Legislation of Norfolk Island

Legal system

English common law and the laws of Australia

Types of entity

Company limited by guarantee;
Company limited by shares;
Company limited both by shares and by guarantee;
Unlimited company

Shelf companies permitted

Yes

Incorporation timescale for a new company

5 days

Company suffix

Limited or Ltd.

Sensitive words

Identical or too similar names; undesirable names; names that are suggesting connection with Government or Royal family

Cyrillic alphabet permitted in company name

No

Local registered office

Yes

Local registered agent

Yes

Information to be kept at the registered office

Register of shareholders; register of directors, etc.

Seal required, type of seal

Yes, common seal

Redomiciliation (to, from) permitted

Permitted

Minimum number of directors

2

Residency requirements for directors

No

Corporate directors permitted

Yes

Directors’ meetings/frequency/location

Yes / annually / anywhere

Disclosure to local agent

Yes

Disclosure to public

Yes

Company secretary required

Yes

Residency requirements for a secretary

Yes

Qualified secretary required

No

Corporate secretary permitted

No

Minimum number of shareholders

2

Residency requirements for shareholders

No

Corporate shareholder permitted

Yes

Meetings/frequency/location

Yes / annually / anywhere

Disclosure to local agent

Yes

Disclosure to public

Yes

Beneficiary info disclosure to

Yes

Minimum authorized share capital

2 shares

Minimum issued share capital

2 shares

Minimum paid share capital

2 shares

Authorized capital payment deadlines

28 days

Issued capital payment deadlines

28 days

Standard currency

AUD

Standard authorized share capital

10 000

Standard par value of shares

1

Shares with no par value permitted

No

Bearer shares permitted

No

Personal tax

No

Сorporate tax

No

Corporate tax (in detail)

There is corporate income tax in Norfolk.

Capital gains tax

No

Capital gains tax. Details

There is corporate income tax in Norfolk.

VAT

12%

VAT. Details

Registered persons must lodge monthly GST returns with the Chief Revenue Officer at the GST Office and pay a 12% GST on the gross revenue amount collected for that month’s transactions, less any input tax credits, when lodging the GST return

Withholding tax

0% (dividend), 0% (interest), 0% (royalty)

Other taxes

Customs Import Duty; Business Transactions Levy

Exchange control

No

Government fee

Yes

Stamp duty

No

Requirement to prepare accounts

Yes

Requirement to file accounts

Yes

Publicly accessible accounts

Yes

Requirement to file Annual Return

Yes

Publicly accessible Annual Return

Yes

Audit required

Yes

Location

In the Pacific Ocean between Australia, New Zealand and New Caledonia

Total area

34,6 sq.km

Population

860 000 (2019)

Capital

Kingston

National currency

Australian dollar

Conditional reduction of currency

AUD

Against USD

0,59 (2024)

Climate, average max and min t°

Marine subtropical; temperature almost never falls below 10°С or rises above 26°С.

Time difference from Moscow

+ 7 hours

Dialing code

+ 672

State language

English and Norf'k

Ethnic groups

Most islanders are of either European-only (mostly British) or combined European–Tahitian ancestry

Literacy rate

No data

History

The history of Norfolk Island dates back to the fourteenth or fifteenth century when it was settled by Polynesian seafarers. The first European known to have sighted the island was Captain James Cook, in 1774. In 1786 the British government included Norfolk Island as an auxiliary settlement in the plan for colonization of New South Wales. The decision to settle Norfolk Island was taken due to Empress Catherine II of Russia's decision to restrict sales of hemp. Practically all the hemp and flax required by the Royal Navy for cordage and sailcloth was imported from Russia. Norfolk Island was a colony of the British Empire ruled by an appointed Governor appointed by the British Crown. As early as 1794, it was suggested to close the island as a penal settlement, as it was too remote and difficult for shipping and too costly to maintain. As a result, the island was abandoned. In 1856, the next settlement began on Norfolk Island. After the creation of the Commonwealth of Australia in 1901, Norfolk Island was placed under the authority of the new Commonwealth government to be administered as an external territory. In 1979, Norfolk was granted limited self-government by Australia, under which the island elects a government that runs most of the island's affairs. As such, residents of Norfolk Island are not represented in the Commonwealth Parliament of Australia, making them the only group of residents of an Australian state or territory not represented there.

Credit rating

Government type

Self-governing territory

Executive branch

Executive Council: Chief Minister and other ministers

Legislative branch

Legislative Assembly (9 seats)

Judicial branch

Supreme Court of Norfolk Island

Unemployment

No data

GDP per capita rank

No data

Corruption perceptions index rank

No data