This section contains information about the assessment of the likely benefit to New Zealand arising from the factor relating to new technology or business skills.
Will the overseas investment result in, or is it likely to result in, the introduction into New Zealand of new technology or business skills (section 17(2)(a)(ii))?
Key elements of this factor
There are three key elements to this factor:
- The technology or business skills must be introduced into New Zealand; and
- The technology or business skills must be new to New Zealand; and
- The new technology or business skills that are likely to be introduced as a result of the overseas investment must be additional to that which are likely to be introduced without the investment.
This factor will not be relevant for many investments as, although the technology or skills may be new for the Applicant or in relation to the investment, in many cases they are already being used elsewhere in New Zealand by others.
‘Technology' is the application of scientific knowledge for practical purposes. It is a broad term that includes areas such as information technology, industrial technology, biotechnology, nanotechnology and robotics. Technology may be in the form of machinery, devices, systems / processes, materials, chemicals, plants / organisms, animal breeds, software, or some other form.
Business skills include ability, expertise or specialised knowledge, which are either of a commercial nature or relate to the activities to be carried out in relation to the overseas investment. Business skills may be derived from education, training or experience.
Examples of business skills include bringing staff into New Zealand with particular experience that is not already available in New Zealand or teaching employees how to use processes or equipment in a way that is currently only done overseas.
Making a claim
Provide the following information when making a claim under this factor:
How the new technology or business skills are likely to be introduced to New Zealand as a result of the overseas investment.
- New technology or business skills:
Describe the new technology or business skills that are likely to be introduced.
- New to New Zealand:
Why the technology or business skills are "new" to New Zealand by distinguishing the new technology or business skills from what is already available in New Zealand to achieve the same purpose.
When the technology or business skills are likely to be introduced. If the new technology or business skills are to be introduced over a particular timeframe, specify the financial years over which they will be introduced and the particular new technology or business skills that will be introduced in each of those financial years.
Explain whether the new technology or business skills are likely to occur without the investment.
Any precondition that may prevent the delivery of the benefits claimed under this factor (e.g. if regulatory approval or consent is required before the technology or business skills can be introduced).
Conditions of consent
All consents are granted subject to conditions. Consent conditions will generally require consent holders to deliver, and report on, the benefits claimed in their application. The OIO monitors all consents to ensure that conditions are complied with.