Norfolk Island Reforms

The Territories Legislation Amendment Act 2020 amends a range of Commonwealth legislation to extend their application to the territories of Christmas Island, the Cocos (Keeling) Islands, Norfolk Island and the Jervis Bay Territory with the rest of Australia.

Under the reforms, on 2 August 2021, the operation of the Corporations Act 2001 (Corporations Act) will be extended to Norfolk Island to ensure all Australian companies operate under the same legislative framework and the registration of eligible Norfolk Island companies will be transferred to the Corporations Act.

ASIC services

From 2 August 2021, the Australian Securities and Investments Commission (ASIC) will be responsible for providing company registration services for Norfolk Island.

Eligibility for existing Norfolk Island companies

ASIC must transfer the registration of Norfolk Island companies if:

  • it is a registered company under the Norfolk Island Companies Act 1985 (NI), other than a foreign company registered under Part 25 of that act (foreign companies will remain registered in their host jurisdiction);
  • the company is not a Chapter 5 body corporate (as defined in section 9 of the Corporations Act);
  • no application to wind up the company has been made to the Supreme Court of Norfolk Island that has not been dealt with;
  • no application to approve a compromise or arrangement between the company and another person has been made to the Supreme Court of Norfolk Island that has not been dealt with.

What you need to do

From 2 August 2021, all eligible Norfolk Island companies will transfer to ASIC and be searchable on the Companies Register. Your current registration will continue with ASIC.

ASIC has written to eligible Norfolk Island companies to obtain company details required for transfer to ASIC’s companies register.

Eligible companies should complete the administrative form and return this by 30 June 2021.

Changes to your company details

Pre-2 August 2021
Prior to registration under the Corporations Act 2001 on 2 August 2021, all Norfolk Island companies should continue to follow the existing process for notifiable changes with the Norfolk Island Registrar of Companies.

After 2 August 2021
You will need to notify ASIC of certain changes to your company.

Common changes that require notification to ASIC include changes to company and officeholder addresses, appointing and ceasing company officeholders, transferring shares and appointing or ceasing members. You can find more information about changes to your company including how to notify ASIC of the changes here.

Most changes need to be lodged with us within a certain timeframe. If ASIC is notified outside this time, we may charge a late lodgement fee. In most instances, ASIC must be notified within 28 days of the change occurring, otherwise late fees apply. You can find more information about late fees, amounts, and when they apply here.

Frequently asked questions (FAQs)

For more information, visit our FAQs.

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Sign up for email updates from ASIC about the Norfolk Island Reforms by sending your name, *organisation and an email address to askus@asic.gov.au (*optional).

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Your privacy

We will only record your email address if you send an email to the joining email address listed above. Your email address will be used only for the purpose for which you have given it or any other purpose permitted under the Privacy Act.

Your email address will not be added to any other mailing list. We will not disclose your email address without your consent except in circumstances where such use and disclosure is permitted under the Privacy Act.

Please refer to our Privacy Policy for more information about how we handle your personal information, your rights to seek access to and correct personal information, and to complain about breaches of your privacy.

Background

In March 2015, the Australian Government announced comprehensive reforms for Norfolk Island (NI), aimed to deliver equity and economic stability for Norfolk Island and ensure access to essential services.

From 1 July 2016, business names registrations were transferred from the Norfolk Island Business names register to ASIC’s national business names register.

ASIC is now responsible for providing business name registration services for Norfolk Island, and all registered Norfolk Island business names are displayed on the business names register.

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Last updated: 04/06/2021 04:56