Appointment of directors in the BVI - FAQs
How many directors must a BVI company have?
BVI Business companies must always have at least one director. The first director must be appointed within 15 days of incorporation. Any entity without a director is at risk of being struck off at the Registry.
Who can act as a director?
The director of a BVI company must be a legal person: corporate directors are allowed; individual directors must be over the age of 18, and not bankrupt or otherwise disqualified.
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Are there any rules on residency?
There is no requirement for directors to be resident in the BVI but if the entity will be regulated by the BVI Financial Services Commission, or will conduct relevant activity for economic substance purposes (other than holding business), it may be necessary for the entity to be directed and managed from the BVI.
Who appoints the first director?
The registered agent appoints the first director of a BVI companies once that director has consented to act in writing.
Is the register of directors filed at the Registry of Corporate Affairs?
Yes, it is required that the entity files its register of directors at the registry – this must be filed within 15 of the appointment of the first director and updated within 30 days of any change to the director or their filed particulars (name, address, date of birth, nationality)
What information is available about the director of a BVI company?
Director details are available to competent authorities and law enforcement agencies via the Registry.
Names of current directors are available publicly from the Registry on payment of a fee.
What is an alternate director?
Any director can nominate an Alternate Director to act in their place if they are unable to attend a meeting due to temporary absence or unavailability. The alternate director must consent to act in writing and must be registered at the registry as an alternate director before they can act.
What is a reserve director?
A Reserve Director can be nominated by a sole director / sole shareholder. Having consented to act, and been registered as a reserve director, they are automatically appointed as a full director on the death or permanent incapacitation of the sole director / shareholder in order that business can continue.
