Simon Bridges: Auckland Business Chamber CEO on the new Business Investor Visa

More foreign investors could soon flock in to work hard on Kiwi businesses.  

The Government's new Business Investor Visa will give foreign businesspeople who invest at least $2 million into an existing Kiwi business a fast-track to residency. 

If a business is worth $2 million, the applicant would have to buy it, and if it's worth more, they'd have to invest at least a quarter of its total value. 

Auckland Business Chamber Chief Executive Simon Bridges told Ryan Bridge this definitely justifies a fast-track to residency. 

He says the person who buys will have to work on the business for a period of time.  

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Episode Transcript

Speaker 1 (00:00):
Another VISA move from America Stanford, this time targeting investors.

(00:03):
The New Business Investor visa fast tracks your residency for
anyone chucking two million dollars or more into a KEYWEK company.
All applicants have to pass health check, character English language
tests before they're approved. Simon Bridges is Auckland's cheerleader Aukland
Business cham for CEO with us this morning.

Speaker 2 (00:19):
Hey Simon, Hey get a Grian.

Speaker 1 (00:22):
What do you make of this one?

Speaker 2 (00:23):
Yeah? I think, first, blush blush, it's excellent additional policy.
I think, you know, if you think about it, we've
seen for quite some time in Smeland older business owners
they want to get out, they've built up a successful business,
their son and daughter doesn't want to take it over.
How do they provide for a successor and get a
payday before before they retire? And I think, of course, look,

(00:47):
you know that the issues we've talked about around all prienthes.
You know, more cash one and two million dollar lots
coming in. Some of them go on Carol and Steve
going on their overseas holiday, but look, a bunch of
it will be back into the local economy. I think
one questions around it just that the discrete cri curia.
It's hard to tell in the age tract just how

(01:08):
permissive and enabling this is. You know, you've mentioned some
of them. Five you've got a five full time staff
English language requirement. It can't be convenience stores and so on.
All of that sort of on its own makes sense.
But if we add it all up, just just how
permissive is this policy? But I think overall an excellent addition.

Speaker 1 (01:24):
Is two million dollars minimum enough for a fast track
to residency?

Speaker 2 (01:29):
Oh yeah, I think so. I think I think you
get a lot of businesses that have fall into that
sort of category. And you know, I think in the
end it comes back to the point I want you.
You've got to structure this right so that you are
getting investors coming in who want to work on the businesses.
Remember the other thing here that it's not particularly permissive.
But you know, I can understand that the logic of

(01:51):
is the person who buys is going to have to
work in this business for a period of time, you know,
And that's well, that's work, that's hard work.

Speaker 1 (01:58):
How you have been quite successful and lobbying the government
on haalf of Business Chamber to get Auckland stuff done.
I reckon they're going to go with a bid tax
to the election. What do you reckon?

Speaker 2 (02:10):
Don't know about that? There's such sort of entrenched positions
around not having a tax. The reality is this so
that they don't need to do a tax. I mean,
what they could just do is from the center, that is,
from that the tax money we pay in provide a
dollar of cash back for the kind of initiatives I think.
You know, it's important to see better events funding and
so on. I mean the figures that I have in

(02:31):
my mind. I don't inquie me the exact you know,
ten thousand or anything, but you go back a decade
or so, there's about thirty million dollars going into major
events and the like from the crown and local government.
Now it's more like seven to ten million. You know,
if we want to do well versus kind of your
big AUSSI cities, we do need to invest more.

Speaker 1 (02:51):
What about because there are a couple of other things
you have mentioned yesterday, what are the other big things
leaders you think the government needs to pull for Auckland.

Speaker 2 (03:00):
I mean, look, I'm not a brains trust, but but
there's there's so many things they could do. I mean,
I may think another one that is in the Ericastatt
Stanford kind of area is just ongoing liberalization of tourism
and international education visas. These are levers you can pull.
There is a boom in Asian tourism going on at
the moment in your Malaysias and your Vietnams and your Thailand.
Why isn't it in New Zealand. Yeah, we're a bit

(03:22):
more expensive, but I'll tell you what, we've made the
visa set settings not easier, but tougher. Are we too
rich to not need that cash? You know? I think
I think we need it right now in Auckland hotel
nights at the occupancy rates in Auckland hotels are as
a generalization abysmal, So I think that is something they
could pull. That would be quite a switch actually to

(03:42):
seeing more Asian tourists walking around our streets.

Speaker 1 (03:46):
Interesting. Some appreciate your time this morning, Simon Bridges, Aukland
Business Chamber of CEO.

Speaker 2 (03:51):
For more from early edition with Ryan Bridge, listen live
to news talks. It'd be from five am weekdays, or
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