Board Minutes – First Meeting Of The Board Of Directors

Once a company has been incorporated, a board meeting with the directors of the new company should be held (even if there is only a sole director). This meeting should be held soon after incorporation and, in any event, best practice is that it should be held at least within 30 days of incorporation.

It is a legal requirement to record who is present at the meeting and what is discussed, and to keep and store the minutes of all board meetings for at least 10 years after the date of the meeting. Copies of resolutions passed at these meetings must also be kept.

Use these minutes to document the first board meeting after incorporation

The purpose of this first meeting is to discuss the company’s initial business administration and for each director to formally endorse the company’s memorandum and articles of association.

What these first board minutes typically cover

This template sets out the basic administrative formalities that are commonly recorded at the first board meeting. It can be adapted depending on what is relevant for the company.

• Company name.
• Registered office address.
• Directors.
• Share capital.
• People with significant control.
• Accountants and auditors.
• Accounting reference date.

ECCTA updates: Companies House reforms and identity verification confirmations

Since the introduction of the Economic Crime & Corporate Transparency Act 2023 (ECCTA), this template has been updated with additional requirements, including confirmation that:

• The company’s registered office is appropriate.
• The company has an appropriate email address.
• The company has been formed for a lawful purpose.
• None of the subscribers, directors or PSCs are disqualified under the relevant directors’ disqualification legislation.
• Each director has had their identity verified.
• Each PSC has (or will have) their identity verified.

The ECCTA gives Companies House new and enhanced powers to help disrupt economic crime and the identity verification regime is a key component of this that will significantly change the company incorporation process.

HMRC registrations

These minutes refer to HMRC registration for VAT, payroll and corporation tax. Customers should seek relevant independent tax advice.

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