Obtaining a licence to trade You must have a Regulation of Undertaking Licence in order to trade, which takes approximately 3 weeks. Licences are normally granted to those who are residentially qualified for housing purposes or have been resident for the whole of the past (consecutive) 5 years. Applications from non-qualified persons are assessed against the Regulation of Undertakings and Development law and may be granted to those who are able to demonstrate that it is in the Island's best interests. At present there is no fee charged for the licence. Download Commencement of a New Undertaking Application Form (551kb) Download Engagement of Additional Staff Application Form (513kb) Registering your business name When setting up your business we recommend you decide which legal structure is the best option for you – download A Guide to Choosing and Setting up a Legal Entity which will give you the advantages and disadvantages of the various structures. Download A Guide to Choosing and Setting up a Legal Entity (156kb) If you wish to register a trading name, this costs £30 with the Jersey Financial Services Commission. You must complete Form 1 to register as a sole trader or Form 1A to register as a partnership. To register a limited company, you must reserve the company name online through the Easy Company Registry before filing the necessary documentation – Form C3, Form C2(b) and a Memorandum and Articles of Association. There is an incorporation fee of £200. Easy Company Registry on the Jersey Financial Services Commission website Social Security You must register with the Social Security Department before you start trading to ensure that your contribution record is kept up to date. As a self employed person you will be liable to pay Class 2 contributions. From January 2012 newly self-employed will instead be able to pay a lower contribution rate for the first 2 full calendar years of trading. You will be required to pay one third of the rate set for the Standard Earnings Limit which means (in 2012) you will pay £157.42 per month (one third of the SEL monthly rate of £472.25). Once tax assessments are available for the first year of trading, contribution levels will be re-calculated (based on 12.5% of actual earnings). Social Security contributions information on the Social Security website Please note that from January 2012 any self employed individual paying Class 2 Contributions who have an annual income of more than £45,336 will have to pay an additional 2% rate on income between the standard and upper earnings limits. Income Tax Before you become self-employed we recommend you contact the Income Tax Department to calculate your outstanding personal tax liability and to organise an affordable payment plan to pay your tax.
If you are employing staff you will also need to register as an employer with the Income Tax Department and register your staff on the Income Tax Installment System (ITIS). ITIS information and registration for employers on Income Tax website Once you are ready to start trading you can register your new business with Social Security and Income Tax by completing the Registering a New Business Form. Download Registering a New Business Form (148kb) Goods and Services Tax (GST) If your business turnover (anticipated) exceeds £300,000 per annum you will also need to register for GST. GST registration and further information on the Taxes Office website Insurances and data protection As an employer you will be responsible for ensuring that your company and its employees are covered by the relevant insurance policies, such as Professional Indemnity, Employer’s Liability and Public Liability. We suggest you discuss your requirements with a local insurance company. You may also need to register your business with the Office of Data Protection Commissioner which can be done online. The Office of the Data Protection Commissioner website Employing people It is essential that you comply with the requirements of local Employment Law and Health and Safety Regulations. Our guide to employing staff will explain the regulatory requirements your company must meet if employing staff. Download a Guide to Employing Staff (39kb) RELATED PAGES: Other pages you might like to browse: Business planning Funding your business Marketing your business
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