Say Goodbye to Corporate Directors!
As part of the Government’s drive to encourage transparency, a ban on the use of corporate directors will come into force later this year as part of The Small Business. Enterprise and Employment Act 2015.
As of October 2015, subject to direct approval from the Secretary of State, no UK companies will be able to appoint new corporate directors.
By October 2016, all existing corporate directors will be removed from UK companies. This potentially has a large impact on existing corporate structures, where corporate directors have been utilised for convenience of signing documents, as well as the operation of bank accounts.
If you would like to enquire about our director service we offer here at M&N, please go to our website or contact 020 8974 5252.