Do I Still need Two Directors If I set up a LTD company?

A: Under the new Companies Act 2014, your company could be set up with just one director and just one shareholder. This restricts the need to have any other family member involved with the company and allows you to keep your business affairs private. In order to do this the company will need to be set up a new LTD Company.

You will however require someone else or a body to act as the company secretary, other than yourself. The secretary role has its own obligations/responsibilities and needs to be filed by someone that is qualified to carry out this role. This may be a service your accountant can offer you or alternatively they will be able to direct you to a company secretarial agency.

Date published 5 Jun 2015

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.