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Why a New Zealand Business Plan Is Essential for a Visa Application

Moving to New Zealand to live and operate a business requires a special immigration visa, called an Entrepreneur Work Visa (EWV). While not the only type of visa available, EWVs are by far the most common way for foreigners to start a new business venture in New Zealand. 

Business plans are a key component of any Entrepreneur Work Visa application and the quality of the business plan can be the difference between success and failure. 

Before we get into the details of how a business plan supports an applicant’s case for approval, let’s quickly review the broad qualifications for the EWV and what it allows holders to do. 

What the Entrepreneur Work Visa offers and how to qualify

New Zealand authorises foreign entrepreneurs to live in the country, start a new business or buy an existing one through its Entrepreneur Work Visa programme. Successful applicants for the EWV have the right to:

  • Start or buy a business in New Zealand
  • Work in that business for up to three years
  • Bring a partner and dependent children aged 19 and under

You can find more complete details on the website of the New Zealand government. 

The visa has three primary requirements: 

  • Applicants must make an investment of NZD $100,000 and submit a detailed business plan for their proposed venture (see the website for details)
  • Applicants must claim at least 120 points on the government’s ‘scale’ (you can check this on the website, but remember that it’s not an official count until an immigration officer reviews it, it’s just to give applicants an idea of approximately where they stand and the areas in which they can gain more points)
  • Applicants must supply documentation attesting to their good health, character, lack of criminal background and English language ability

It’s important to remember that meeting the requirements does not automatically make an applicant eligible for the Entrepreneur Work Visa. The process can include subjective judgment and some applications can be considered stronger than others for a number of reasons, like being better aligned with the economic goals of New Zealand or targeting a gap in the market. 

Always consult an immigration professional for more detailed information about these and other programs. The information here is strictly for informational purposes regarding the role of business plans when applying for Entrepreneur Work Visas to New Zealand.

Business plans for New Zealand business immigration

The importance of an immigration business plan for Entrepreneur Work Visas

Your dreams of immigrating to New Zealand to start a business may depend on the strength of your business plan. 

Why? Because business plans provide an opportunity to show how your venture aligns with the purpose of the Entrepreneur Work Visa programme and the broader goal of promoting the economic development of New Zealand. 

Your business plan provides all the relevant information about how you are going to start or take over a business and manage it on the path to growth. Even though a good business plan is never a guarantee of success, it’s hard to make a strong case for your visa application without a business plan that shows that you have carefully considered the most important aspects of your business ambitions. 

A business plan shows immigration authorities not only that your business venture has genuine potential for success and growth, but that your projections and estimates are based on solid data and reasonable assumptions. This is done through the inclusion of industry and market research, statistical analyses, and informed financial projections. 

Well-written business plans do more than just satisfy the requirements of the Entrepreneur Work Visa programme. They serve as a guide as you move forward and encounter the inevitable issues that come with running a business. Putting together a business plan makes you take the time to consider all the variables that can impact your business’ performance, bringing issues to light that may not have attracted your attention before. 

Here’s why creating your own business plan is difficult and time-consuming

Let’s say you’re sold on the idea of including a detailed business plan with your application for an EWV for New Zealand. You understand what it does, why you need it and the difference it can make in your application.

Your next thought might be about how you can do this yourself. After all, how hard can it be? You’ve already thought extensively about all the key areas of the business, so all you need to do now is write everything down, right? 

Not exactly. Creating the kind of business plan you need demands more time and energy than you may realise. Consider these points before you convince yourself that you can take care of the business plan without any help:

  • Specialist knowledge. There’s no shortage of help online if you search for how to write a business plan but this would be your first mistake. This is because you don’t need a business plan, you need an immigration business plan. Business plans are for banks and investors, immigration business plans are for national Immigration authorities. The plan you need for an Entrepreneur Work Visa, for example, is very different from a standard business plan. If you submit a document designed for investors and bankers to the office that will determine your eligibility to immigrate to New Zealand, you’re putting all your plans in danger. 
  • Industry expertise. Professional business plan writers are assisted by immigration lawyers to understand the trademarks of a convincing Entrepreneur Work Visa business plan. Thanks to their understanding of the industry, professional immigration business plan writers know what must be included in their plans in order to be successful. 
  • Time, effort, and focus. Time is money and creating a good immigration business plan will take much more time than you think. As an aspiring business operator, you have other important things to take care of. A professional immigration business plan writer will ensure that all essential points are covered, allowing business owners to save weeks or even months and keep their focus on their business. 
  • Financial statements. Arguably the most difficult part to do on your own, financials are essential to your EWV business plan. A successful application requires a thorough understanding of the company’s financials. While traditional financial reports are usually created for bank loans or investors, EWV projections must be optimistic yet realistic and based on supported assumptions to demonstrate these projections while including five years’ worth of profit and loss statements, balance sheets, and cash flow statements.

In short, there are a lot of important details in a good business plan. Working with a partner like Joorney makes getting the business plan you need more cost-effective than spending your own time on it while ensuring that the final product meets the expectations of those who will review your EWV application. 

What a strong business plan does 

As noted above, a business plan is among the required documents for an Entrepreneur Work Visa. While there are no guarantees of success, a strong, persuasive business plan can make a visa application more compelling and differentiate one applicant from another. 

Any convincing business plan must do the following: 

  • Include industry and market research. Conducting a statistical analysis on market size, competition, current trends, etc. shows that an applicant understands the value of data in establishing a business and has taken the time to carefully analyse their idea from a numbers perspective. 
  • Highlight the unique value proposition of the proposed venture. Show that the business idea has a high chance of success because of the problem it is solving or the pain point it addresses.
  • Provide detailed financial projections. Any good business plan should include financial projections showing the viability and growth path of the business. These projections should cover a period of at least five years and should include revenue and expense projections.
  • Show the applicant’s qualifications and experience. The business plan should highlight the applicant’s abilities, qualifications, certifications or other proof of ability, along with relevant education, work experience, and achievements.
  • Focus on the benefit of the proposed business for New Zealand. The business plan should clearly demonstrate how granting the visa will result in concrete benefits for New  Zealand. 

Business plans for New Zealand business immigration

Joorney can write your business plan for your EWV application

At Joorney, we specialise in writing business plans for business immigration visa applicants. We understand the importance of a well-crafted business plan that showcases the strong potential of the business venture, the exceptional ability of the applicant, and overall benefit to New Zealand.

Here’re why Joorney Business Plans is the right choice for your EWV application:

  • Expertise in writing immigration business plans: We write over 6,000 business plans yearly and have worked with over 1,000 immigration partners on these projects. This high volume of completed plans has given us vast expertise in the specific requirements of various visa applications.
  • Customised plans tailored to your specific situation and goals: We understand that every applicant’s situation and goals are unique. Therefore, we work closely with each client to create a customised plan that tells their story and maximises their chances of success.
  • Experience in various industries and fields: Our team of writers has experience in various industries and fields, from IT & Software to the arts. This breadth of experience allows us to craft plans specific to each applicant’s industry and field of practice.
  • Attention to detail and accuracy: We understand the importance of accuracy and attention to detail in immigration business plans for visa applications. Our team of writers and editors thoroughly reviews each plan to ensure that it meets the specific requirements of the application process.

The business plan requirement for the Entrepreneur Work Visa gives applicants an opportunity to describe their plans in detail and demonstrate why their application is worthy of support. This means the business plan plays a crucial role in the process and deserves extra care and consideration. 

If you or your client is considering applying for a visa to start a business in New Zealand, Joorney can help by crafting a high-quality, custom business plan to support the application. 

Reach out to us today to learn more.

 

Disclaimer: Joorney Business Plans is not a law firm nor an immigration consulting firm, and all information provided in this document should not be considered as legal advice or any advice or recommendation on any immigration application programme. All information provided in this document should be verified by a licensed or certified immigration professional before the reader can act on this information. As such, it is understood that Joorney Business Plans Inc. shall not be liable for any loss or damage of whatever nature (direct, indirect, consequential, or other), whether arising in contract, tort, or otherwise, which may arise as a result of your use of (or inability to use) this document, or from your use of (or failure to use) the information on this document.

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