These challenges are even greater for directors of Luxembourg companies, as the very nature of Luxembourg’s service-oriented financial sector allows companies to have only minimal local substance. Directors residing physically outside of Luxembourg’s borders can be overwhelmed by the dynamic nature of local financial regulations and regulatory practices, which may be far removed from the subject of their personal expertise. 

This is where an independent director can step in. An independent director will usually act as the primary local representative of the company, ensuring that local substance requirements are met. As they typically have no direct link with the company’s remote initiators, they can also provide unbiased oversight, giving independent judgement on key decisions that will impact the company’s daily operations. It is, thus, fundamental that these directors have a good understanding of the challenges the company faces, its day-to-day operations as well as the regulatory and supervisory requirements that govern its activity. The ideal independent director will also have valuable experience on maximizing the company’s efficiency. This includes knowing how and when to outsource non-core but time-consuming activities to service providers specialized in niche fields, and where to obtain regular training courses on subjects of practical relevance. 

NoW Partners is the ideal choice here. At NoW, we have experienced staff, with decades’ worth of professional experience in Luxembourg’s financial sector, including as independent directors. These key persons are supported by our Managed Services Department which can take charge of outsourced activities related notably to compliance and internal governance, allowing our independent directors to deliver a complete package. 

Moreover, as a recognized and authorized training provider, NoW Partners’ team of senior consultants, who have a deep expertise of the key challenging subjects, can provide your teams with interactive, tailor-made training courses that will make a real difference.