Any individual person over 18 years old may be appointed. The person must not have been declared bankrupt, must not have been convicted of a crime or must not have been disqualified to act as a director in some other way. It is generally recommended that someone with a good clean record is appointed because a director”s past is likely to be scrutinized at some point particularly if a bank account will be required. Most banks will reject an application if a person with a “colourful” past is involved.

As an alternative to individual persons, any corporate entity from anywhere in the world may be appointed. The corporte entity must be in good standing on its register. Also when appointing a corporate director from the date of incorporation of your new IBC it is important that the corporate director existed at the date of its appointment and was not formed after the IBC (i.e. some days later).

A person (whether an individual or a corporation) who is competent and who is responsible should normally be appointed, particulary if they will be an executive director. Directors are responsible for the affairs of the company and owe duty of care to the company, something which Courts everywhere take seriously.

Also note that the management and control of the company may often be placed in the country where the directors reside. This may have important implications in legal proceedings and in taxation matters. If you think that you may face such issues we do recommend that you consult an experienced advisor in the relevant jurisdictions.

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