Companies now need at least one human director.
Companies which had only corporate directors as at 8 November 2006 (when the Companies Act 2006 received royal assent) were given a grace period to appoint at least one natural person as a director.
This grace period expired on 1 October 2010. Companies who fail to comply with the new regulations face a one-off fine not exceeding £5,000, plus a daily default fine until the matter is resolved.
Reviewed in 2015