With a view to enhancing the accountability of directors, every private company is required to have at least 1 director who is a natural person. In other words, a company can still appoint corporate directors, but with at least 1 natural person director. A grace period of 6 months after 3 March 2014 is provided for existing companies to comply with the change. If your company needs help in complying with this individual director requirement, please feel free to contact us for assistance. |