Hello,
I am enquiring on behalf of an acquaintance, who does not speak English. She is Vietnamese, and has a son and daughter studying in Auckland, New Zealand. She does not hold any visa to live or run a business in NZ. She has asked me to enquire for her, after getting into a situation.
She would like to know how she stands legally, regarding starting a business in NZ, despite her lack of a visa. She gave a loan of a few thousand dollars to another NZ-naturalised Vietnamese man for a business start-up in Auckland.
They have a contract laid out, stating that the loan is to establish the business (a restaurant), and that the other man must repay her the full amount of the loan in one years time, including interest (which is a whopping 25% - her demand), whilst paying some rent for the business to her, as it will all be in her name when the year concludes. He takes whatever profits he can make from the business besides this.
The contract is countersigned and witnessed by an Auckland based lawyer acting on behalf of both parties.
1) is the amount of interest she has demanded legal?
2) if he defaults on this contract, is there any international protection or realistic recourse for her?
3) Is she in any likelihood of obtaining a business visa, regarding her investment? (i know this is not the best forum to answer this question, but maybe somone here has come across this situation before).
many many thanks for your free advice,
Phileas
I am enquiring on behalf of an acquaintance, who does not speak English. She is Vietnamese, and has a son and daughter studying in Auckland, New Zealand. She does not hold any visa to live or run a business in NZ. She has asked me to enquire for her, after getting into a situation.
She would like to know how she stands legally, regarding starting a business in NZ, despite her lack of a visa. She gave a loan of a few thousand dollars to another NZ-naturalised Vietnamese man for a business start-up in Auckland.
They have a contract laid out, stating that the loan is to establish the business (a restaurant), and that the other man must repay her the full amount of the loan in one years time, including interest (which is a whopping 25% - her demand), whilst paying some rent for the business to her, as it will all be in her name when the year concludes. He takes whatever profits he can make from the business besides this.
The contract is countersigned and witnessed by an Auckland based lawyer acting on behalf of both parties.
1) is the amount of interest she has demanded legal?
2) if he defaults on this contract, is there any international protection or realistic recourse for her?
3) Is she in any likelihood of obtaining a business visa, regarding her investment? (i know this is not the best forum to answer this question, but maybe somone here has come across this situation before).
many many thanks for your free advice,
Phileas