Preconditions Set for the Managing Director

Only a natural person, who is a consenting adult, may act as a managing director. Another company may thus not be a managing director. The managing director may not be bankrupt or under a prohibition to engage in business. The managing director may not have an appointed trustee and his/her capacity may not be limited by the regulations of Guardianship Services Act. The managing director can neither be a member or a deputy member of the supervisory board of the company nor an auditor or a deputy auditor of the company or any group company. The managing director shall reside in the EEA area unless the National Board of Patents and Registration has granted an exception from this requirement.

A limited liability company may have only one managing director at a time. Likewise there may be only one deputy managing director at a time [Deputy Managing Director (Alternate Managing Director)]⁠.

It is not necessary to use the title managing director. The company may, at its discretion, use another title for the managing director, i.e. president or manager. It shall, however, become apparent from the articles of association or from the decision of the board of directors that the person appointed to the office with another title is the company’s managing director.