What to do when a business changes ownership
If a business changes ownership you may need to:
Tell the Business Hub
You need to tell us if you buy a business that has a business licence issued by the Government of Jersey and it's a:
- sole trader or partnership
- limited company where the buyers have less than 60% Entitled, Entitled for work or Licensed residential and employment status
- limited company where the buyers have more than 60% Entitled, Entitled for work or Licensed residential and employment status and any of the following details are changing:
- contact details or addresses
- business activity
- permissions to employ Registered or Licensed staff, if any
If your company is listed on a stock exchange you only need to tell us if there are changes to the 3 bullet points listed above.
Residential and employment statuses and what they mean
If the business does not have a licence you do not need to tell us. However, you should check that the business is exempt. You can ask the seller or check the list of exemptions under step 3 of
start up a business: step by step guide.
You have 60 days after the business is sold to tell the Business Hub.
However, we strongly recommend that you tell us before the purchase is final as your application can be refused. If your application is refused, your business will not be allowed to trade under the new ownership.
Only the business's buyer or their representatives can complete the form.
It can take up to 10 working days for us to process your application.
Business change of ownership application form
Depending on your circumstances, completing the form means that you:
- update the business’s contact and ownership details
- change the name of the business licence to the buyer’s name
- for employers, apply to transfer permissions to employ Registered or Licensed employees, if any are held
- apply for a new business licence
Information you need to complete the form
Depending on your circumstances, you may need to have the following ready to complete the form:
- the
authorisation for a change of business ownership signed by the buyer and seller, or their representatives. You'll need to upload this document on the form
- details of the business, including:
- undertaking reference (found on your business licence)
- proposed date of change of ownership
- details of the persons selling the business, including:
- residential and employment status
- percentage of the business they owned (only for limited company)
contact details and correspondence address of one seller or their representative
if the sellers are companies or a combination of companies and individuals, a structure chart (see structure chart guidance below)
- details of all new people buying the business, including:
- residential and employment status
- social security number
- residential and correspondence address
- percentage of the business owned, (only for limited company)
- if the buyers are companies or a combination of companies and individuals, a structure chart (see structure chart guidance below)
- if changing, the main contact email address and manpower email address for the business
- to know if a registered business name issued by the JFSC is transferring, if any
- if the seller has permissions to have Register or Licenced employees, to know if they agree to transfer these permissions
Structure charts
If the buyers or sellers are limited companies or a combination of indviduals and companies, you must provide a structure chart of the business changing ownership. This must show the percentage of shares held by each company or individual and confirm that the ultimate beneficial owners are Jersey or non-Jersey residents.
For Jersey residents who are ultimate beneficial owners, your chart must provide their:
- contact details
- residential and employment status
- nationality
- percentage of shares held
For non-Jersey residents, your chart can state 'non-Jersey resident' against the company and show their percentage shareholding.
Contact the Jersey Financial Services commission (JFSC)
You need to apply to the JFSC if your registered business name changes. Find further details to
register or make a change on JFSC.
For limited companies you must notify the JFSC of the change of ownership. Find further details on
associated parties for local businesses on the JFSC.
Tell Revenue Jersey about employer's changes
If you're an employer and you pay Social Security for your employees you must tell Revenue Jersey if:
- your business or registered office change address
- any of the new owner’s Social Security classification changes. Find more information on
what contributions are
To notify Revenue Jersey about these changes, email
sscontributions@gov.je with the title 'change of business ownership'. In your email provide:
- your current business's name
- details of the new business's name or registered address
- details of the new owner with a changing Social Security classification:
- name
- social security number
- email address
- telephone number
- shareholding
Working for your business as a new owner
As the new owner you can work for the business if you have Entitled or Entitled for work residential and employment status.
You cannot work for the business if your status is Licensed, Registered or you're not a Jersey resident unless you have the necessary permissions on your business licence.
Find further details on
employing staff (registration cards).
Residential and employment statuses and what they mean
gov.je
