Sunday, November 22, 2009

Six fold hike in Indian businessmen settling in New Zealand

IANS | Sun, Nov 22 | 11:32 AM

There has been a nearly six-fold increase in the number of Indians who have been approved residence through business categories in New Zealand, authorities said. As many as 53 Indians were among 689 people who were approved residence through business categories for financial year 2007-08 as compared to nine in 2002-03, said New Zealand’s department of labour. Yugraj Mahil, an Indian Businessmen in New Zealand, said that most of Indian businessmen have set up liquor store, dairies, farms and restaurants in New Zealand. ‘Ninety percent Indians, who have established their farms, belong to Punjab. Relaxation in restrictions in the business category would definitely encourage more businessmen from India to set up their business in New Zealand,’ he added.

India stood fourth among top ten nations in year 2007-08 for residence under business categories. Britain was at the top with 157, followed by China 150 and South Korea 140. In a bid to bring more investment in New Zealand, the government has loosened some of the restrictions in the business categories this year. The new investor Plus category now requires bringing only $10mn into the country for three years, compared to $20mn over four years under the old policy. The age limit has also been eliminated and there is no language requirement. Richard Howard, board director of the New Zealand Association for Migration & Investment Inc, said that entrepreneurial migrants are able to take advantage of a new Entrepreneur Plus category coming into effect from Nov 30.


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