Entry requirements need to be ‘beefed up’

Press, 28 June 1989, Page 37

Entry requirements need to be ‘beefed up’

NZPA Wellington The Government should beef up entry requirements for immigrants under its business immigration policy if it wants to promote investment here, the D.F.C. says. In its monthly review of business developments, the investment bank said the Government’s business immigration policy was lax compared to other countries. The policy was aimed at attracting business people with skills and the intention to invest a minimum of $200,000 in business on top of $200,000 for setup costs, including housing. Migrants typically declared only the minimum assets they believed necessary to gain entry, a D.F.C. researcher,

Mr Brian Bell, said. But immigrants to Australia were required to front up with $657,894 bounty, which must be deposited in Australia. “The New Zealand policy requires only that the person can show they have the capital to invest,” Mr Bell said. A surge in demand from potential Hong Kong immigrants, due to recent upheavals in China, might be a catalyst for policy change, he said. Numbers of potential immigrants were expected to double or treble over the next year. Of 45,000 Hong Kong emmigrants last year, New Zealand received 1000. Immigration consultants,

who acted as facilitators between the migrant and the Government for a fee of $lO,OOO to $15,000 were frustrated by the delays and New Zealand’s low key approach to the business, Mr Bell said. “It is taking around 12 to 15 months to process immigrants from the time of first application to final arrival in New Zealand,” Mr Bell said. “Resource constraints at the New Zealand Commission in Hong Kong are cited as the major factor in delays.“ The opportunity now exists to promote New Zealand vigorously as an investment market and at the same time beef up entry requirements to at least that of Australia in terms of the initial investment requirement,” Mr Bell said.