Typically the corporate secretary of a Cyprus company is required to maintain the minute book of sole director decisions, such minute book would keep a record of all decisions taken or agreed upon by the sole director.
With the introduction of single director companies a few years ago, certain companies avoid preparing written records of sole director decisions taken, solely because they cannot hold a meeting on their own.
However, it would be practical and logical, for a sole director to prepare a written record of the decisions taken while exercising his duties. Such record need not be too long and difficult and can be restricted to:
Introduction to the matter or agreement or decision to be taken
The reasoning behind the director’s decision to proceed and ultimately a decision to be taken
Signature of document
The Cyprus Companies Law does not include specific details to be included in director decisions. The content of resolutions, to a large extent, is dictated by practice and the requirements of the other party who will be relying upon them. Banks are a great example since they would provide resolutions to be signed along with any other bank account opening document. This practice is followed in order to eliminate the possibility that the Cyprus company is proceeding without any resolutions in place.