Minutes of First Board Meeting
Minutes of the First Board Meeting of a UK Company are required to be circulated to every director within the company and should be available for inspection at the Company’s registered office.
Holding your first board meeting is an important milestone for your company after it is incorporated in the UK. It is during your First Board meeting that a number of constitutional aspects of your new company are established. It is a regulatory requirement of every company formed in the UK, to have the minutes of the first board meeting (and every board meeting that follows) documented and retained.
How long do you need to keep the Minutes of Board Meetings?
It is a legal requirement to keep the minutes of your all Board Meetings for at least 10 years after the date of the board meeting.
When should you have your first Board Meeting?
It is recommended that the first board meeting takes place within 30 days of the incorporation of your UK Company.
Printed Minutes of your First Board Meeting
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Posted by first class recorded to any UK address of your choice
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What information is included in your First Board Meetings?
- What the Trading name of the company will be (if different from the Incorporated Name)
- Who the first appointed directors are
- Who the shareholders are
- Where the Registered Office will be
- Information about the incorporation of the company
- When the Accounting Year End will be
- If required, who the appointed auditors will be
- Permission will be granted for a Bank Account to be opened in the Company’s Name
- The date of the next board meeting will be decided
There may be other important decisions which will need to be made at the First Board Meeting of a Company, such as whether or not the company will register for VAT, PAYE and any other legislation or licensing that the company will need to begin trading.
Your First Board Meeting: Points that should be covered
It is usually required that a company has at least 4 board meetings per year or 1 per financial quarter.
However, the First Board Meeting is an important one, as it sets out the foundations of the company and covers the important actions that will need to be taken for the company to proceed within the laws and regulations of the jurisdiction within which it is governed as well as it’s own Company Constitution.
- Date, Time and Location of meeting
- Names of all directors who are present
- Names of directors who are absent and reasons why they were absent.
- Who the appointed Chairman of the First Board Meeting is
- It should be confirmed that the Quorum required by your Articles of Association has been obtained, so the meeting is valid and recognised as a Board Meeting.
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