Active Investor Plus Direct Investment: Investing in New Zealand Businesses Under the Growth Category

International investors considering New Zealand's Active Investor Plus Visa do not have to invest exclusively through managed funds.

The Growth category also provides a pathway for qualifying direct investment into New Zealand businesses.

This can give experienced investors an opportunity to take a direct ownership interest in a New Zealand company while contributing capital to its growth.

However, simply investing in a New Zealand business does not automatically make an investment acceptable for Active Investor Plus purposes.

Direct investments must meet specific requirements and be accepted by Invest New Zealand.

What is an Active Investor Plus direct investment?

Under the Active Investor Plus programme, a direct investment generally involves an investor making their own investment decision and investing into an appropriate privately held New Zealand business.

Depending on the structure, an acceptable direct investment can include:

• equity securities, such as shares in a New Zealand company;
• certain convertible notes;
• preference shares;
• a Simple Agreement for Future Equity (SAFE); or
• another qualifying financial product that converts, or is convertible, into equity.

The underlying investment must satisfy the applicable Active Investor Plus requirements.

For privately held companies, Invest New Zealand must determine that the investee entity meets the criteria for an acceptable direct investment.

Can direct investment qualify under the NZ$5 million Growth category?

Yes.

Direct investment is one of the principal acceptable investment classes under the Growth category.

Growth applicants must invest at least NZ$5 million in acceptable investments over the applicable three-year investment period.

Growth investments can include:

• acceptable direct investments;
• acceptable managed funds; and
• qualifying philanthropy, subject to the applicable limit.

This means an investor does not necessarily have to place the entire NZ$5 million into one investment.

A portfolio may potentially contain different acceptable Growth investments, subject to the Active Investor Plus requirements and appropriate professional advice.

What does Invest New Zealand consider?

Invest New Zealand assesses proposed direct investments against the Active Investor Plus investment criteria.

An important consideration is whether the proposed investment is expected to generate a positive economic impact for New Zealand and whether it is consistent with the objectives and principles of the AIP programme.

This reflects the wider purpose of the Growth category: encouraging international capital into investments that can contribute to New Zealand's productive economy.

Invest NZ maintains an Acceptable Direct Investment List.

As at its 28 September 2026 update, there were 94 acceptable direct investments, although not all are publicly displayed because some businesses have elected not to be listed publicly or may not currently be open to investment.

What changed for direct investments on 28 September 2026?

New requirements for direct investments and managed funds took effect on 28 September 2026.

These changes strengthen the assessment and continuing oversight of investments participating in the Active Investor Plus programme.

For direct-investment opportunities, this makes preparation particularly important.

Invest New Zealand now expects an application to relate to a genuine capital raise that is underway or expected within the applicable timeframe.

Evidence of genuine third-party investor interest may also be required as part of the assessment process.

The objective is to distinguish genuine investment opportunities from businesses created or presented primarily to satisfy investor-visa requirements.

Does Invest New Zealand approval mean an investment is recommended?

No.

This distinction is extremely important.

An investment being accepted for Active Investor Plus purposes means that it has met the relevant immigration investment criteria.

It does not mean that Invest New Zealand or the New Zealand Government:

• recommends the investment;
• guarantees the investment;
• guarantees a financial return;
• considers it appropriate for a particular investor; or
• has conducted investment due diligence on behalf of the investor.

An investment can be acceptable for immigration purposes and still carry significant commercial and investment risk.

Independent professional investment, legal and tax advice remains important.

What types of New Zealand businesses could potentially qualify?

There is no single industry that defines an acceptable direct investment.

The current Invest New Zealand list demonstrates the diversity of opportunities available across New Zealand's economy.

Potential opportunities can involve businesses seeking:

• start-up capital;
• expansion capital;
• growth capital;
• new equity investment; or
• capital to support commercialisation and international expansion.

The fundamental issue is not simply what industry the company operates in.

The business and proposed capital raise need to satisfy the relevant Active Investor Plus direct-investment requirements.

Why might direct investment appeal to an international investor?

Some experienced entrepreneurs, business owners and family offices may prefer greater involvement with their New Zealand investments than a conventional passive portfolio provides.

Direct investment can potentially offer:

• direct exposure to New Zealand businesses;
• equity ownership;
• participation in business growth;
• relationships with New Zealand entrepreneurs and management teams;
• access to particular industries or technologies;
• opportunities to contribute international experience and networks; and
• portfolio diversification into New Zealand private markets.

The appropriate investment will depend entirely on the investor's circumstances, objectives and risk tolerance.

Are direct investments higher risk?

They can be.

Immigration New Zealand describes Growth investments as generally higher-risk investments targeting higher rates of return.

They may also be illiquid, meaning they cannot necessarily be readily converted back into cash.

An investment commitment can extend beyond the minimum three-year Growth-category immigration investment period.

Investors therefore need to distinguish between two different questions:

Does this investment qualify for Active Investor Plus?

and:

Is this an appropriate investment for me?

They are not the same question.

Can a Balanced-category investor make direct investments?

Yes.

Applicants using the NZ$10 million Balanced category can also invest in qualifying Growth-category investments, including acceptable direct investments.

Balanced investors additionally have access to a broader range of acceptable investment classes, including qualifying:

• listed equities;
• bonds;
• property development; and
• philanthropy.

This gives Balanced applicants considerably greater flexibility when constructing their overall New Zealand investment portfolio.

Can an investor find opportunities before applying?

International investors interested in direct investment can begin understanding New Zealand's investment ecosystem before making final investment decisions.

Invest New Zealand maintains its Acceptable Direct Investment List and can also facilitate introductions between interested investors and listed investee entities.

Investors may also encounter opportunities through professional advisers, investment networks, fund managers and other New Zealand business relationships.

However, appropriate investment and professional due diligence should remain central to any decision.

Direct investment can be part of a wider New Zealand strategy

For many Active Investor Plus applicants, investment is not an isolated transaction.

The investor may simultaneously be considering:

• New Zealand residence;
• international tax structuring;
• banking;
• foreign exchange;
• business interests;
• property;
• family relocation;
• education;
• succession planning; and
• their family's longer-term relationship with New Zealand.

An entrepreneur considering an investment into a New Zealand business may therefore need several professional advisers working together.

How NZLIP helps

New Zealand Life Investment Partners provides Investor Project Management and Concierge support for international investors and families considering New Zealand.

Our role is not to recommend a particular investment.

Instead, NZLIP helps coordinate the investor's complete New Zealand journey and the specialist professionals required along the way.

Depending on the investor's circumstances, that can involve:

• licensed immigration professionals;
• investment advisers and managers;
• lawyers;
• accountants and international tax specialists;
• banks;
• foreign exchange specialists;
• business and investment professionals;
• property specialists; and
• relocation professionals.

We Work for the Investor.

Our objective is to provide one central point of coordination while the appropriate licensed professionals provide regulated specialist advice.

Considering direct investment in New Zealand?

If you are an international investor considering the NZ$5 million Growth category, direct investment into New Zealand businesses, managed funds or the wider Active Investor Plus programme, NZLIP can help you understand and coordinate the journey.

Arrange a confidential consultation with New Zealand Life Investment Partners.

Frequently Asked Questions

Can I invest directly in a New Zealand company under the Active Investor Plus Visa?

Potentially. Direct investment is an acceptable investment class under the Growth category, but the investment must meet the applicable requirements and, for privately held businesses, the investee entity must be accepted by Invest New Zealand.

How much must I invest under the Growth category?

The minimum Growth-category investment is NZ$5 million, invested in acceptable investments over the applicable three-year investment period.

Does the entire NZ$5 million have to go into one company?

Not necessarily. Growth applicants can potentially construct a portfolio using different acceptable Growth investments, subject to the programme requirements.

Does Invest New Zealand recommend companies on its acceptable list?

No. Acceptance is for Active Investor Plus purposes and does not constitute an investment recommendation or Government guarantee.

Can Balanced-category investors invest directly in New Zealand companies?

Yes. Balanced applicants can invest in qualifying Growth-category investments, including acceptable direct investments.

Are direct investments liquid?

They may not be. Immigration New Zealand notes that Growth investments can be higher risk and illiquid, and investment commitments may extend beyond the minimum immigration investment period.

Important information

This article provides general information only and does not constitute immigration, investment, financial, legal or tax advice.

Active Investor Plus requirements and investment eligibility can change. Investors should obtain current advice from appropriately licensed and qualified professionals before making immigration or investment decisions.