When setting a private limited company you must have at least one director who is a natural individual ie a real person, opposed to a corporate director. As long as you have one natural director you can also appoint a corporate director to be on the board.
A UK company director can be anyone aged 16 or over and from any country of residence or nationality.
The general duties of a director:
- Acting within authority
- Acting in a way which protects the interests of the company
- Acting with reasonable care, skill and diligence
Specific duties:
- Constitutional and contractual duties
- Exercise independent judgement
- Not to accept benefits from third parties (unless the acceptance of a benefit does not lead to a situation where there may be a conflict of interest)
- Act in good faith of the company, act properly and not make secret profits
Management duties:
- Manage the company with care and make decisions that benefit the company
- Ensuring compliance matters are dealt with in an accurate and timely manner
- Employment duties – contractual, statutory and health and well being
- Dealing with taxation – PAYE, VAT, corporation tax and duty tax
- Ensuring the company is only trading when it is solvent (has money/funds)
You should make sure that all directors are aware of their legal responsibilities before appointing them.
For more information on company directors roles and responsibilities please visit Wisteria Formations new video guide “Directors” at the following link:
http://www.youtube.com/watch?v=5_RB7fIOgT8
To form a company now that you understand who can be a company director and what responsibilities they have, please go to the link below. Set up your company now and receive a free one hour consultation with either a Chartered Accountant or Chartered Tax Adviser which is worth up to £250. After your company incorporation Wisteria Formations can put you on their fast track service to either HSBC or Barclays to set up your business bank account.
https://www.wisteriaformations.co.uk/uk_company_registration
If you have any problems with the registration or want more advice on company formations, please call our online company formation support team on 0844 893 0808 who are happy to help.
