Q2. Is there any basic requirement on incorporation of a BVI company?

Yes. The requirement is listed as below:

1. No. of Shares: No maximum but at least 1 share of any value. Ready-made company is generally 50,000 shares of US$1.00 each.
2. No. of Shareholders: At least 1 shareholder above 18 years old.
3. No. of Directors: At least 1 director above 18 years old.
4. Company Secretary: Optional.
5. Registered Office: It must be in British Virgin Islands, provided by the Registered Agent.