Application Assessment & Timeframes

On this page:

1. Submitting an application
2. Estimated decision times
3. Requests for priority
4. Further information requests
5. Factors influencing turn-around times
6. Lapsing applications
7. Consultation on conditions of consent
8. Final statutory declaration
9. Recommendations
10. Decision

Submitting an application

Within five working days of an application being received by the OIO it will undergo an initial assessment to check the application:

• contains sufficient information for full consideration by the OIO
• is accompanied by the prescribed fee. Regulation 30 of the Overseas Investment Regulations 2005 provides that a fee must be paid on the making of an application.

If the application is accepted, the OIO will register it and start assessing. The OIO will seek further information if needed. If the OIO does not accept the application for assessment, it will return it to you for further action.

See how to apply for consent.

Estimated decision times

There is no statutory timeframe within which an application for consent must be decided. However, the OIO aims to make a decision on high quality, straightforward applications, where no third party consultation is required or special land is involved, within 50 working days of the date of registration.

Requests for priority

The OIO does not give priority to a particular application, except in very exceptional circumstances (for example to accommodate other statutory timeframes, such as those under the Takeovers Code). Even if there are exceptional circumstances, the OIO still expects investors to submit their application early enough for the OIO to assess it appropriately.

The OIO will not treat the likely failure to meet an “OIO consent” condition in a sale and purchase agreement as an exceptional circumstance. You will need to seek an extension of time from the vendor to meet the “OIO consent” condition if the condition expires within 50 working days after registration of the application.

Further information requests

The OIO will seek additional information from an applicant if further clarification is required during the assessment process.

Factors influencing turn-around times

• Any special features of the application: The application may take longer to assess if it includes “special land”, is particularly complex, has other significant features or is borderline in terms of satisfying the “benefit to New Zealand” criterion in the Overseas Investment Act.
• The amount of material that needs to be analysed: The application may take longer to assess if there is a substantial amount of information provided that needs detailed analysis - eg financial statements and projections, substantial ecological reports, the need to benchmark projections with MAF model farm financial reports.
• Further information requests: These may be required during the assessment process to provide further clarification and could affect timeframes.
• Whether the OIO needs to consult: The OIO may need to consult with other government agencies or third parties before making a recommendation or decision, which could impact upon timeframes.
• The availability of the relevant Ministers: If the decision requires Ministerial consent, the timeframe will be influenced by the relevant Minister's availability.
• Whether the relevant Ministers consider the application is complete: Ministers may request that the OIO engage in additional consultation, request clarification of any information provided in the application, or impose additional conditions of consent.

Lapsing applications

The OIO policy is to allow up to 20 working days for information to be provided in response to a request from the OIO. If information is not received within this time, and an application to extend this time is not made, the OIO will administratively "lapse" the application. An applicant who wishes to continue with the investment will need to make a fresh application and pay a new application fee.

Once the OIO has received all the information it requires and has requested the final statutory declaration, an applicant has up to 10 working days to supply the final statutory declaration. If the declaration is not received within this time, and an application to extend this time is not made, the OIO will administratively "lapse" the application.

Consultation on conditions of consent

The OIO will ask the applicant to agree to possible conditions of consent before the OIO or the Ministers make a decision. However, both the OIO and the relevant Ministers retain the right to impose different conditions.

Applicants should note that section 28 of the Overseas Investment Act imposes two conditions on every consent:

• that the information provided to the OIO and the relevant Minister or Ministers was correct
• that the applicant complies with the representations and plans submitted in support of the application and notified by the OIO as having been taken into account when the consent is granted.

Final statutory declaration

The OIO will require applicants to provide the final statutory declaration within 10 working days once it has received all relevant information from them (including responses to all further information requests).

Recommendations

In the case of decisions that must be made by the relevant Minister or Ministers, the OIO will make a recommendation to them. Ministers are not bound to follow that recommendation.

Decision

The OIO will communicate a decision to applicants in a “decision letter”. The letter will:

• if consent is granted, list the conditions imposed on that consent
• include a draft decision summary (for public release)
• ask the applicant to approve the release of the decision summary.