Board minutes should be recorded for good governance of the company. Whilst larger companies have regular board meetings and minutes of these meetings are recorded in the companies’ records, smaller companies, particularly where there are only one or two directors do not tend to have board meetings, if they do they tend to be informal meetings. It is important however to record at any time any important decisions made, this helps to prevent future disputes.
There should always be minutes of the first board meeting; this formally records the appointment of directors, secretary and shareholders and the situation of the registered office. It also records the appointment of bankers to the company and quite often the appointment of accountants and lawyers. It is also wise to record details of any director or shareholders loans or any other important matters.
It is important for a lot of international companies to have recorded minutes of board meetings to help to demonstrate that they are not deemed resident in a country where beneficial owners reside or where they conduct business.
Our experienced staff will be pleased to advise you and if required we can professionally draft minutes on your behalf to be recorded in the company’s statutory records.