Effective 24 November 2025

Immigration New Zealand (INZ) has released detailed instructions for the new Business Investor Visa, which will take effect from 24 November 2025. This visa enables experienced entrepreneurs or investors to purchase and actively operate an existing New Zealand business, with a pathway that progresses from a work visa to residence once key performance conditions are met, and ultimately to permanent residency. This article covers:

Two investment options – NZD $1 million and NZD $2 million pathways.
How the visa process works – from the 4-year work visa to residence and permanent residence.
Eligibility and business requirements – including applicant and business criteria, and the new mandatory financial and legal reviews by NZ-qualified professionals.
When investors can exit – your options once conditions are lifted.
Timing and preparation – key practical considerations, including INZ processing times, SPA conditions and early planning steps to prospective applicants.

1. Two investment options

Applicants can choose between two different investment pathways:

NZD $1 million investment: Provides a 3-year work-to-residence pathway.
NZD $2 million investment: Offers a fast-tracked residence pathway after 12 months.

In both cases, applicants must purchase and actively operate an existing New Zealand business that meets the “eligibility criteria” (more on this below). The higher-value investment provides a shorter route to residence, but the same ongoing compliance, ownership, and job-creation requirements apply under both options.

2. How the visa process works – From work visa to residence

Business Investor Work Visa: The visa begins with a 4-year work visa and is made up of two stages:

Establishment Stage (first 12 months): You need to acquire and begin operating your business in New Zealand. You must provide INZ with evidence within the first 9 months showing that you have purchased and started running the business. If acceptable evidence is provided, your visa remains valid for the remainder of the 4-year period. If not, your visa will expire at the end of the 12-month establishment stage.
Operating Stage (remaining years): You need to continue to actively run and grow the business in New Zealand during this stage.

Business Investor Resident Visa:You can apply for residence once you have operated the business for:

12 months under the fast track pathway (NZD $2 million); or
3 years under the standard pathway (NZD $1 million).

To qualify for a Business Investor Resident Visa, you must demonstrate that you have:

retained ownership of at least the same proportion of the business that was approved;
created and maintained for at least 12 months, 1 new full-time job for a New Zealander, while continuing to employ 5 full-time staff;
spent at least 184 days per year in New Zealand;
kept the business solvent and adhered to all tax, financial, legal obligations; and
continued to meet all other conditions of the Business Investor Work Visa.

Permanent Resident Visa: After holding a Business Investor Resident Visa for at least 2 years and meeting all ongoing conditions, you can apply for a Permanent Resident Visa. With a Permanent Resident Visa, you can travel in and out of New Zealand indefinitely, as long as you keep your visa in a valid passport.

3. Key Eligibility Criteria:

New mandatory financial and legal due diligence

The Business Investor Visa introduces a new requirement where you must complete independent financial and legal due diligence on the target business and confirm that you understand the legal and financial position of the business and any associated risks. You are required to provide:

correspondence from a New Zealand qualified statutory accountant confirming financial due diligence has taken place; and
correspondence from a New Zealand lawyer confirming legal due diligence has taken place.

These requirements ensure investors understand the business’s financial and legal position and associated risks before investing.

4. When you can exit the business

You may decide to exit your business at any time if your personal or commercial circumstances change. However, doing so before obtaining Permanent Residence will affect your visa status, as you must retain ownership of the business throughout your work and residence visa periods to continue meeting visa conditions.

You can exit the business without affecting your visa only after you have gained your Permanent Resident Visa, which means you have held your residence visa for at least 2 years and INZ has confirmed that your residence conditions have been met and lifted through the Permanent Resident Visa process.

Once your residence conditions are lifted, you are free to continue operating or step back from the business as suits your personal or commercial plans.

5. Timing matters – processing time and practical planning for prospective applicants

The Business Investor Visa replaces the former Entrepreneur Visa and provides a clearer, more structured pathway for business migration to New Zealand. It sets defined investment levels and eligibility criteria for investors who purchase and operate established New Zealand businesses. While the framework is clearer, applicants still need to plan carefully, meet detailed investment and compliance requirements, and complete the new mandatory legal and financial due diligence. Engaging qualified legal and accounting advisers early will help align the business transaction and visa process from the outset.

In our view, one of the most immediate practical challenges under the BIV will be whether INZ an process applications quickly enough to support live business transactions. Most business transactions are entered into under agreements with fixed settlement dates and interdependent conditions, which must be satisfied within short timeframes. If INZ takes longer than expected to assess an application, those delays could affect settlement or even cause a transaction to fall through. To manage this risk, Sale and Purchase Agreements (SPAs) will need to include a condition precedent completion dependent on INZ visa approval.

With these factors in mind, investors considering the Business Investor Visa should start preparing early. Key steps include:

Identify suitable business: Find an eligible NZ business that meets the visa criteria (≥ 5 staff and ≥ 5 years of operation and not listed as an excluded business). You can consider working with experienced business brokerages (e.g., Tiaki / Kauri Business / other reputable business sales brokerage) or mid-market investment banks to locate and evaluate appropriate business for you.
Due diligence: Review the business’ financial performance, ownership structure and operational risks to confirm it aligns with your investment/business goals.
Engage NZ legal professionals: Engage legal and accounting professionals to carry out legal and financial due diligence.
Structure the transaction carefully: Include a visa-approval condition in the SPA to protect both parties against timing risks.
Prepare your application documentation: Complete the INZ business proposal form, gather supporting documentation and compile evidence of funds.
Submit applications: Submit your application to INZ.

For more information

If you have any other questions regarding the Business Investor Visa, please feel free to get in touch with Kara Choi at kara@jwlegal.co.nz. If you liked reading this content and want more, please subscribe here.

Disclaimer
This publication should not be construed as legal advice. It is necessarily brief and general in nature. Please seek professional advice before taking any action in relation to the matters discussed in this publication.

Business Investor Visa - A new pathway for business-minded investors