WHO CAN BE A DIRECTOR OF A COMPANY?

Anyone can be a director of a company and you do not need any particular qualifications or experience.
A person does not need to work for the company or own shares in it.

One of the directors is required to be resident in a member state of the European Economic Area (EEA).
If you don’t not have a director who is based in the European Economic Area (EEA), you need to take out a Section 43 Insurance Bond (last service at the bottom of this page).

PLEASE NOTE: an undischarged bankrupt cannot become an officer of a company. Section 183 of the Companies Act 1963 provides that if any person, being an undischarged bankrupt acts as an officer or directly or indirectly takes part or is concerned in the promotion, formation or management of any company except with the leave of the High Court, he shall be guilty of an offence, which is prosecutable summarily by ODCE. Undischarged bankrupt means a person who is declared bankrupt by a court within the State or, who has not obtained a certificate of discharge or its equivalent in the relevant jurisdiction.

PRICE €49.99         ORDER FORM

PRICE €49.99         ORDER FORM

In Ireland it is necessary for Company Directors to have an Irish Personal Public Service (PPS) number. This is a unique reference number used by the government for normal identification and security purposes.

Most Irish citizens and those that have been resident in the country would have such a number. If it is your first time doing business in Ireland and you want to become the director of an Irish Limited Company, then you need to apply for a PPS number.

We can accommodate you in this process by completing and coordinating your application in order to ensure that you are compliant with Irish government requirements.

PRICE €199.99         ORDER FORM

EXEMPTION FROM THE REQUIREMENT TO HAVE AN EEA-RESIDENT DIRECTOR

The requirement to have at least one resident director from a member State does not apply to any company which for the time being holds a bond, in the prescribed form, in force to the value of €25,394.76 and which provides that in the event of a failure by the company to pay the whole or part of:

– a fine imposed on the company in respect of an offence under the Companies Acts, 2014, committed by it, being an offence which is prosecutable by the Registrar of Companies and
– a fine imposed on the company in respect of an offence under section 1078 of the Taxes Consolidation Act 1997 and
– a penalty which it has been held liable to pay under section 1071 or 1073 of the Taxes Consolidation Act 1997,
there shall become payable under the bond a sum of money for the purpose of same being applied in discharge of the whole or part of the company’s liability in respect of any such fine or penalty.

The bond must have a minimum period of validity of two years, commencing no earlier than the occurrence of the event giving rise to the requirement for the bond. The surety under the bond must be a member of a class specified in Schedule 2 to the Companies (Amendment)(No.2) Act 1999 Bonding Order 2000 – that is, a bank, building society, insurance company or credit institution.

Effective date of bond
A period of two years is prescribed by the Companies (Amendment)(No. 2) Act 1999 (Bonding) Order 2000 as the minimum period to be specified as being the period of validity of the bond, which period is to commence not earlier than the occurrence of the event which gave rise to the requirement to effect a bond. Furthermore, for new companies, the bond must be effective as at the date of incorporation.

New Companies
With regard to new companies, the event which gives rise to the requirement to effect a bond is the incorporation of a company without a resident director. However, there is also a statutory requirement that the bond be furnished to the CRO pre-incorporation.
The CRO has implemented the following requirements in relation to the effective date of bonds received in connection with new companies: the effective date of the bond may not exceed four working days prior to the date of the company’s incorporation, exclusive of incorporation date.

Existing Companies
Where the termination of a directorship leaves the company without a European Economic Area (EEA)-resident director, the company should lodge either a bond with the notifying the CRO of the termination of the directorship of the sole or last remaining EEA-resident.

Note: The total fee payable for the bond is €1849.99 and covers a period of two years, payable in advance. Please note once the Bond is issued it is non-refundable. In certain circumstances, International Companies setting up in Ireland may want to employ the services of a Nominee Irish Resident Director (Director per annum) in a non-executive capacity.

PRICE €1849.99         ORDER FORM