[Velma]

Does anybody know the best way to buy a business in NZ? I am looking to buy a restaurant/cafe and have the money to be able to buy it outright. It looks like I would have to apply for a long term business visa under the entrepeneur category. They would need a full detailed business plan, which I could provide, giving full details of how I would run that particular business, however by the time that was all processed (no sooner than three months) the business would probably be sold to someone else!
I asked for advice from immigration and they seemed to think it was possible to go out on a tourist visa, buy a business then apply for the long term business visa while out there, as long as I had all my paperwork from the UK.
Has anyone done this, and how risky is this?
Any advice much appreciated

[Moorf]

Hi Velma,

Can't help regarding visa's but I do know that you need previous experience in the business that you intend to run - or at least that's what we were led to believe before we came here (2yrs ago) it may have changed or we may not have delved deep enough. Now we have PR we can buy whatever we like.

Moorf

[markynz]

Hi Velma,

I came over on the LTBV in august, all done from the UK. Immigration is pretty strict regarding the criteria for the VISA so my advice there would be to do your research ( competitors in the area especially ) and also make sure your business plan is up to scratch.

My circumstances were slightly different than yours as I have setup a franchise from scratch ( PC People - for all your computing needs ! ) - lol

However, having spoken to business people, befriended owners and also seen how businesses are marketed over here I would definitely recommend you come over on a tourist visa and look first hand at the business opportunites to be had. I would imagine it would be extremely difficult for anyone to buy into a business without knowing what the local area is like or just who the local competition would be. Knowing this would also help your visa application.

Best thing to do is simply be totally upfront with immigration with what you would like to do and then stick to the letter regarding what they say you must do. I found them to be fairly lenient anyway as regards timescales.

Anything else I can be of help with ?

mark

[Velma]

many thanks for your help guys. Think will just come over and take a look!

[markynz]

hey Velma - Nelson is a great place for a restaurant/cafe. Its a real tourist area and an excellent cafe culture :D

[veronica]

we came over on the LTBV too. one of the criteriia is that you have to have run a business in that field for at least 3 years.

[markynz]

mmm..thats curious, as I have never run a business before this. Although I have been a computer engineer for 10 years. Maybe thats whats swung it for me ?

[Moorf]

I believe experience in the field of the business you intend to run is what is required. :yes So if you're in hospitality or food business in the UK, even if you're employed in that field and not a business owner, that would count towards it if you were to run a cafe etc.