Initial and relevant obligations

The company must have at least one (1) director if it is a private company or at least two (2) directors if it is a public company. The directors must be of eighteen (18) years of age and above.

The company must also have one (1) secretary, which must be eighteen (18) years old or above.

It is also noted that only in the case of a private company with one (1) member and one (1) director, that the director may also act as a secretary.

The company’s activities are carried out by the directors who exercise all the company’s powers, with the exception of those powers which are required to be exercised by the company in a general meeting, either as per the Companies Law or the company’s articles of association.

The company’s directors are legally responsible for the management of the company, and for maintaining the accounting books which are necessary for the preparation of the financial statements. At the same time, the directors are responsible for submitting the tax returns of the company and for carrying out all acts relating to the submission and payment of the tax levied.

The secretary of the company is appointed by the directors for such a period, remuneration and terms, as they may deem appropriate.

It is noted that the directors and secretary are responsible for submitting the relevant documents and notifications, regarding the updating of the company’s particulars, to the Registrar of Companies.

The information regarding the company’s first directors and secretary are notified to the Registrar of Companies, by completing and submitting form HE3 simultaneously with the submission of the application for incorporation of a company. Following the incorporation of the company, any changes relating to the directors and secretary are notified to the Registrar of Companies with the submission of form HE4. For further information, visit the page Updating Directors and Secretary.

The details of the directors and secretary are published on the electronic register of the Registrar of Companies.