The post of company director is a prestigious post. It exists in all sorts of companies. According to the prescribed guideline of Company Act, it is mandatory for all the companies to have at least one post reserved for director. Limited companies are required to have at least two posts reserved for the position.
How to Become a Company Director?
If you are a career aspirant and you want to push your career towards the position of a company director, follow these instructions.
- Get relevant education. Education is the basic requirement for exploring career options for the post of company director. An MBA degree is supposed to be ideal qualification for the post.
- If you are on job-hunt, get your resume and cover letter prepared in proper way. These things along with a writing sample are required to be submitted to your potential employers while you are searching for job. The writing sample should include business related topics.
- Win a summer intern program. Intern program under the managing director of a company would offer you the opportunity to gain direct work experience. No matter what you are made to do there – filing papers or serving coffee. Working under the managing director, you can learn various terminologies related to the trade.
- Relocate yourself to any of the large cities after your studies are over. It would help you much in bagging the position of company director.
- Get a mentor in the company where you have bagged internship and seek his or her professional help.
Role and Responsibilities of a Company Director
The existing case law regarding the roles and responsibilities of company director was confirmed by Companies Act 2006. Company directors have several job responsibilities to fulfill. Their key business responsibilities are to ensure that their companies excel in areas like business, safety, health, tax and employment law. Some other company director responsibilities include submitting key documents to Registrar at the Companies House. These documents include annual accounts and annual return. Failure to do so within valid timeframe may invite fine or imprisonment.
Some other financial and legal responsibilities which company directors are required to discharge include keeping track of the accounting records of the concerned companies, producing accurate accounts, submitting corporation tax returns to concerned department and dealing with staff payment.
Salary of a Company Director
The average salary of a company director is more attractive than the salary offered by several other jobs. Their salary depends on their qualification, organization, experience and the responsibilities commended to them. The salary for those having more than five years of experience in the industry can be about 90,000 USD per year. Apart from the salary, the company directors can also get attractive bonuses and other benefits.