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Getting the formalities ready

In order to make your business official, you will need to get the formalities in place before you start to trade.

Overview

In order to make your business official, you will need to get the formalities in place before you start to trade. This makes sure your business will trade legally, has the right agreements and licences in place and that you get taxed at the right rate.

Set up your business as a sole trader, partnership or limited company

Consider what legal structure would be most appropriate to start up your business and then understand what you need to do to set up your sole trader or partnership or a Limited Company properly so that you are legally able to operate.

The links above will give you information about:

Applying for a business licences
Registering with the JFSC
Tax and Social Security
GST
Managing your finances & getting appropriate business insurance
Registering with the Jersey Information Commissioner

Managing your finances

Bank account

Talk to your bank about setting up a business bank account. Find out what they need from you and how long it will take so you can get one set up before you start to trade.

Accounting system

As well as having a bank account, you will need to know how to organise your finances. This will include cash management, budgets, payments and invoicing. Think now about using an online finance system like Quickbooks or Xero and consider using a bookkeeper to help you.

Other systems

If you are taking money directly from customers you also need to decide on an till & stock management system and how to take credit card payments.

Make sure you pay the right tax and social security

Speak to the Tax department about your intention to set up in business so you can agree how to pay your income tax. This page personal tax for business owners will help you understand the steps you need to take.

Speak to Social Security about your individual circumstances and how much social security contribution you will need to pay in your first years. This page will help you social security payments for business owners or self-employed.

Get your systems and data protection in place

Every business needs some way to record its activities and manage the paperwork that is involved in buying and selling products or services. Some very small hobby businesses are simple enough to do all this on paper, however most businesses function much more effectively with some form of IT. From emails, social media and websites to accounts software, document storage and customer databases there is software, a platform or an app to help out and, let’s face it, using the right IT can make life a whole lot simpler and quicker.

These guides will help you:

Systems that support your business

Cyber Security

Keep your business safe online

Setting up a catering business

A catering business is one which prepares food for sale and includes food businesses working from home, in a commercial kitchen, in a café, restaurant or accommodation as well as a mobile food unit. It is very important to get things right at the start as this will make it much easier for you to run the catering business in the future.

This guide will let you know of the main things you need to consider:

Starting a catering business in Jersey

Starting a mobile catering business in Jersey

Setting up as an accountant or bookkeeper

Setting up as an accountant or bookkeeper will be the start of a new and exciting business offering a professional financial service to your clients.

As well as the general business and financial planning that any business needs to consider when starting up, there are a number of specific requirements that you will need to satisfy in order to trade legally in Jersey.

This guide will take you through the key requirements of establishing a new accountancy or bookkeeping business in Jersey:

Setting up as an accountant or bookkeeper.

Setting up a business that involves gambling

Commercial gambling is defined in the law as a business which contracts directly with a customer and for profit. Various licences are required before you proceed with any form of lottery, gambling & entertainment that provides monetary prizes. This also includes social & charitable gambling activities that are conducted by charitable organisations, clubs, groups or societies that are based and run from Jersey.

The Jersey Gambling Commission is responsible for the regulation of land based and digital gambling in Jersey. The Commission will provide advice and guidance on the licences you will require to run a gambling business.

Licences and regulations for other business activities

Specific licences and registrations are required for the following industries and these links will tell you what you need to do and who you need to contact.