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.
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
Made in USA labeling
Duty free, quota free exporting of USVI made goods into the United States
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.