12 March 2007

It often used to be the case that a spell of living and working in New Zealand was seen as a sideways career move – a stunning place to live, but a step off the ladder to success.

In the past few years this situation has turned around, so that in many industries a job or a business in New Zealand is regarded as a valuable addition to a resume. The ongoing allure of New Zealand has also meant that many visitors have never left.

New Zealand now represents not only a great place to live but also an excellent internationally connected environment in which to work or from which to run a business.

This change in international attitudes to New Zealand began with the country’s accomplishments in the film industry. Lower on the publicity radar, success in the fashion, marine, biotechnology and information technology sectors has also contributed to New Zealand’s status as a place to both live and work.

Someone well placed to observe the change is Investment New Zealand’s Director Ross Campbell.

“In my experience lifestyle has often been a big factor in decisions by people to shift to New Zealand, but over the past few years we’ve begun seeing more and more people immigrating here as a career move as well.

“There are now so many amazing things going on in New Zealand in the sciences, in technology and in the creative area that there’s a feeling among those in the know that they’ve got to be a part of it.

“There’s always been international recognition of New Zealand’s beautiful and pristine natural environment, which has driven much of the success of the local tourism industry and helped attract immigrants interested in improving their lifestyles.

“But now we are also seeing increasing international awareness of the vibrancy, innovation and the whole sense of opportunity that exist here in New Zealand in business, science and technology.

“You can have it both ways – have a great place to live and stay at the forefront of your chosen business or profession.”

Biotechnology is an example of a rapidly expanding industry in New Zealand, with export revenue increasing more than 30 percent between 2004 and 2005 and the number of biotech organisations up 15 percent.

Part of this growth has been the result of the increased availability of local venture capital. For example, in 2005 BioPacificVentures, which includes Swiss venture capital fund manager inventages, set up a NZ$150 million fund in New Zealand, targeting investments in Australasia.

The New Zealand Government has also moved to make it more attractive to return to or settle in New Zealand.

Last year it introduced new tax rules for new migrants or returning New Zealanders that may mean they qualify for a four-year exemption on some of their foreign income.

The exemption is available to those who are tax residents in New Zealand and who have not been resident for tax purposes in New Zealand for at least 10 years before arriving in New Zealand.

Other reasons to consider moving to, or setting up a business in, New Zealand, include:

• Cities Auckland and Wellington last year were ranked sixth and 12th respectively in a quality of living survey based on political, social, economic and natural environmental factors. The Mercer survey also took into account personal safety and health, education, transport and other public services.

• Corruption and barriers to information flows are virtually unknown. The country ranked second equal with Finland on the 2005 Transparency International Corruption Perceptions Index. It is also ranked second in the world for absence of protectionism.

• A supportive business environment, for example research and development is 100 percent tax deductible.

• Office rental rates are amongst the lowest in the developed world. CB Richard Ellis’s Global Market Rents survey in 2005 showed office rentals in Auckland averaged US$23.71 per square foot per annum, a fraction of the rates in other major Asia-Pacific cities.

• New Zealand is showing rapid cultural diversification through immigration and this is leading to increased social and business links, particularly in the Asia-Pacific region.

For information on immigrating to New Zealand visit:

www.immigration.govt.nz

For more information, please contact:

ross.campbell@investmentnz.govt.nz

+64 4 910 4384