Companies

Norfolk Island has its own corporation’s legislation under the Companies Act 1985 (NI) to guide the setting up of companies, including the registration of foreign companies, the issue of prospectuses, the conduct of company directors, and for the administration and liquidation / winding up of companies.

Business Transaction Levy

Shares in local companies are usually traded or transferred under private contracts.  There is a Business Transactions Levy arising on each transfer of 4% of the transfer price.

Business Registration

You will need to register a business name under the Business Names Act 1976 (NI) to operate a business under a name other than your own.  This registration must be renewed every three years.

Fair Trading

There is a Fair Trading Act to ensure consumer protection, with NI Police as inspectors.  Australian Consumer and Competition laws do not apply in Norfolk Island at this time.

Business insurance

Business insurance is readily available through several on-island insurance brokers.

Norfolk Business Number (NBN)

To conduct a business you must register with the GST Office and obtain a Norfolk Business Number or NBN.  This number must appear in all business-related documents.

Goods and Services Tax (GST)

Monthly GST returns must be lodged with the GST Office with payment of 12% GST on the gross revenue collected, less any input tax credits.  These are the tax paid by you on any inputs into your business.  For example, the tax paid on repairs to a touring coach.

Customs

Imported goods that are not for resale are subject to Customs Import Duty.  Some goods may be restricted for imports.

Other taxes

Taxes not currently in Norfolk Island that apply in Australia and New Zealand include income tax, payroll tax, land rates, company tax,
fringe benefit tax, land and property tax, and capital gains tax.  Negotiations are underway for the possible introduction of some of the Commonwealth taxes into Norfolk Island, but particularly income tax and GST.  A land rating system is being investigated with likely implementation in the 2014-15 financial year.

Employment of Staff

Australian and most New Zealand citizens upon arrival in NI will be deemed to hold an Unrestricted Entry Permit (UEP) and can be employed immediately.  The UEP will expire when they leave NI.

Those persons other than permanent residents of Norfolk Island are employed under a prescribed Minimum Standard Employment Contract that must be certified by the Norfolk Island Employment Liaison Officer (ELO) prior to employment starting.

The case is not so straightforward for foreign nationals.  They must obtain appropriate immigration approval to work in Norfolk Island.  They must possess an Australian multiple entry visa valid for a period 30 days longer than the intended stay in Norfolk Island.

The employer must present evidence of efforts to recruit a suitably qualified Norfolk Island Resident or General Entry Permit holder to before recruiting a foreign national.

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