All BCs located in BVI are required to establish and maintain a Register of Directors, and must appoint their first director within 30 days of incorporation. Other statutory requirements remain minimal and flexible:
- Only one director and one shareholder are required;
- Shareholders, directors and officers need not be resident in the BVI and there is no stipulation as to their nationality;
- There is no minimum capital requirement; shares may be either registered or bearer (only under restricted conditions) and may be issued in any currency;
- Accounts need not be kept; if they are kept there is no requirement for an audit;
- No returns are required of shareholders, directors or officers;
- Shareholders’ and directors’ meetings need not be held in the BVI and can be held by telephone;
- The Memorandum and Articles of Association are the only documents to be held on the public record.