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If you are planning to register a company in Great Britain, remember to take into account what requirements are imposed for the maintenance of company registers and what information is supposed to be put in them.
British legislation states that all companies are obliged to keep registers (registration documents or journals). These documents contain information about directors, secretaries, stakeholders, individuals that have significant influence or control over the company.
Companies in Great Britain must maintain registers that include four chapters. The fact of not having one of the chapters is considered a violation of the law and is subject to punishment.
In Great Britain companies are required to keep a register of their participants or stakeholders. It is necessary to add the following information to the register:
Companies that have share capital should include information about shares held by stakeholders, too.
According to British legislation, only after being entered into the register, participants’/stakeholders’ status comes into force. Before that it is not valid.
All businesses opening in Great Britain also need to maintain a register of directors. Information in this registry has to correspond with the data in the UK Companies Register. The register of directors should include information about the composition of BoD and the personal data of BoD members.
A register of secretaries is a necessity as well, even if it does not include complete data. If there is a secretary, the information about them must be entered and has to be identical to the information in the UK Companies Register.
Lastly, companies are obliged to keep a register of individuals who wield significant control over the business. The register must contain information on individuals with substantial control (PSCs) and related legal entities (RLEs) that have control over 25% of the company’s shares.
The process of company management cannot dismiss a crucial part – maintaining registration documents. Besides these companies in Great Britain are obligated to keep additional administrative information such as records of BoD meetings, debentures that the company enters into, decisions executed by participants/stakeholders.
Are you about to enter the registration process, too? Do not forget to contact COREDO and arrange a personal consultation.