Every company is required to have two directors. There is one exception to this, that being a Private Company Limited by Shares (LTD). This company type can have a single director if so desired. However, a separate Company Secretary is required.
All other company types must have two directors – Public Companies, DACs (Designated Activity Companies), Unlimited and Guarantee Companies.
Every company should have an EEA (European Economic Area) resident director. An alternate director is insufficient to meet the requirements of the section.
Brexit Transition Period
The UK has left the European Union as of January 31st 2020 but there are transitionary provisions in place until 31st December 2020. During this period the UK’s trading relationship with the EU will remain the same.
The UK will also continue to follow EU rules. During the transition period the UK will remain under the jurisdiction of the European Court of Justice. All EU regulations will continue to apply to the UK, including changes made to these regulations during this period.
Irish companies with only UK based directors can therefore continue to operate as normal without a requirement for the Section 137 Revenue Bond. However, after the transitional period has lapsed, these companies will need to either appoint an EEA resident director or put in place the Section 137 Revenue Bond in order to comply with the Companies Act 2014.