- 10 Jun 2021
- By Sumit Agarwal
One of the benefits of working as a freelancer or contractor is the freedom (the flexibility factor), which helps contractors work for whomever and wherever they want. For example, as a [...]Read More
Setting a limited company is one of the ways which can help you get paid for your work. DNS Accounts are a registered formations company that can guide you in creating a limited company from your business idea stage until the company takes off. We have a variety of company registration packages on offer and an experienced customer service team to help you set your company hassle free.
Registering a company can be a big task if your not sure of where to go and what to do. Apart from getting your company registered with DNS's free company formation you also get free business banking from all our business bank accounts. We can also help you get your dormant company active.
Need to form a company on priority? Come to DNS Accountants, one of the UK’s leading accounting service providers for small business owners, contractors, freelancers, self-employed and the construction industry. Setting up your company us will take a maximum of 2 hours, seriously!
Kick start your business and enjoy the below advantages:
DNS Accountants is a member of ACRA, the Association of Company Registration Agents, UK’s only recognised association for company registration.
There are many service providers you’ll find can offer you lucrative packages for company formation process. But before you choose any you should make sure about the quality of services they’re offering you.
At DNS, we better understand your needs and offer you a complete, hassle-free and inexpensive company formation experience and every formation package includes a business banking option.
We are sure you will be pleasantly surprised with the findings!
An ideal structure for your limited company can help you shape how your business is run and here at DNS Accountants we help you fully understand the implications of each choice so you know what you’re getting into. Most common choice for most people are private limited companies or public limited companies.
An LLP is a fusion of a limited company and traditional partnership that allows members to have limited liability protection while maintaining profit distribution options, tax regime, and flexible internal structure. A limited liability partnership does not have shareholders, directors, or guarantors but must have two or more partners that are responsible to run the business. Careers that require limited liability partnerships are business consultants, accountants, solicitors, and other general practitioners.
This business structure is common among social enterprises, clubs and many guarantee companies are non profit. A company limited by guarantee is incorporated as a distinct legal entity by Companies House.
The limited by guarantee structure does not have shares or shareholders and can have one or more directors plus one or more members known as guarantors. The directors and guarantors can be the same people or different people. The guarantors have a personal liability sum of the guarantee that they all agree to pay and the sum is usually just £1. Members of this company do not get any profit generated from the business rather it’s put back into the business for growth. Tax efficiency and limited liability protection are some of the benefits under this legal structure.
A public limited company is similar to a private limited company as both are incorporated and regarded as legal distinct entities responsible for their own profits, assets and liabilities the difference being that a PLC is allowed to sell its shares on stock markets to the general public. A PLC can raise capital by selling its shares and grow their business and brand awareness by listing on the stock exchange. This structure though requires a minimum share capital of £50,000 to start a minimum of two directors and a qualified company secretary. You must also be prepared to follow rules and regulations that don’t exist for private companies.
Limited company formation, or incorporation, is the process by which a business (new or existing) registers as a limited company.
A business can't operate as a limited company unless it's registered with Companies House under the Companies Act 2006. Limited company formation requires company directors to file documents each year, including annual accounts and a confirmation statement, as well as keep Companies House informed about any business changes.
This means the company can own business assets, incur debts and sue or be sued. Its finances are separate from the personal finances of the company director or directors. For this reason, it offers limited liability and thus lower risk to personal wealth or assets if the business fails.
So who owns the company? Ownership of a limited company is divided among shareholders. It can be set up by a single individual who'll remain the sole shareholder, or by multiple shareholders.
Despite the fact that UK limited company formation is relatively easy, running a limited company isn't a task you should undertake lightly. It requires a lot of paperwork and accounting, more so than if you were to operate with a sole trader or partnership business structure. That being said, it offers extra protection for a UK company regarding financial liabilities, taxation advantages, and plenty of other advantages. Below are some of the benefits you could see if you set up your company as a limited company.
The advantages of limited company formation include:
Read our guide limited company advantages & disadvantages for a full breakdown.
This means the company has a share capital. In a company limited by shares, the liability of each shareholder is limited to the amount unpaid on their shares. A company limited by shares can't put its shares up for sale to the general public.
A company limited by guarantee does not have a share capital. Instead, its members are guarantors as opposed to shareholders. This means the business members' liability is limited to how much they contribute to the assets of the company if it's wound up.
A company limited by shares is the most common kind of limited company in the UK, so we'll focus on that for the purpose of this section.
You might think that if you decide to form a limited company, you'll have to deal with lots of drawn-out bureaucracy. You'll be glad to know that this isn't the case! Registering a company isn't difficult, and it's made even easier if you set up your company with a trusted formation agent like DNS accountants. Below are the steps involved to register your business.
There are a few things you'll need to do before you start the application process to register your company.
First things first, choose your company name.
The company name must be unique and dissimilar to other companies currently operating in the UK. It needs to:
Are you wondering: How do I pick and register a company name? Here are some tips:
Before you dive in to incorporating your company, you'll need to select a company officer(s). All limited companies in the UK must have at least one company officer who is responsible for the company at all times. A private UK limited company must have at least one company director as well. This is usually the person who started and runs the business. Public limited companies, on the other hand, must have at least two directors and a secretary. Here's an overview of these roles:
Once you've decided who they're going to be, you're ready for step three.
When it comes to registering your UK limited company, you'll need to have chosen a registered office address (also referred to as a service address). You'll need to provide an address based in the UK, which can be a residential or home address.
Many companies choose to use registered address services instead.
The purpose of selecting a registered office is that it's where official documents and legal notices are sent. Your registered office service address is publicised on the official Companies House Register. So, even though the service address might be the same as your home address, it's important to be aware of the fact that this data will no longer be private as the information is available to the general public. Although using a home address is fine, you should be aware that you might receive a lot more junk mail!
It's also important to note that if the company wants to change their business address they have to provide notice to Companies House with an AD01 worm which can be filed online or via the post.
It's not particularly difficult to register a limited company with Companies House independently. You'll need to complete a series of documents and make sure you have the right information to submit your application. Alternatively, you can opt to incorporate your business through an experienced agent.
An Ltd company formations agent offers formation packages and can make the whole process quicker and easier, as well as reducing the likelihood of mistakes being made. A professional agent like DNS Accountants can take the stress out of UK limited company formation. So you can sit back, relax, and rest assured that your business is in reliable hands.
Independently register your company with Companies House.
The process to register your company via online application takes 24 hours, and the total cost is £12. To complete the application you'll need to have selected your company structure, company name, chosen your officers, and chosen a UK business office address as the registered office (the steps we mentioned above!)
You'll have to submit Memorandum of Association documents, which include the name of your company officers and directors and other people with significant control (PSC). You'll also need to provide documentation about the share capital amount and how it's divided among shareholders; and the company's trading activities.
Next, you'll need to check which records you need to keep. These include UK company and accounting records. Here's a closer look at what those include:
If you'd rather not handle all the paperwork yourself, you can select an agent to set up a company on your behalf. There are countless company formation packages out there to choose from, so make sure you weigh up your options before putting your limited company formation into someone else's hands.
A quick Google search will reveal countless company formation packages available in the UK. You can also find a comprehensive list of agents and their company formation packages on the Companies House Company Formation Agents Directory.
Although it might cost slightly more to opt for an agent, they're professional and specialized and know how to guide you through the process while keeping stress levels to a minimum. Moreover, you're likely to have a lot of questions as you register your business with Companies House. Agents have done countless company formations before, so they're the experts!
At DNS Accounts, we've got years of experience undergoing company formations for various clients.
We'll handle all the paperwork and submit all of your company documents to Companies House for you. The best part of choosing DNS Accountants as your limited UK company formations specialist? Setting up your company will take a maximum of two hours!
We've got lots of company formation packages to choose from, so you're guaranteed to find one with no hidden costs that suits your needs. We can also provide guidance to other services you might need after setting up your UK limited company like online portals for administration management, or the use of a registered office. Moreover, we can help you understand and set up your business bank account.
You'll need to provide Companies House with company details like:
Regardless of whether you choose to register your business as a limited company independently or with an agent, there are some specific company documents you'll need to submit:
Surprisingly, setting up a UK limited company is an efficient process. If you opt for the online application route, all you need to do is collect the required documents, pay the service fee, and complete your order. Once you have submitted all the information, your UK limited company could be registered within 3-6 working hours. Obviously, this depends on Companies House workload.
Once your new company has been registered, you'll receive a certificate of incorporation from Companies House including a unique company registration number. This is your evidence that the company has been officially registered and can be presented to third parties who might ask to see your certificate, for example when setting up business banking. The certificate also determines the date of your company’s first confirmation statement, which is usually filed 12 months after the date of company formation.
Once you've received your certificate of incorporation, you can start enjoying the benefits of operating as a limited company like limited liability, corporation tax, and much more!
We are transparent in the way we deal with you so you we take you through all processes before you pay for anything. No hidden costs so you can trust to help you all the way. Read our simple company formation results from the reviews of some of our happy customers.
Free company formation is our way of helping you set up your new business in the UK. The registration fee for a new company in the UK is £12 at Companies House and while the fee might not look as much, we know the company registration process can be a bit daunting and that’s where we come in. We will review all your documents, help you set up a free business bank account with our business banking partners, telephone and address services, VAT registration and other essential company documents.
During a limited company formation process you are compelled to only have a minimum of one share issued before the company is formed but if the company has more than one member or shareholder then each must have a minimum of a share.
To receive your cashback offer login to your business bank account and pick how you will like to receive your cash whether as a credit to your DNS Accountants account or your business current account. Save the form and wait between 4 to 8 weeks to receive payment. Remember you can only claim if your bank account was opened within 3 months of forming your limited company or claim within 45 days after opening your business account.
When your company registration is approved we will receive company documents from Companies House on your behalf and then send these company documents to you online and if the company formation package has printed and bound documents, you will receive them within 24 hours of your registration approval.
Yes. Though you are not legally bound to have a business account but by having a separate business account from your personal one will help you distinguish personal money from your company money.
If after starting your new business you want to opt out, the company will have to be removed from the governments register. We offer Company Dissolution service and can arrange to get all necessary documents filled for you to initiate the process of removing your company from the official register.
Company House requires you to send them annual financial reports and a confirmation statement indicating necessary company details and shares every year within your deadline. We can help you keep these important deadlines and send all the right information.
Contact DNS Accountants and register your business in just a few simple steps! Once your company is registered, we will also provide our expert guidance to help you manage your business.
I recently starteed my own company and in need of a good accountant. With my friends reference, I started DNS accountancy services and I am a quite satisfied with their service. My account manager Sneha Gurudutta was always responsive and guided me a lot especially during my company early days. Keep u the good work.
I have been DNS for the last 3 months and I am very happy with the service. My account manager Sneha Gurudutta guided me and helped me with all the major/minor steps with the account setup. The weekend support they provide is really helpful. I would definitely recommend DNS to all my friends.
Unfortunately my son passed away without leaving any contact name of his accountant. I was able to make contact with the firm through HMRC. The staff were very prompt, caring and supportive in settling his income tax account. I was extremely impressed with the efficient caring and supportive service received from all of DNS staff.
Been with DNS Accountants for more than a year I would highly recommened their services. My account manager Sneha has been very helpful and helped with accounts and queries swiftly always! Having a good accountant means you can fully focus on your business, not worry about accounts and tax matters. Thank you DNS :-)
I have been extremely satisfied with the service I have been receiving close to past 1 year. Very professional, transparent and helpful. Special mention of my Account Manager Minakshi Arora who made my transition very smooth and always ready to go that extra mile to support and make customer happy. Definitely recommended.
I've recently set up a Ltd. Company and signed up with DNS for my accounting services. I've found it very good value for money and hugely helpful in terms of advice and guidance. I have a named Account Manager, Sneha Gurudutta, who keeps in contact with me and offers advice on line and on the phone... I'm really pleased with the service.
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