Company Records

a pair of glasses resting on an accountancy textbookPATC defines company records as any documents, accounts, books, writing, records or other information that a company is required to keep in terms of the Companies Act 71 of 2008, or any other public regulations.

The Companies Act states in Section 24 that records should be retained in writing or in a form that can be converted into a written format for a period of seven (7) years unless a longer period is stated in other legislation.

Now Read Recording Transactions in Compliance with the Accounting Framework

The Act States What Information Must be Kept by Every Company

The list of all documents to be kept is as follows:

1. Copy of Memorandum of Incorporation & Rules of the Company.

2. Record of Directors:

  • Details of persons who served as directors for seven years after person served,
  • Full name & former names (if any),
  • Identity number, or, if not, then birth date,Nationality & passport number,
  • Occupation,
  • Date of last appointment as director, &
  • The name & registration number of every other company or foreign company of which the person is a director.

3. Copies of all Reports Presented at Annual General Meetings of the Company, Annual Financial Statements & Accounting Records.

All these documents have to be kept for seven years after the event or meeting occurred.

4. Notices & Minutes of all Meetings, Including all Resolutions Adopted for Seven Years After the Resolution’s Adoption.

This includes any documentation that was sent to shareholders in connection with the resolution.

5. Copies of all Written Communication Sent to Shareholders of Different Classes of Securities for a Period of Seven Years After the Date Issued.

6. Minutes of all Meetings & Resolutions of Directors or Directors’ Committees or Audit Committees for a Period of Seven Years After the date of the Meeting or When the Resolution was Adopted.

Now Read Donations Tax: Estate Duty