In Australia, to be eligible for the role of a company director, one must meet certain criteria.
Firstly, the individual must be at least 18 years of age. They must also provide written consent to take on the responsibilities of a director. It's important to note that only natural persons can be directors, not corporate entities. Additionally, at least one director of a proprietary company must ordinarily reside in Australia.
For public companies, a minimum of three directors is required, with at least two who are ordinarily residents in Australia. Furthermore, directors are required by law to apply for a director identification number.
Certain individuals are automatically disqualified from becoming directors, such as undischarged bankrupts or those convicted of offenses related to the management of corporations. Before taking on the role, it's crucial for potential directors to understand their legal obligations and the serious commitment the position entails.
Overview:
The role of Director is an essential appointment for an Australian proprietary company. To be eligible to assume this position, an individual must meet the following criteria:
- At least 18 years of age
- At least ONE director must reside in Australia
- Not an undischarged bankrupt
- Not be subject to an unresolved personal insolvency agreement
- Have not been convicted of an offence under company law, such as fraud or breach of duty within 5 years of the new appointment
- If imprisoned for an above offence, must not accept the appointment within 5 years of release from prison