Page 1 of 2 12 LastLast
Results 1 to 10 of 16

Thread: buying a business on visiters permit

  1. #1
    macfod's Avatar
    macfod is offline Oh Masterful One
    Join Date
    Mar 2005
    Posts
    391

    Default buying a business on visiters permit

    Immigration couldnt tell me late on Friday!
    So,we are still in the process of completing a LTBV, but a business is available which we could buy now.
    Could we buy an established business just like we could buy property?

    I understand we couldnt pay oursleves a wage and that it might mean we leave a manager in place whilst we have to leave to run from elsewhere or until we get approval in a three month time lag!



    Might seem a strange an odd question but we cant find out the immigration stance until monday so just throwing the question in. :)

  2. #2
    Taffy's Avatar
    Taffy is offline He who shall be ignored
    Join Date
    May 2004
    Location
    Hamilton, NZ
    Posts
    3,408
    Blog Entries
    5

    Default Re: buying a business on visiters permit

    In simple terms, yes you can.

    You would, however, be purchasing a business as an offshore investor, which has all sorts of implications. You can find a lot of information about what it means to be an offshore investor on these sites:

    Companies office: http://www.companies.govt.nz
    Tax Office: http://www.ird.govt.nz

    I wont even try to explain the rules as firstly, I havent looked in to it much and secondly, it's something that only a professional should be advising you on.

    What it could well be worth doing though, it putting everything in place to make the purchase, and by the time it all goes through, you could find you'll already have your visa anyway! Or, come to an agreement with the current owners to continue the business until you arrive. You'll be suprised how many people are willing to do that, and three months isnt long.
    Taffy

    The greatest mistake you can make in life is to be continually fearing you will make one.

  3. #3
    MotherBear's Avatar
    MotherBear is offline The missing link
    Join Date
    Jan 2005
    Location
    currently Ras al Khaimah, UAE, ex Wales, UK
    Posts
    11,180
    Blog Entries
    1

    Default Re: buying a business on visiters permit

    Macfod is already in NZ, Taffy.

    Macfod, have you actually applied for your LTBV already? ?I can't tell from your post whether you're still completing the paperwork for it or completing the process of going through the application with NZIS. ?

    Perhaps you could ask the owner to let you work in the business so you can get a feel for running it and then, when the LTBV goes through you'll be an old hand at it. ?You'd need a Work Permit though, so you can work legally in NZ.

    Pretty poor show if NZIS couldn't give you an answer straight away. I'm seeing this more and more where people are either being given conflicting or confusing advice or being told 'I don't know the answer to that'. After all NZIS makes the rules so they should be able to answer queries about them. I could work for NZIS as I get it wrong as often as they do. ;D . Ooops there goes my chance of PR. ::)
    Mother Bear

    Try to bloom wherever you are planted.

  4. #4
    Taffy's Avatar
    Taffy is offline He who shall be ignored
    Join Date
    May 2004
    Location
    Hamilton, NZ
    Posts
    3,408
    Blog Entries
    5

    Default Re: buying a business on visiters permit

    Yes I know, but as they are on visitors permits, they will still be offshore investors as they are, as yet, not entitled to reside in NZ.
    Taffy

    The greatest mistake you can make in life is to be continually fearing you will make one.

  5. #5
    MotherBear's Avatar
    MotherBear is offline The missing link
    Join Date
    Jan 2005
    Location
    currently Ras al Khaimah, UAE, ex Wales, UK
    Posts
    11,180
    Blog Entries
    1

    Default Re: buying a business on visiters permit

    Oh right...........I think. :o Just that you mentioned 'until you arrive' so I thought I'd stick my beak in and point it out. ;)
    Mother Bear

    Try to bloom wherever you are planted.

  6. #6
    Taffy's Avatar
    Taffy is offline He who shall be ignored
    Join Date
    May 2004
    Location
    Hamilton, NZ
    Posts
    3,408
    Blog Entries
    5

    Default Re: buying a business on visiters permit

    Ah right, yes thats bad wording on my behalf there! Getting caught up in the offshore side of things.... 8-)
    Taffy

    The greatest mistake you can make in life is to be continually fearing you will make one.

  7. #7
    macfod's Avatar
    macfod is offline Oh Masterful One
    Join Date
    Mar 2005
    Posts
    391

    Default Re: buying a business on visiters permit

    oops sorry to confuse!
    :)
    Right , no I havent lodeged our ltbv as yet and will again soeak to immigaration or business migration tommorrow-monday!
    I have been in NZ now since Dec and wokring on things and making good local contacts.

    We are willing to take a risk as long as we are not crossing immigration rules or acting illegally.
    We already have funds and can purchase the business outirght and worse to to it we have to leave then so be it , but such is life.
    however, we are very excited and have great plans for the business and will seal the contracts tommorow once we have the positve nod from immigration!

    So, thanks all for your help and I'l keep ypu updated.
    We already have our IRD numbers and will talk to many people tommorrow.

    Now settling well in Dunedin.

    :) 8-) ::) :-*

  8. #8
    MotherBear's Avatar
    MotherBear is offline The missing link
    Join Date
    Jan 2005
    Location
    currently Ras al Khaimah, UAE, ex Wales, UK
    Posts
    11,180
    Blog Entries
    1

    Default Re: buying a business on visiters permit

    Just to check, Macfod, is the business you want to buy something that you've already worked at for some time previously? ?I think I'm right in saying that it has to be a business that you have had prior experience of and I have it in my mind that you need to have run such a company in the past. ?Have you gone through all the LBTV rules and regs to make sure you comply and got a business plan together? ?

    I'm probably just being a clucky old hen, but just wanted to make sure you weren't about to be disappointed. Going the LTBV route can be a minefield if you haven't got all the right answers and paperwork to prove them.
    Mother Bear

    Try to bloom wherever you are planted.

  9. #9
    macfod's Avatar
    macfod is offline Oh Masterful One
    Join Date
    Mar 2005
    Posts
    391

    Default Re: buying a business on visiters permit


    nope. its something differerent from my previous business of ahndling Walmart and Tesco account nationally in the Uk.

    The business we want to buy is viable and yes we have hoops to go through with the ltbv beig processed once we submit next week.
    But, ah well if it all goes sour and we dont get the visa's then we will just go the other way and saell the existing busines on again t.
    to someone.
    Our aim is thoguht to get approval and saty and expand the business and we are very determined people and will do the best we can.
    Its only an invesment of $100k sat there gaining 7% interest annually and we are very up and go for it people.

    Or should that be stange people :P
    we will take a chance if it gives us experience.or pan B SPAIN HERE WE COME

    MARK :)

  10. #10
    Dawn's Avatar
    Dawn is offline All Knowing Deity
    Join Date
    Sep 2006
    Location
    Hamilton NZ
    Posts
    1,272
    Blog Entries
    8

    Default Re: buying a business on visiters permit

    Oooo Macfod sounds all so very exciting and marvellous and as this is very quite like the kind of thing we're likely to do I shall look forward to hearing how you get on! Living for the moment and all that! What kind of business is it then? Anything we can support you with when we get over there? You know, buy your brand or use your service, drink your coffee, that kind of thing?

    Good on you matey. If it feels right do it - that's our motto ;)
    Passionate about the unfathomableness opportunities of kiwi-a-gogo-land

Page 1 of 2 12 LastLast

Similar Threads

  1. business visa
    By gray in forum General NZ Chat
    Replies: 1
    Last Post: 23-09-2006, 12:49 PM
  2. Moving to NZ via business buying?
    By katiej35 in forum General NZ Chat
    Replies: 4
    Last Post: 12-06-2006, 01:20 PM
  3. buying a business
    By JeffFriggens in forum General NZ Chat
    Replies: 3
    Last Post: 11-02-2006, 05:15 AM
  4. Buying a business
    By SteveyC in forum General NZ Chat
    Replies: 24
    Last Post: 23-11-2005, 03:00 AM
  5. Home Based Business
    By JackHu in forum General NZ Chat
    Replies: 0
    Last Post: 09-01-2005, 11:55 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21