Company Director Requirements
Companies registered in Ireland require a minimum of one individual aged 18 or over to act in the capacity of company director, corporate directors are not allowed.
Section 137 of the Companies Act changes the requirement that at least one of the directors be resident in the EU.
Where there is no director of the company whom will be resident in the EU the alternative of a Non Resident Director Bond can be put in place.
The directors of a company are the officers who are appointed by the shareholders to manage the day to day affairs of the Company. No qualifications are required to become a company director.
The following may not become a company director:
- Individuals with in excess of 25 directorships at any one given time
- A Corporate Body like a limited company
- A person convicted of an indictable offence under the Companies Act
Directors have an obligation to file with the Registrar of Companies a notification of any of the following:
- Change in the constitution of the company
- Change in the registered office address
- Change of directors and/or secretaries and their particulars
- Alterations in share capital
- Annual returns
- Mortgages and charges relating to company property
- Resolutions passed by the company
Minimum Age for a Director
Companies registered in Ireland require a minimum of one individual aged 18 or over to act in the capacity of a company director ((Section 131, Companies Act 2014), at least one director must be a permanent resident within the EU.
Any appointment of a minor as a director is void and the minor ceases to have any power to act as a director.
The directors constitute the decision making body of a company known as the board of directors and are liable by law for a company's actions.
Prohibition of Minor being Director
No person shall be appointed a director or, in the case of an individual, secretary of a company unless he or she has attained the age if 18 years
Any purported appointment of a minor as a director of a company shall be void, where:
- A person appointed a director of a company before the commencement of subsection (1) has not attained the age of 18 years when the subsection is commenced; or
- The office of director of a company is held otherwise by virtue of another office, and the person appointed to that other office has not attained the age of 18 years when subsection !1) is commenced, that person ceases to be a director of the company on the commencement of subsection (1) and the company shall make the necessary consequential alteration in its register of directors and shall notify the Registrar of Companies of the change.