Recent amendments to the Virgin Islands Code have changed the number of directors a domestic corporation may have. The new rules took effect on January 1, according to a press release from the Office of Lieutenant Governor Gregory R. Francis.
The new law now provides that a corporation may have less than three directors. In the case of a corporation that has less than three shareholders, the number of directors may be equal to the number of shareholders.
Revised annual reports for domestic and foreign corporations that reflect the new changes are available at Division of Corporation and Trademarks offices and online at www.ltg.gov.vi. Additionally, the division has recently implemented a separate annual report form for non-profit corporations, domestic or foreign, which is also available at the division’s offices and online.
For more information, contact the Division of Corporation and Trademarks at 773-6449 on St. Croix or 776-8515 for the St. Thomas-St. John district.