Planning to register a company in Great Britain? If you are, then you should be intimately aware of the requirements for maintenance of company registers & information to be entered into them.
Requirements
Pursuant to British legislation, all companies are required to maintain registers (aka registration documents or journals). Those interested in opening a company in Great Britain should keep in mind that such documents must contain information on their companies’ directors, secretaries, stakeholders & individuals wielding significant influence/control over their companies.
Registering a company in Great Britain also requires maintaining registers comprising four chapters. Failure to omit any of them is deemed a violation & punished accordingly.
What Information Must Registers Contain?
UK-registered companies must maintain a register of their participants/stakeholders. Data to be entered in the register includes:
- participants/stakeholders' names & addresses;
- the date on which individuals were registered as stakeholders;
- the date on which individuals ceased to be stakeholders.
If companies have share capital, they’re also required to include information on shares held by their stakeholders.
Pursuant to British legislation, participants/stakeholders can't be considered as such until their names are entered in the register of companies’ participants.
Those seeking to open a business in Great Britain must maintain a register of directors containing information on BoD composition (including personal data of BoD members). Information kept in the registry must be identical to that of the UK Companies Register.
Companies must also maintain a register of secretaries (even if it’s incomplete). If a secretary is available, the data to be kept in the register must be identical to that of the UK Companies Register.
Companies must also maintain a register of individuals wielding significant control over them. Those planning to register a company in England must maintain registries containing information on individuals with substantial control (PSCs) or related legal entities (RLEs) controlling more than twenty five percent of companies’ shares.
Maintaining registration documents is an extremely important part of the process of managing a company. There’s also administrative requirements those wishing to set up a company in Great Britain must comply with. For example, they must keep records of BoD meetings, decisions made by participants/stakeholders & any debentures they enter into.Looking to register a company in England? Why not contact IQ Decision UK?
