So You Want to Start an EDC Business in the Virgin Islands

By
Real Estate Broker/Owner with Van Blake-Coleman Realty, St. Thomas/www.talk-to-Tanya.com 1-16940-1B

 

Virgin Islands Lillie

 

Are you contemplating  starting an EDC (Economic Development Commission) business in the Virgin Islands?  Probably the first question I need to know is, how soon do you anticipate making an exploratory trip to the Virgin Islands? Seminars are being conducted around the mainland to introduce business owners to the advantages of starting or moving a business to the  Virgin Islands under the EDC. 

 

If you are considering starting an EDC business in the Virgin Islands your preliminary research should include speaking with  some people who are in the know. There are a number of attorneys who are well versed in starting EDC businesses in the Virgin Islands. There are two attorneys I would recommend touching bases with. David A. Bornn, Esq. owner of The Bornn Firm. He can be reached at 340 774 2501.  Erika A. Kellerhal is also a well versed attorney, familiar with the laws and tax incentives here in the Virgin Islands. She can be reached at 340 779 2564. Please be sure to let them know I referred you to them.  

I am not personally familiar with all of the regulations but here are some important facts.

 

All businesses are encouraged, but there are special niches for some businesses like  technology and entertainment related businesses.

 

Some website you will want to explore  are www.usvieda.org  and www.uvitpark.com.

 

There are a number of incentives available through the Economic Development Authority and the Economic Development Commission (EDA and EDC) for business in the Virgin Islands.

 

Benefits and advantages for businesses in the EDC program can be up to:

 

    90% reduction in corporate income tax

 

    90% reduction in personal income tax

 

    Reduction in the customs duty from the standard 6% to 1%

 

    100% exemption on excise tax payments

 

    100% exemption on business property tax

 

    100% exemption on gross receipt tax

 

    Tax reduction on royalty income from software developed in the USVI and sold to non-US customers

 

    Availability of rental space at below market rates in the St. Croix and St. Thomas Industrial Parks

 

Investors in the U.S. Virgin Islands also enjoy:

 

    A business-friendly environment

 

    An educated labor force

 

    US currency, courts and flag protection

 

    Easy air access to and from the United States, South America, Europe and other Caribbean Islands

 

    World-class telecommunications

 

    Made in USA labeling

 

    Duty free, quota free exporting of USVI made goods into the United States

 

    Immigration advantages

 

    Shipping advantages

 

    Availability of prime rental space

 

It is also their mission to encourage and assist in the creation, development and expansion of business and industry in the Virgin Islands.  By locating your business or qualified portion thereof to the Virgin Islands, you may be eligible to receive the above listed tax incentives for your business for a period ranging from ten to thirty years.

 

Once you do some research and if you decide the Virgin Islands are where you want your business to be you will probably do an initial trip.  I would be happy to show you some locations for  office space as well as residential accommodations.  I can assist you with  securing both of these.  What's your budget (don't forget to look at the loan section on the EDA website)?

 

For your residential requirements in the Virgin Islands, call or e-mail me to give me the details of what your  requirements are.

 

 

 

I look forward to working with you. Don't miss out on this spectacular opportunity in Paradise and all of the great benefits of having your business in the Virgin Islands.

 

 

 

 

Comments (2)

Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

Very informative article!  I only wish I were able to have a business in the Virgin Islands, LOL!

Jul 13, 2013 09:47 PM
Tanya Van Blake-Coleman
Van Blake-Coleman Realty, St. Thomas/www.talk-to-Tanya.com - St Thomas, VI
Improving the Quality of Your Life

Thanks for stopping by Sharon. There certainly are a lot of incentives!

Jul 14, 2013 05:21 AM