Company Registers – A business guide
Compliance can be headache for the new business owner, without previous experience it can be hard to know what the legal requirements for a new company. One of the requirements that is most frequently missed is the need for a company to maintain statutory registers. We have prepared this guide as an overview of company registers, how to maintain them and the penalties if they are not maintained.
We also offer a service maintaining company registers for companies. We will do all the hard work for you and give you peace of mind that you are fully compliant. Contact our company secretarial department to find out more.
What is a company register?
Company registers also known as statutory registers contain key information pertaining to a company such as the identity of directors, shareholders and persons of significant control. The Companies Act 2006 requires a company to maintain at all times the following registers:
- Register of Members (shareholders or guarantors)
- Register of Directors
- Register of Directors Residential Addresses
- Register of Persons of Significant Control (PSC)
- Register of Secretaries
How to maintain a Company Register
The registers can be maintained in electronic or paper format provided they comply with statutory requirements. The registers can be held company’s registered office and they must be available for inspection at all times. It is also possible to retain them at a different address, this is known as a single alternative inspection location (SAIL), and must be notified to Companies House. It is also now possible for the registers to be held on a central register at Companies House (this is a fairly new development and has only been available since 30 June 2016). The Register of Members, Register of Directors and Register of Secretaries must be available for inspection at a company’s registered office or its SAIL address. Members of the public can inspect the statutory books if they give the requisite notice – you have full rights to know why they require the information and can charge a fee for people to inspect them.
What are the penalties if a company register is not maintained properly?
Failure to comply with the law on maintaining company registers is an offence committed by the company and every officer of the company. Upon conviction, a fine of up to £5,000 can be levied against the company and every officer guilty of an offence. Furthermore, in some circumstances, a fine of up to £500 can be levied for each day that the company is in default.
Issues can also arise if a company is being sold and it has not maintained company registers. It is standard practice for due diligence to be undertaken on the company and this will include the inspection of the company registers.
If registers have not been maintained, then these will have to be reconstructed. This is a service we provide, but it is a complex excercise which can be reflected in our fee.
For just £80 we offer a company register maintenance service so that companies can make sure they are fully compliant with these statutory provisions. Our service includes the following:
- Preparation of documents – we will prepare the minutes and all other documentation when changes are made to officers and shareholders (up to three changes)
- Administration – We will file the annual confirmation statement for the company and register any changes at Companies House during the year
- Inspections – If we provide the company's registered office address, if a member of the public wishes to inspect your statutory books, they can do so at our office under supervision
Contact our company secretarial team to find out more.