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What are statutory registers and what company records do I need to keep?
Limited companies are legally required to keep and maintain a number of statutory records and registers.
These registers include, but are not limited to:
- Register of Members
- Register of Director
- Register of Secretaries
- Register of Mortgages and Charges over property
It is the responsibility of directors (or a company secretary, if one is appointed) to ensure these important records are accurate, up-to-date, and made available for public inspection at the company’s registered office address or an appropriate Single Alternate Inspection Location (SAIL address).
Inspection of statutory records
Companies are required by law to make their statutory records available for public inspection at their registered office or SAIL address every working day between the hours of 9.00am-3.00pm.
Advance notice of the date and time of inspection must be provided to the company – a minimum of 2 days’ notice is required if the requested inspection date coincides with the notice period of a general meeting of the shareholders, or a written members’ resolution. In all other cases, the required notice period is 10 working days.
How to keep your statutory records
The majority of limited companies will keep all of their statutory registers together in a bound or loose-leaf folder or book.
If you wish, you may keep digital copies instead of, or in addition to, your paper registers.
Where to keep your company records
Unless otherwise notified, Companies House will assume your statutory records are held at your registered office address. You must notify Companies House if you keep any statutory records at a SAIL address, and you must confirm which records are held there.
Company law changes – What you need to know
From next January 2016, companies will be required to keep a register of their beneficial owner, or Person having Significant Control (PSCs), and make it available for inspection. From next April, companies will have to report details of their PSCs to Companies House.
A PSC is someone who (alone or jointly) has significant control over a company. There are 5 ways in which a company or individual may satisfy the test. For instance, an individual who holds more than 25% of a company’s shares or voting rights or can appoint a majority of its directors will have significant control. The other limbs of the test are more complex and are intended to capture details of those with significant influence or control, however arising.