Boardroom table with laptop

Soon after receiving your Certificate of Incorporation from Companies House, you should hold a board meeting with all of the directors of your new private limited company. This meeting will allow the directors to discuss the formalities of the new business and consult the company’s Memorandum and Articles of Association. Matters for discussion or address may include putting forth any proposals, allotting shares, issuing share certificates, appointing a strong leader as chairperson of the board, appointing a company auditor and company secretary, deciding on the accounting reference date of the company, banking arrangements, and anything else of any significance that requires attention. It is a legal requirement that a record is taken of everything that is discussed throughout the proceedings and everyone who is in attendance – this account will form the minutes of the first board meeting of the directors.

Board meeting requirements

A copy of these minutes and the minutes of all future board meetings should be filed for safekeeping along with your other formation documents. You are legally required to keep them for at least ten years and they must be available for inspection at the company’s registered office or SAIL (Single Alternative Inspection Location) address. Furthermore, this also applies to any resolutions passed or decisions made by the board. Every director should also be given a copy of the minutes of each board meeting. Following the first board meeting and any subsequent meeting, you should file any Return of allotment of shares and Change of accounting reference date, if applicable, with Companies House. You should also provide Companies House with a copy of any resolutions passed and inform them of any other relevant changes made to the company during these meetings. The company directors are legally responsible for informing Companies House of such changes and filing all relevant forms and documents.