13What are overseas investments in significant business assets

1. An overseas investment in significant business assets is—

2. the acquisition by an overseas person, or an associate of an overseas person, of rights or interests in securities of a person (A) if—
   1. as a result of the acquisition, the overseas person or the associate (either alone or together with its associates) has a more than 25% ownership or control interest in A or an increase in an existing more than 25% ownership or control interest in A of a type referred to in section 12(1)(b)(ii); and
   2. the value of the securities or consideration provided, or the value of the assets of A or A and its more than 25% subsidiaries, exceeds $100 million or an alternative monetary threshold that applies in accordance with regulations made under section 61A; or
3. the establishment by an overseas person, or an associate of an overseas person, of a business in New Zealand (either alone or with any other person) if—
   1. the business is carried on for more than 90 days in any year (whether consecutively or in aggregate); and
   2. the total expenditure expected to be incurred, before commencing the business, in establishing that business exceeds $100 million or an alternative monetary threshold that applies in accordance with regulations made under section 61A; or
4. the acquisition by an overseas person, or an associate of an overseas person, of property (including goodwill and other intangible assets) in New Zealand used in carrying on business in New Zealand (whether by 1 transaction or a series of related or linked transactions) if the total value of consideration provided exceeds $100 million or an alternative monetary threshold that applies in accordance with regulations made under section 61A.

5. However, an overseas person that was lawfully carrying on business in New Zealand on 15 January 1996 (which was when the Overseas Investment Regulations 1995 came into force) does not require consent for an overseas investment in significant business assets described in subsection (1)(b) if the investment requires consent only because it comes within that paragraph.