  4. having nominated acceptable capital investment funds sufficient to purchase the business (BD2.15) [BD2.1];
  5. having acceptable reserve funds of a minimum of NZ$500,000 in either funds or assets (see BD2.20) [BD2.1][BD2.20];
  6. intending to create ongoing, full‑time equivalent employment for one additional New Zealand citizen or resident in the business (BD9.40) [BD2.1][BD9];
  7. having obtained or intending to obtain professional or occupational registration in New Zealand if required for operating the business [BD2.1];
  8. meeting the fit and proper person requirements [BM1];
  9. not having been involved in bankruptcy or business failure within the five years preceding the application [BD2.1];
  10. having a minimum of three years acceptable business experience (BD2.25) [BD2.1];
  11. meeting English language requirements (BD2.30) [BD2.1];
  12. being aged 55 years or younger at the time the application is made [BD2.1];
  13. meeting residence health and character requirements (see A4 and A5) [BD2.1].
• Additionally, any partner and/or dependent children included in the application must meet residence health and character requirements (A4 and A5) [BD2.1].
• The application must be declined if granting the visa would create an unacceptable risk to the integrity of New Zealand's immigration or employment laws or policies or international reputation (BD9.70) [BD2.1][BD9].

Currency and stages (BD4.1)

A Business Investor work visa may be granted for a total period of up to 4 years [BD4.1]. This period is split into two stages:

• Establishment stage: the first 12 months of the visa [BD4.1]. The holder must use this period to purchase and begin operating the nominated business and work towards meeting the Operating stage requirements in BD6.1 [BD4.1].
• Operating stage: the balance of the 4-year period, which applies only if the holder meets the requirements of BD6.1 during the Establishment stage [BD4.1].

If the holder does not meet the BD6.1 requirements during the Establishment stage, the visa expires at the end of that 12‑month period [BD4.1].

Only one further Business Investor work visa (a Renewal) may be granted after the initial 4‑year period, as provided for in BD8 [BD4.1].

Visa conditions (BD4.5)

The conditions specified on a Business Investor work visa include that the holder must work as self-employed, for a business operating in a specified business type (such as Cafes and Restaurants), and in New Zealand [BD4.5]. The visa is granted with multiple entry travel conditions [BD4.5].

Partner and dependent children (BD3.1)

An application for a Business Investor Work Visa may include the partner and dependent children of the principal applicant [BD3.1]. Any partner or dependent children included in the application must meet health and character requirements for residence (A4 and A5) [BD3.1]. Accompanying partners and dependent children must also meet all Generic Temporary Entry Instructions [BD3.1].

A partner who meets the requirements for a temporary entry class visa for partners may be granted a work visa for the same period as the principal applicant's work visa, endorsed with conditions that allow work for any employer, in any location in New Zealand [BD3.1]. Dependent children who meet the requirements for a temporary entry class visa for dependent children may be granted either a student visa or a visitor visa, as is appropriate for their needs, for the same duration as the principal applicant [BD3.1].

The visa granted to the partner and/or dependent children will expire at the end of the Establishment stage if the Business Investor work visa holder does not meet the Operating stage requirements (BD6.1). If the holder meets the Operating stage requirements (BD6.1), the partner and dependent children's visas remain valid for the balance of the 4‑year period [BD3.1].

English language requirements (BD2.30)

1. Principal applicants must meet the minimum standard of English [BD2.30].
2. They meet the minimum standard if they provide acceptable English language test results (set out in the table below), no more than two years old at the time the application is lodged, and obtained by sitting the test in person at a test centre. Remote or at‑home tests are not acceptable [BD2.30].
3. Other evidence that meets the minimum standard:
   • Citizenship of Canada, the Republic of Ireland, the United Kingdom or the United States of America, and the applicant has spent at least five years in work or education in one or more of those countries, Australia or New Zealand [BD2.30].
   • A qualification comparable to a New Zealand level 7 bachelor's degree gained in Australia, Canada, New Zealand, the Republic of Ireland, the United Kingdom or the United States of America as a result of study undertaken for at least two academic years in one or more of those countries, and meeting the requirement at paragraph BD2.30(f) [BD2.30].
   • A qualification comparable to a New Zealand qualification at level 8 or above gained in the same countries as above, as a result of study undertaken for at least one academic year in one or more of those countries [BD2.30].
4. An immigration officer may nevertheless require a principal applicant to provide an English language test result under paragraph BD2.30(b). If so, the test result will determine whether the principal applicant meets the minimum standard of English [BD2.30].
5. Applications must be declined if the principal applicant has not met the minimum standard of English [BD2.30].
6. Where a qualification is used to meet the English requirement, the applicant must submit a qualification from one of the listed countries and provide an International Qualification Assessment from the New Zealand Qualifications Authority, unless:
   • the qualification is on the List of Qualifications Exempt from Assessment (Appendix 17); or
   • the applicant has been awarded full or provisional registration by a New Zealand organisation authorised by law to give occupational registration, and registration involves an assessment that their overseas qualification is comparable to a New Zealand qualification on the List of Qualifications [BD2.30].
7. Acceptable English language test results [BD2.30]:

Test	Minimum score required
International English Language Testing System (IELTS) – General or Academic Module	Overall score of 5.0 or more
Test of English as a Foreign Language Internet‑based Test (TOEFL iBT)	Overall score of 35 or more
Pearson Test of English Academic (PTE Academic)	Overall score of 36 or more
B2 First for Schools (First Certificate in English) (formerly Cambridge English: First (FCE) for Schools)	Overall score of 154 or more
Occupational English Test (OET)	Grade C or higher in all four skills (Listening, Reading, Writing and Speaking)*

• A score of Grade C or higher in all four skills is required for the OET as there is no overall grade for this test.

Effective 24/11/2025 [BD2.30].

Nominated business requirements (BD2.5)

The business the principal applicant must purchase must satisfy the following:

• It has a credible purchase price of at least NZ$1 million (exclusive of real estate and GST), which results in at least 25% ownership for the applicant [BD2.5].
• It employs at least five full‑time equivalent employees, excluding any business owners [BD2.5].
• It is currently operating in New Zealand [BD2.5].
• It has operated in New Zealand for at least five years immediately before the visa application is lodged [BD2.5].
• It is a lawful business enterprise [BD2.5].
• It complies with specific immigration, employment, and business standards (see Business compliance standards below) [BD2.5].
• It is not an excluded business [BD2.5].
• It is not owned by the applicant or any family member included in the application [BD2.5].
• It has not been used to support an approved Business Investor work or resident visa application, or an Entrepreneur Category work or resident visa application, in the 10 years immediately before the current application is made [BD2.5].

The principal applicant must provide:

• a completed Business Proposal form demonstrating the business meets the above requirements [BD2.5];
• a valuation of the business prepared or relied on by a New Zealand qualified statutory accountant [BD2.5];
• supporting documentation required by the Business Proposal form [BD2.5].

Additional supporting documents may include a conditional sale and purchase agreement, an organisational chart, anonymised employment agreements and job descriptions, anonymised PAYE tax payment records, and assessments by a qualified statutory accountant [BD2.5].

INZ's assessment of the nominated business is for immigration purposes only and does not constitute an endorsement by the New Zealand Government [BD2.5].

Business compliance standards (BD9.10)

The business and its key persons (as defined in BD9.25) [BD9.25] must comply with these employment, immigration and business standards [BD9.10]:

• Neither the business nor any key person must currently be on MBIE's list of non-compliant employers for breaches of employment standards (Appendix 10) [BD9.10].
• Neither the business nor any key person must currently be on MBIE's list of non-compliant employers for offences against the Immigration Act 2009 (Appendix 18) [BD9.10].
• They must not have provided false or misleading information to INZ or withheld relevant information prejudicial to an application or compliance activity [BD9.10].
• They must not have allowed a person not entitled under the Immigration Act 2009 to work in the business's service to do that work, or employed a person inconsistently with a work-related condition of that person's visa unless an infringement notice was issued [BD9.10].
• If previously on the non-compliant employer list for immigration offences, or failed accreditation requirements, the issue must be rectified, sufficient steps taken to prevent recurrence, and an immigration officer satisfied of future compliance [BD9.10].
• Key persons who are not NZ citizens/residents and not employed by the employer must hold a valid visa and not be in breach of visa conditions [BD9.10].
• The business or key persons must not have received a prison sentence or home detention for an offence under sections 343(1)(d) or 344(d) of the Immigration Act 2009, regardless of when the offence occurred [BD9.10].
• The business or key persons must not have been convicted at any time of an offence under sections 343(1)(a), 345, 348, 342(1)(b), 351 of the Immigration Act 2009, or sections 98, 98C or 98D of the Crimes Act 1961 [BD9.10].
• Where any key person has a history of immigration non-compliance (two or more instances of the non-compliance in (b)-(d) above) in other organisations where they acted as a key person, an immigration officer must be satisfied the business has taken sufficient steps to prevent the same non-compliance occurring in their organisation [BD9.10].
• Key persons must not be prohibited from being a director or promoter or involved in management of a company under the Companies Act 1993 (by prohibition notice, court disqualification, or ss 382 and 385), or convicted in the last five years of any offences listed in s 382 of the Companies Act or equivalent foreign offence [BD9.10].
• If there is an active verification, compliance, investigation or case pending that could affect the business meeting these standards, the application may be put on hold for up to 3 months (with Immigration Manager approval), considering factors such as expected time to outcome, seriousness of alleged offending, likelihood of further harm, and whether the business is aware of the activities [BD9.10].
• If prosecution is pending, the application must be put on hold until outcome, with Immigration Manager approval [BD9.10].
• The business must not pass on recruitment, training or equipment costs to Accredited Employer work visa holders or applicants, including advertising, recruitment agency fees, accreditation and Job Check application fees, immigration adviser fees, compulsory training/induction, health and safety equipment, branded uniforms, trade testing, and tools retained by the employer [BD9.10].
• The business must not charge fees that would be unlawful in New Zealand to Accredited Employer work visa holders or applicants outside New Zealand, such as payments to secure employment, unlawful bonding, or unreasonable deductions for accommodation/travel/food without written consent and inclusion in the employment agreement [BD9.10].

Due diligence (BD2.10)

1. The principal applicant must undertake financial and legal due diligence of their nominated business and confirm that they understand the legal and financial position of the nominated business and any associated risks [BD2.10].
2. The principal applicant must provide: [BD2.10]
   • the completed Business Proposal form (as required by BD2.5(b)(i)) describing the due diligence undertaken;
   • correspondence from a New Zealand qualified statutory accountant confirming financial due diligence into the nominated business has taken place;
   • correspondence from a New Zealand lawyer confirming legal due diligence into the nominated business has taken place.
3. The individual lawyer(s) engaged by the principal applicant to support due diligence of the nominated business must be different to the individual lawyer(s) who provided immigration advice to the applicant(s) regarding their current visa application, where immigration advice has been provided by a lawyer or lawyers [BD2.10].

Note: An immigration officer assesses that the applicant has completed due diligence for the purpose of meeting the objectives of the Business Investor Work Visa instructions. This does not constitute an endorsement by the New Zealand Government of the business nor of the quality of the due diligence [BD2.10].

Capital investment funds (BD2.15)

The principal applicant must be able to make a capital investment into their proposed business [BD2.15]. They must nominate funds and/or assets equal to the total capital investment required to purchase the business (or the proposed ownership share), demonstrate ownership of those funds or assets, and show that they were earned or acquired legally [BD2.15].

Nominated funds must not be gifted (unless gifted permanently through a will), must be unencumbered, and must not be borrowed except after the Business Investor work visa has been granted and the relevant change‑of‑business and transfer conditions are satisfied [BD2.15].

Ownership — Funds may be owned solely by the principal applicant; jointly with a partner and/or dependent children included in the application (the applicant may claim the full value); or jointly with a person not included in the application, in which case the applicant may only claim their proportionate share [BD2.15.1].

Legally earned or acquired — Funds must have been earned or acquired in accordance with the laws of the country of origin, including any currency exchange. Transfers must have been made lawfully through the banking system or an acceptable foreign exchange company [BD2.15.5]. A business immigration specialist may decline the application if they are satisfied that the manner of earning or acquisition would have been contrary to New Zealand criminal law [BD2.15.5].

Funds already held in New Zealand — Funds or assets held in New Zealand at the time of application may be used as nominated funds. Their value is assessed at market value at the application date, not the original purchase price [BD2.15.10]. Funds held in New Zealand for more than two years before the application do not need to meet the transfer‑through‑banking‑system requirements, provided they were originally transferred lawfully or earned lawfully in New Zealand [BD2.15.10].

Evidence — The applicant must provide evidence of ownership, lawful acquisition, and that the funds are at least equal to the required capital investment [BD2.15.15]. Asset valuations must be no older than three months at the application date, produced by an external reputable agency, and credible as determined by a business immigration specialist [BD2.15.15]. The specialist may request further evidence where doubts exist about legality, gifting, borrowing, or valuation [BD2.15.15].

Reserve funds (BD2.20)

In addition to nominated capital investment funds, principal applicants must demonstrate ownership of reserve funds of a minimum of NZ$500,000 in either funds or assets [BD2.20].

Ownership of reserve funds

• The principal applicant may own the funds or assets solely [BD2.20].
• The funds or assets may be owned jointly by the principal applicant and a 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 temporary entry class visa requirements for partners and dependent children. In this case the principal applicant may claim the full value of the jointly owned funds or assets [BD2.20].
• Where the funds or assets are owned jointly by the principal applicant and a person who is not included in the application, the principal applicant may claim only the portion of the value for which they provide evidence of ownership [BD2.20].

Evidence of reserve funds

Evidence may include, but is not limited to:

• funds held in a New Zealand bank account [BD2.20];
• funds held in an offshore bank account, together with evidence that the funds can be accessed from New Zealand [BD2.20];
• acceptable evidence of net assets, whether held in New Zealand or offshore [BD2.20].

The reserve funds requirement applies to applications assessed on or after 24 November 2025 [BD2.20].

Business experience (BD2.25)

The principal applicant must have a minimum of three years of business experience [BD2.25]. Acceptable business experience must be acquired through one of the following pathways [BD2.25]:

• paid self‑employment in a lawful business enterprise, charity, or non‑governmental organisation operating in a commercial environment, that has at least five full‑time employees or an annual revenue of NZ$1 million [BD2.25];
• paid senior management level experience in a lawful business enterprise, charity, or non‑governmental organisation operating in a commercial environment that had at least five full‑time employees under the direct management control of the principal applicant and an annual turnover of at least NZ$5 million [BD2.25].

Senior management experience means extensive experience at a senior level, including but not limited to activities such as approving significant expenditure, approving marketing strategies, ensuring compliance with tax and legal obligations, making financial decisions, managing employees or teams, overseeing production or logistics, handling customer relations or sales, developing marketing strategies or business plans, monitoring cash flow and profitability, approving expenditures, and ensuring compliance with tax and legal obligations [BD2.25].

Business experience is calculated on a full‑time basis of at least 30 hours per week [BD2.25]. Part‑time experience may be recognised proportionally: for example, 15 hours per week over eight years equates to four years of full‑time experience [BD2.25]. Where the applicant worked more than 30 hours in any week, only 30 hours per week are credited [BD2.25].

Evidence of business experience must demonstrate the positions held, responsibilities, and time engaged in the entity [BD2.25]. Acceptable evidence may include, but is not limited to: business registration, company financial accounts, company tax returns, shareholder certificates, job specifications, job assessments, pay records, personal tax returns, letters of appointment, certificates of service, strategic planning documents, bank records confirming authority to operate accounts, and references from employers on company letterhead (stating occupation, dates of employment, and contact details), or references from a third party with relevant occupational registration acceptable to a business immigration specialist [BD2.25].

Collectively, the documents provided must demonstrate that the applicant meets the requirements for recognition of business experience [BD2.25]. In addition, business experience must be lawfully gained, meaning the applicant must have held the immigration or citizenship status required to lawfully undertake the role in which the experience was gained [BD2.25].

Potentially prejudicial information (BD2.35)

In accordance with the principles of fairness and natural justice, before a decision is made on a Business Investor work visa application an immigration officer must give the applicant the opportunity to comment on any potentially prejudicial information (PPI) that will, or may, adversely affect the outcome of the application [BD2.35].

PPI includes factual information or material suggesting that:

• the applicant does not meet one or more of the criteria set out in BD2.1, such as the nominated business requirements, due diligence, capital investment, reserve funds, business experience, or English language proficiency [BD2.35][BD2.1];
• the applicant's or their family members' character, health, or immigration history raises concerns [BD2.35];
• the application may create an unacceptable risk to the integrity of New Zealand's immigration or employment laws or policies [BD2.35].

The opportunity to comment is given before the final decision. If the applicant fails to respond or the response does not overcome the concerns, the officer may decline the application on the basis of the PPI [BD2.35].

Interpretation & edge cases

• BD9 contains the definitions for key terms used throughout the Business Investor instructions, including "actively involved" (BD9.1), "capital investment" (BD9.5), "excluded business" [BD9.15], "family members" (BD9.20), "lawful business enterprise" (BD9.30), "qualified statutory accountant" (BD9.50), "solvent" [BD9.65], "unacceptable risk" (BD9.70), and "unencumbered funds and/or assets" (BD9.75) [BD9]. Advisers must consult the BD9 sub-sections for the precise definition of each term when assessing eligibility or preparing an application.

Qualified statutory accountant (BD9.50)

A qualified statutory accountant has the same meaning as defined in the Financial Reporting Act 2013 [BD9.50].

Real estate (BD9.55)

Real estate means land or buildings in New Zealand. [BD9.55]

Self-employment/ownership (BD9.60)

Self-employment is lawful full-time active involvement in the management and operation of a business which the principal applicant has purchased, or in which the principal applicant has made a substantial investment [BD9.60]. Substantial investment is defined as the purchase of 25% or more of the ownership of a business [BD9.60]. Self-employment does not include involvement of a passive or speculative nature [BD9.60]. Self-employment in New Zealand must be while on a visa that permits self-employment [BD9.60].

Solvent (BD9.65)

Solvent means the business passes the solvency test as set out in the Companies Act 1993 [BD9.65].

Unacceptable risk (BD9.70)

An application for a Business Investor work visa must be declined where a business immigration specialist considers that granting the visa would create unacceptable risks to the integrity of New Zealand's immigration or employment laws or policies, or to New Zealand's international reputation [BD9.70].

Offering business opportunities to meet the requirements of a Business Investor work visa application by persons whose main business is the facilitation of entry to New Zealand of non‑New Zealand citizens and residence class visa holders potentially creates an unacceptable risk to the integrity of New Zealand's immigration laws and policies. Therefore, applications for Business Investor work visas based on such business opportunities will not be approved [BD9.70].

Effective 24/11/2025 [BD9.70].

Unencumbered funds and/or assets (BD9.75)

Funds and/or assets are unencumbered if they are not subject to any mortgage, lien, charge, set off and/or encumbrance (whether equitable or otherwise) or any secured creditor claims. [BD9.75]

Effective 24/11/2025 [BD9.75].

Excluded business (BD9.15)

BD9.15 defines an excluded business as follows [BD9.15]:

Businesses directly engaged in any of these activities are excluded and will not be accepted under Business Investor immigration instructions [BD9.15]:

• commercial sexual services [BD9.15];
• gambling [BD9.15];
• labour hire [BD9.15];
• manufacturing tobacco or other nicotine‑based products (including vaping) [BD9.15];
• providing immigration advice [BD9.15];
• drop‑shipping (sending products from a supplier directly to a customer) [BD9.15].

Direct engagement includes, but is not limited to, businesses that generate revenue directly from the activity, have operational control over it, or actively participate in production, sales, or service delivery of the activity [BD9.15].

The following business types are also excluded [BD9.15]:

• businesses offered for sale by or on behalf of a licensed immigration adviser or immigration lawyer providing immigration advice to the applicant [BD9.15];
• businesses offered for sale by a person, or a person employed (including under a contract for service) by a firm, which is providing immigration advice to the applicant [BD9.15];
• businesses operating from a residential address [BD9.15];
• convenience stores [BD9.15];
• discount/value stores [BD9.15];
• fast food outlets [BD9.15];
• franchised businesses [BD9.15].

A franchised business is one that [BD9.15]:

• purchases the right to use a pre‑existing business system mandated by a third party; and
• is substantially or materially associated with a brand, trademark, advertising, marketing channels, or a commercial symbol owned by that third party; and
• has that third party controlling certain activities or structures through an agreement, operational guidelines, or terms and conditions that cover one or more of: continuing financial performance or reporting obligations, ongoing fees or percentage of profits, restrictions over sourcing goods/services or business set‑up, or a restricted ability to refuse requests, raise concerns, or exit the agreement [BD9.15].

These exclusions apply to both the original nominated business and any changed business during the Establishment or Operating stage. A business that falls into any of these categories cannot be used as the nominated business for a Business Investor Work Visa [BD2.5].

Family members (BD9.20)

Family members are defined as the partner, parent, child, grandparent, grandchild, uncle, aunt, nephew, niece or adult sibling of any person included in the application [BD9.20].

Key Person (BD9.25)

A key person, for the purposes of the Business Investor instructions and in particular the business compliance standards at BD9.10, means any of the following [BD9.25]:

1. In a company, any person occupying the position of a director regardless of whether they hold the title Director [BD9.25].
2. In a partnership, any partner [BD9.25].
3. In a sole trader, the sole trader [BD9.25].
4. In a trust, any trustee [BD9.25].
5. In a crown entity (including schools), a chief executive officer or school principal [BD9.25].
6. In a tertiary education facility, a vice-chancellor or chief executive [BD9.25].
7. In a body corporate or an unincorporated body, other than a company, partnership, or limited partnership, any person occupying a position comparable with that of a director of a company [BD9.25].
8. Any other person who occupies a position (including an unofficial, undocumented or undeclared position) in relation to the organisation that allows the person to exercise influence over the organisation or undertaking — for example a chief executive officer or other head person, or a 'shadow director' who acts as a director or gives instructions to the appointed director(s) on how they should act — where such influence could result in non-compliance with employment or immigration regulatory standards [BD9.25].

Lawful business enterprise (BD9.30)

A lawful business enterprise is an organisation that:

• operates lawfully in a commercial environment with the goal of returning a profit; and
• is not set up primarily for passive or speculative purposes. [BD9.30]

Employ at least five people in full time equivalent positions (BD9.35)

1. Employ at least five people means five full time equivalent, permanent jobs for people who are entitled to work in New Zealand [BD9.35].
2. A full time and ongoing job means a permanent role for at least 30 hours a week:
   • as demonstrated in written employment agreement(s) for the role; and
   • excluding contract or casual roles [BD9.35].
3. Full time employment may include permanent and ongoing part time jobs which, when taken together, are equivalent to full-time roles. Evidence must be provided in respect of each claimed equivalent full-time job to demonstrate the part time roles:
   • are for two or more new roles with fixed hours that are equivalent to one full-time job; and
   • are for permanent and ongoing roles as demonstrated in written employment agreement(s) for the roles; and
   • meet all employment and immigration laws; and
   • exclude contract, sub-contracted or casual roles [BD9.35].
4. Employment will be considered to be ongoing where there is an unfilled vacancy for no more than three months in a 12-month period, where the period is immediately preceded, and followed by, a person working in the role [BD9.35].

Effective 24/11/2025 [BD9.35].

Ongoing, full time equivalent employment of one additional NZ citizen or resident (BD9.40)

BD9.40 defines the requirement that each Business Investor Work Visa holder must create ongoing, full‑time equivalent employment for one additional New Zealand citizen or residence class visa holder [BD9.40]:

• The employment must be one new full‑time and permanent job held by a New Zealand citizen or residence class visa holder [BD9.40].
• A full‑time and permanent job means a permanent role for at least 30 hours a week, as demonstrated in written employment agreement(s) for the role, and excluding contract or casual roles [BD9.40].
• Full‑time employment may include permanent part‑time jobs that, when taken together, are equivalent to one full‑time position. Evidence must be provided to show that the part‑time roles:
  • are for two or more new roles with fixed hours equivalent to one full‑time job [BD9.40];
  • are permanent and ongoing roles as demonstrated in written employment agreement(s) [BD9.40];
  • meet all employment and immigration laws [BD9.40]; and
  • exclude contract, sub‑contracted or casual roles [BD9.40].
• This additional employment must be in addition to:
  • the minimum five full‑time equivalent jobs required for the business to meet the nominated business requirements; and
  • the jobs established in the business (filled and unfilled) at the time the Business Investor Work Visa holder began operating the business [BD9.40].
• Employment is considered ongoing if there is an unfilled vacancy for no more than three months in a 12‑month period, provided the vacancy is immediately preceded and followed by a person working in the role [BD9.40].
• Where a business is operated or proposed to be operated by more than one applicant for, or holder of, a visa under Business Investor immigration instructions, each visa holder must create one additional, full‑time equivalent, permanent job for a New Zealand citizen or resident [BD9.40].

Operating in New Zealand (BD9.45)

A business is operating in New Zealand when it has a substantial and ongoing presence in New Zealand. This may include:

• having a physical office, store, or facility in New Zealand;

• employing staff who work in New Zealand;

• owning or leasing property in New Zealand;

• being registered with Inland Revenue (IRD) and paying New Zealand taxes;

• conducting day-to-day business activities in New Zealand, such as manufacturing, sales, or service delivery;

• having directors or managers based in New Zealand. [BD9.45]

• Capital investment means all nominated funds, or funds from nominated assets, used in the purchase of the approved business [BD9.5].

• Actively involved means participating in the day-to-day operations, decision-making, and strategic planning of the business, including but not limited to managing employees or teams, overseeing production, service delivery, or logistics, handling customer relations or sales, making financial decisions (budgeting, investments, pricing), developing marketing strategies or business plans, monitoring cash flow and profitability, approving expenditures, and ensuring compliance with tax and legal obligations [BD9.1].

• This visa is part of the Business Immigration Instructions that predate the current entrepreneur and investor visa framework. It remains available only to applicants who lodged their residence application (or were invited) before the replacement date of the current business instructions [BD].

• Holders of this visa have the opportunity to apply for residence under the Business Investor Category, but the residence criteria that apply at the time of the residence decision may differ from those which applied when the work visa was granted [BD]. Advisers must check the transitional provisions in the relevant immigration policy.

• The visa requires participation in an evaluation process under BA2.10 for up to five years after approval [BD].

• INZ business immigration specialists are responsible for processing applications under this category [BD1], reflecting the BA3 streamlining provisions [BD].

• The visa is granted with conditions that allow self‑employment and the lawful employment of persons in New Zealand, consistent with its purpose of enabling business ownership and operation [BD1.5].

• The specific conditions attached to the visa (beyond those in BD1.5) and the currency (period of validity) are set out in BD4 [BD4], with BD4.1 covering currency (see Currency and stages above) [BD4.1] and BD4.5 covering conditions [BD4.5].

• Holders who purchase a business for at least NZ$1 million and operate it successfully for three years become eligible for a Business Investor resident visa [BD1.5]; where the investment is at least NZ$2 million, eligibility arises after 12 months of successful operation [BD1.5].

• The age limit of 55 years at the time of application applies strictly; there is no provision for an exception for older principal applicants [BD2.1].

• The mandatory ground for refusal under BD9.70 (unacceptable risk to the integrity of immigration or employment laws or policies) can be invoked even if all other criteria are met [BD2.1][BD9].

• The requirement to create one additional full‑time employment for a New Zealand citizen or resident is an ongoing obligation at the Operating stage [BD2.1].

Change of nominated business during Establishment stage

During the Establishment stage, a Business Investor work visa holder may make one request to change the business they will purchase [BD5][BD5.1]. The request must be made within the first six months of the Establishment stage [BD5.1].

A request to change the nominated business may be approved if a business immigration specialist is satisfied that the holder:

• was unable to purchase the initially nominated business due to a material change in circumstances outside their control [BD5.1];
• has nominated a new business that meets the nominated business requirements (see BD2.5) [BD5.1];
• has conducted due diligence on that new business (see BD2.10) [BD5.1];
• will be actively involved in running the new business after purchase [BD9.1] [BD5.1][BD9];
• has acceptable capital investment funds sufficient to purchase the new business (see BD2.15) [BD5.1];
• has obtained or intends to obtain professional or occupational registration in New Zealand if required for operating the new business [BD5.1];
• intends to create ongoing, full‑time equivalent employment for one additional New Zealand citizen or resident (see BD9.40) [BD5.1][BD9];
• continues to meet the fit and proper person requirements [BM1]; and
• will be able to purchase the new nominated business and begin operating it within the first 9 months of the Establishment stage [BD5.1].

The request must be declined if allowing the purchase of that business would create an unacceptable risk to the integrity of New Zealand's immigration or employment laws or policies or international reputation (see BD9.70) [BD5.1][BD9].

A request must be made on a form provided for that purpose on the Immigration New Zealand website, accompanied by a completed Business Proposal form and supporting evidence demonstrating the above requirements are met [BD5.1].

If the request is approved, the conditions relating to work specified on the Business Investor work visa holder's visa may be varied as required [BD5.1].

Operating stage (BD6)

The Operating stage is the period after the initial 12‑month Establishment stage during which the Business Investor work visa holder must continue to operate their business and meet the conditions set out in BD6 [BD6].

Operating stage requirements (BD6.1)

Within nine months of the Business Investor work visa being granted, during the Establishment stage, the holder must provide evidence to satisfy a business immigration specialist that they meet all the following requirements [BD6.1]:

• The required capital investment has been lawfully transferred to New Zealand as set out in BD6.5 [BD6.1][BD6.5].
• The nominated business (or the specified proportion of ownership) has been purchased for the price set out in the Business Proposal template, allowing a variation of +/−5% but for no less than NZ$1 million [BD6.1].
• Professional or occupational registration in New Zealand has been obtained, if registration is required for operating the business [BD6.1].
• The holder has commenced operating the nominated business [BD6.1].
• The holder is actively involved in operating the nominated business [BD6.1].
• The purchased business employs at least five people in full‑time equivalent positions, excluding any owners of the business and family members of any person granted a Business Investor work visa to operate the business [BD6.1].

The Business Investor work visa holder must also continue to meet the fit and proper person requirements [BM1].

If the above requirements are met, the Business Investor work visa will be valid for the balance of the four‑year period [BD6.1].

Transfer of nominated funds (BD6.5)

The holder must transfer the capital investment to New Zealand in accordance with BD6.5. The following requirements apply [BD6.5]:

Permissible origin of funds — The transferred capital investment must be [BD6.5]:

• the original nominated funds described and accepted in the Business Investor work visa application or approved change of nominated business (see [BD5]);
• the original funds received from the sale of the assets nominated in the application or approved change of nominated business (see [BD5]); or
• borrowed funds secured against the nominated assets in the application or approved change of nominated business (see [BD5]), if the borrowed funds meet the conditions in (e) below.

Transfer method — The capital investment must be transferred through the banking system (including via an acceptable foreign exchange company or money transfer business) directly to New Zealand from [BD6.5]:

• the Business Investor work visa holder's personal bank account(s);
• a joint bank account in the name of the holder and their partner and/or dependent children included in the application; or
• one of the following third parties, provided the funds can be identified as the holder's (and/or their partner's/dependent children's):
  • a solicitor trust account, where the solicitor is acting on behalf of the holder in the transaction; or
  • an investment portfolio account in the name of the holder.

Notes on transfer — The funds must remain in the possession of the Business Investor work visa holder (or the third party listed above) and the holder must retain effective control until the capital investment has been invested in the nominated business. The transfer is considered to have been made through the banking system at the point when the funds leave the country where they were legally earned or acquired and are received in New Zealand. For the purpose of these instructions, references to funds in the holder's name include funds held jointly with their partner and/or dependent children included in the application [BD6.5].

Documentation and traceability — The transfer must be documented, traceable, and transparent. It must not include any physical cash transactions [BD6.5]. All transfers made both within and from the country where the funds were legally earned or acquired must be made lawfully through the banking system [BD6.5].

Borrowed funds — Borrowed funds are acceptable only if the holder demonstrates that [BD6.5]:

• the funds are from a bank or commercial lending institution acceptable to a business immigration specialist, and are secured against the nominated assets in the Business Investor work visa application or the approved change of nominated business (see [BD5]); and
• it is not economically viable or practical to liquidate those nominated assets (for example, liquidation would require selling the business).

Evidence of possession — The holder must provide evidence of possession of the funds (including, where relevant, investment funds owned by their partner and/or dependent children included in the application) from the date when the funds and/or assets were nominated right through to the date of transfer to New Zealand [BD6.5]. This evidence must include all transfer documentation and a statement showing the transfer(s) from the country where the funds were legally earned or acquired [BD6.5]. A business immigration specialist may request any other information to satisfy themselves that the requirements have been met [BD6.5].

Evidence of operation (BD6.10)

As part of the Operating stage requirements, the holder must provide evidence that the capital investment has been transferred to New Zealand and that the nominated business has been purchased and is being operated [BD6.10].

Evidence of transferring investment capital — Evidence of transferring investment capital to New Zealand through the banking system may include, but is not limited to [BD6.10]:

• telegraphic transfer forms;
• bank statements;
• other documents, evidence and information which demonstrates the transfer of the capital investment to New Zealand.

Evidence of purchasing and operating a business — Evidence of purchasing and operating the nominated business may include, but is not limited to [BD6.10]:

• audited accounts;
• bank statements showing regular revenue and expenses;
• documentation from the applicant's New Zealand lawyer confirming the date the purchase of the business was completed, providing the final settlement statement for the transaction and the lawyer's trust account statement recording the management of the applicant's funds during the entire purchase instruction;
• documents evidencing the constitution of the business (e.g. certificate of incorporation);
• employee records;
• financial statements;
• GST or other tax records;
• invoices for business equipment and supplies;
• property purchase or lease documents relating to the business' site;
• the final sale and purchase agreement signed by all parties to the transaction;
• other documents, evidence and information a business immigration specialist considers may demonstrate reasonable steps taken to purchase or operate a business (e.g. employment agreements, utility company invoices, sales agreements, contracts to provide products or services).

Failure to meet the Operating stage requirements will cause the visa to expire at the end of the Establishment stage, and it will also cause any partner or dependent children's visas to expire [BD4.1][BD3.1].

Change of business during Operating stage

A Business Investor work visa holder may apply for a variation of conditions to change the type of business they are actively involved in operating during the Operating stage [BD7.1].

To request a variation, the holder must complete the relevant application form and produce:

• the appropriate fee [BD7.1];
• a valid passport or travel document (or certified copies), if not previously provided [BD7.1];
• documents supporting the requested variation that demonstrate the requirements listed below are met [BD7.1];
• any other documents requested by the business immigration specialist [BD7.1].

A change of business type may be approved if a business immigration specialist is satisfied that:

• the proposed new business is not an excluded business [BD7.1];
• the proposed new business is a lawful business enterprise [BD7.1];
• the proposed new business will employ at least 5 people in full-time equivalent positions [BD7.1];
• the holder will be actively involved in operating the new business [BD7.1];
• the holder has obtained, or intends to obtain before commencing the business, any required professional or occupational registration in New Zealand [BD7.1];
• the holder continues to be a fit and proper person [BM1].

A variation of conditions will only be granted where the varied conditions still meet the objectives of the Business Immigration Instructions [BD7.1]. The application must be declined if the proposed business would create an unacceptable risk to the integrity of New Zealand's immigration or employment laws or policies or international reputation [BD7.1].

A Business Investor work visa holder may have their business conditions varied under these instructions only once during the validity of their visa [BD7.1]. A holder whose visa was granted under BD8 (Renewal) is not eligible for variation under these instructions [BD7.1].

Where a variation is approved, the period required to successfully operate the business for residence purposes will begin from the date the holder starts operating the business according to the varied conditions [BD7.1].

Grant of one further Business Investor Work Visa ('Renewal') (BD8)

A holder whose Business Investor work visa is nearing the end of its 4‑year validity may apply for one further Business Investor work visa of up to two years if they need more time to meet the residence requirements [BD8]. The renewal may be sought because:

• the business has not been operating for three years; or
• the holder has not created ongoing, full‑time equivalent employment of at least 12 months duration for one additional New Zealand citizen or resident [BD8].

The application must be made on the approved form and the prescribed fee and immigration levy paid [BD8].

A business immigration specialist will grant the renewal only if satisfied that:

• the business continues to employ at least five people in full‑time equivalent positions [BD8];
• the business complies with specific immigration, employment and business standards [BD8];
• the business is solvent and complies with all financial, tax and legal obligations [BD8];
• the principal applicant retains at least the same proportion of ownership of the business that was approved under the original Business Investor work visa [BD8];
• the principal applicant has spent the majority of their time, when in New Zealand, operating the business [BD8];
• the principal applicant continues to meet fit and proper person requirements [BM1];
• the principal applicant can credibly meet, within the duration of the further visa, the requirements for a Business Investor resident visa — that is, operating the business for three years (or 12 months if the business was purchased for at least NZ$2 million) and creating ongoing, full‑time equivalent employment for one additional New Zealand citizen or resident [BD8];
• the principal applicant and any partner or dependent children included in the application meet health and character requirements for residence [BD8].

Only one further visa may be granted beyond the initial 4‑year period [BD8]. A renewal holder is not eligible for a variation of conditions to change the business type under BD7.1 [BD7.1].

Citations

• BD — Business Investor work visa
• BD1 — Objective and overview
• BD1.1 — Objective of Business Investor work visa
• BD1.5 — Overview of Business Investor work visa
• BD2.1 — Summary of Business Investor work visa requirements
• BD2.5 — Nominated business requirements
• BD2.10 — Due diligence
• BD2.15 — Capital investment funds
• BD2.15.1 — Ownership of nominated funds and/or assets
• BD2.15.5 — Funds and/or assets earned or acquired legally
• BD2.15.10 — Funds and/or assets already held in New Zealand
• BD2.15.15 — Evidence of the nominated funds and/or assets
• BD2.20 — Reserve funds
• BD2.25 — Business experience
• BD2.30 — English language requirements
• BD2.35 — Potentially prejudicial information
• BD3.1 — Partner and dependent children
• BD4 — Currency and conditions of Business Investor work visas
• BD4.1 — Currency of a Business Investor work visa
• BD4.5 — Conditions of a Business Investor work visas
• BD5 — Change of nominated business during Establishment stage
• BD5.1 — Change of nominated business requirements
• BD6 — Operating Stage
• BD6.1 — Operating stage requirements
• BD6.5 — Transfer of the nominated funds or funds from the sale of nominated assets
• BD6.10 — Evidence of transfer of capital investment and of purchasing and operating the nominated business
• BD7 — Change of business during the Operating stage
• BD7.1 — Variation of conditions to change business during the Operating stage
• BD8 — Grant of one further Business Investor Work Visa ('Renewal')
• BD9.1 — Actively involved
• BD9.5 — Capital investment
• BD9 — Definitions
• BD9.10 — Comply with specific employment, immigration and business standards
• BD9.15 — Excluded business
• BD9.20 — Family members
• BD9.25 — Key Person
• BD9.30 — Lawful business enterprise
• BD9.35 — Employ at least five people in full time equivalent positions
• BD9.40 — Ongoing, full time equivalent employment of one additional New Zealand citizen or resident
• BD9.45 — Operating in New Zealand
• BD9.50 — Qualified statutory accountant
• BD9.55 — Real estate
• BD9.60 — Self-employment/ownership
• BD9.65 — Solvent
• BD9.70 — Unacceptable risk
• BD9.75 — Unencumbered funds and/or assets
• BM1 — Requirement to be a fit and proper person