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Latest news     2008-10-30

On 1st October further changes resulting from the Companies Act 2006 came into force. Of particular interest to customers intending to form a limited company is a new provision for directors.

It prescribes that a company must have at least one director who is a natural person. This is means that companies, where the directors are exclusively other companies (as is not uncommon for subsidiaries), will have to appoint at least one individual as a director. A company can no longer be the sole director of another company.

There is, however, one concession which allows companies that did not have a natural person as a director on the date on which the Act received Royal Assent (8th November 2006) to delay compliance until 1st October 2010.

Also the is a new minimum age of 16 for directors. In future if the company appoints a younger person as a director his appointment will be void.
 

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