Why Use a SAIL Address for Your Business?
While setting up a business it is essential to enlist the registered office with the Companies House. This location can very well be the official address that is offered through an address service. It does not always have to be the owner’s residential address or the address of the operational premise. Along with the registered address, any business can also make use of the SAIL address. However, it is essential to gain thorough knowledge about the address and how it can work for the business.
Explaining the SAIL address
Single Alternative Inspection Location or SAIL address is where an LLP or registered company can store the statutory records and make sure that they are available in case of a public inspection. Even though the registered address is mandatory the SAIL address is not. Also, it is not important for both to be at the same place. The SAIL address cannot, however, be used without notifying the Companies House.
It can be different from the address of the registered office in many ways. Any statutory mail or legal notice like the ones from government departments or HRMC can be delivered at the registered address. It is displayed in the public register of companies and can be accessed by all. In the absence of a SAIL address, all statutory letters have to be dropped at the registered address.
All businesses registered in the United Kingdom should have their SAIL addresses in the country and within the same area of business. For instance, for a business being run in Scotland, the SAIL address has to be at the same place. The address can be changed by remaining within the rules.
What is the statutory record?
Different records are labeled as statutory records and kept at the SAIL address or in its absence the registered one. These include:
- Company register for guarantors and shareholders
- List of company directors
- Residential address of the company director
- Register of the secretaries
- Register of the PSCs and debenture holders
- Register of instruments causing the charges and charges
- Resolution copies
- General meeting minutes
Apart from keeping a set of these documents the SAIL address must also have the incorporation certificate that is issued by the Companies House, the association articles, the memorandum of association and a copy of the paperwork lodged with the Companies House.
The registers and statutory records have to be kept for public viewing on working days for at least two hours by limited companies. The Companies Regulations 2008 states that people interested in viewing the same will have to give at least two days notice in advance. In different cases, the notice period extends to 10 days in advance. It is mandatory for all businesses to keep the information up to date.
It is considered a criminal offense by companies and their officers to not keep the lists updated. Fines between £1000-£5000 can be imposed along with additional charge of up to £500 daily for continued contravention.
How to handle statutory mail
Statutory mails will be sent to registered addresses even if there is a SAIL address. However, if a letter forwarding service is present, then, the SAIL address can be used by pairing it with the registered one. Once the mail reaches the registered office, it will then be sent to the SAIL address.
Registering a SAIL address
The SAIL address can be registered online. The form is labeled AD02 and should be filled along with AD03 which makes sure that everyone is aware that the statutory records will be moved to a new home. The company information service can also be used for the same purpose. The company details, address, and information of the person signing on behalf of the company are included in the AD02 form. The details can either be filled online or mailed to the Companies House.
The SAIL address is not necessary for running the business, but it can simplify the process of public display of the details. Businesses displaying a London address stand to gain much from it even if they are not operating from there. It improves the company’s appearance without people having to visit the capital.