Key points
Every VCC needs at least one director meeting the relevant conditions. Authorised schemes require at least three directors, including an independent director. The board must satisfy local-residency and fund-manager-related requirements. FIN holders should confirm with the pass issuer that they may accept the role rather than assume the appointment is permitted.
Planning your next steps
A permissible fund manager must be appointed. The secretary is due within six months and cannot also be the sole director. An auditor must be appointed within three months; the Companies Act's cited audit exemptions do not apply to VCCs. A managing director is optional and must already be a director. Plan appointments against these separate requirements and deadlines.
Official source
A concise, independent Apex Gateway guide based on the official English source, not a reproduction of the complete document. Consult the original for full conditions, exceptions and subsequent updates.
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