1. Who can be a UK company director?
Anyone can be a UK company director, except for the following individuals:
- Under the age of 16
- Disqualified directors
- Undischarged bankrupts
- Subject to a debt relief order (DRO)
- Auditors of the company
Corporate bodies can serve as directors of other companies, but there must be a director who is a natural person, a corporate body cannot serve as the sole director.
2. What information is required to appoint a UK director?
To get a nominee director service for your UK company using an agency company like RTRSupports Limited, you must submit the following information:
- Appointment time and date,
2. Full name of the director,
3. His nationality,
4. Year of birth (only the month and year will be disclosed on public record),
5. His business occupation (if any),
6. Former name (if any),
7. Residence address (it will be disclosed on public record only when it is used as the service address).
Also read: Should I need a UK Nominee Director? (Roles & Benefits)
3. Can a shareholder and a director of a UK limited company be the same person?
Yes, directors and shareholders can be the same people mainly in smaller companies, particularly those which are set up by one or two people who want to own, control, and manage a business by themselves.
There are two distinct bodies of people in a limited company, one is a member (shareholder/guarantor) who owns and controls the company, and another one is a director who manages the activities and finances of the business.
Please watch the video given below to get more details:
The limited company director is responsible to make the business a success for its members by making strategic and operational decisions, managing finances responsibly, and ensuring that all statutory obligations are met.
4. Is a UK company director liable for company debts?
A limited company's liabilities are largely restricted to the entity of the company itself. Although shareholders are always protected from liabilities, directors (who are often also shareholders) can sometimes become personally liable for company debts. When your limited company suffers major losses, the investors first blame the directors.
5. When your UK nominee director is held personally liable for company debts?
In certain situations, your UK nominee director may be held personally liable for your UK limited company debts that exceed your liability limit. This will happen:
1. If he provides a personal guarantee for a business loan
2. If he puts his home as security for a business loan
3. If he owes the company money
4. If he is convicted of trading violations