What am I actually required to record in a company's minute book?

Discussion in 'Business Discussion' started by mnschwarz, Aug 26, 2016.

  1. mnschwarz

    mnschwarz Offshore Agent Business Angel

    I have recently started two new corporations and am fairly new to this offshore company stuff. I'm just wondering exactly what I should be recording in the minutes books? I have a company in BVI and another in Panama.
  2. Flycatcher

    Flycatcher Member Entrepreneur

    "Minutes" is a semi-jargon term which refers to "a package of official notes produced per each board meeting".

    Per each board meeting, you are supposed to produce a minute book. Each book should include:
    • Your Articles of Association/Constitution
    • Any official Memorandums you are required to process (e.g. one when establishing a company)
    • Each amendment to the above-mentioned documents, changes, removals etc
    • Each time members in the company change, including nominees
    • Each time the amount or value of shares change
    • Signed document declaring permissions when you wish to make any change
    You should check out the respective laws if a secretary is required to sign these documents.
    If you run a one person business you can do this around when you establish a company. To avoid unnecessary hassle it's best to form a company which does not require annual meetings.
    This will start to get complicated if you ever get to the stage where you will have more than one person in the company body, but I assume you are not there yet.

    This is also something you can ask from your agent, many agents also provide services to handle this kind of stuff if you are ready to pay.

    Practically the minutes and other stuff is the reason why you should have as few board meetings as possible. You can always change your plans or whatever for your company, and only have official board meetings for the legal stuff for where its mandatory.