Virgin Islands Law Blog

Virgin Islands Law Blog

U.S. Virgin Islands law & politics

Category Archives: Corporate & Financial Services

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The Benefits of Using Mediation to Resolve Business Disputes

Posted in Corporate & Financial Services, Litigation
If you own or operate a business, it’s possible that you will find yourself in disputes from time to time. These conflicts can quickly become very heated, but mediation is often an effective alternative to engaging in expensive and time-consuming litigation. Business disputes may be related to nonbinding verbal agreements, breach of contract and employment … Continue Reading

Top Legal Concerns Facing Hotel Owners Today

Posted in Corporate & Financial Services
As a hotel operator, your top priority is likely on making a profit and ensuring that your guests are happy with their stay. Managers work behind the scenes, handling numerous day-to-day responsibilities for all parts of hotel operations, including sales, marketing, supervising personnel, security, maintenance and food and beverages. Managing a hotel may also involve … Continue Reading

Governor Vetoes Tax Break Changes for RT Park Businesses

Posted in Corporate & Financial Services, Government Relations
In a controversial move, U.S. Virgin Islands Governor John deJongh has vetoed a bill that would have widened the variety of businesses at Kingshill’s Research and Technology (RT) Park deemed eligible for considerable tax breaks. The tax breaks are incentive benefits bestowed by the RT Park to its tenants at the park, preventing them from … Continue Reading

Recent Arrest Demonstrates US Virgin Islands’ Crackdown on Tax Evasion

Posted in Corporate & Financial Services, Tax & Estate Planning
A recent arrest made in the U.S. Virgin Islands has demonstrated the territory’s renewed dedication to enforcing tax evasion laws. In April, police arrested Johnathan Cohen, the sole owner of JKC Communications. Cohen was charged with failing to file and pay both individual and corporate income taxes for the past several years, according to the … Continue Reading

U.S. Virgin Islands Uses Tax Breaks to Lure More Small Businesses

Posted in Corporate & Financial Services
The U.S. Virgin Islands has recently begun to offer significant corporate tax breaks to small businesses in an attempt to encourage job creation and diversity within the territory’s economy, currently valued at $4.2 billion. In early March, Governor John P. deJongh toured New York with regional economic development officials to meet with investors and interested … Continue Reading

Effective Methods for Protecting Your Company’s Intellectual Property

Posted in Corporate & Financial Services
Recently, one of our firm’s clients inquired as to our protecting their intellectual property, and BoltNagi submitted to an in-depth technology audit. Large companies like Google, Microsoft and Apple use considerable resources to protect their intellectual property. An organization of any size, however, can suffer due to intellectual property theft, and small businesses in particular … Continue Reading

U.S. Energy Department Maintains Agressive Energy Efficiency Obtainable in U.S. Virgin Islands

Posted in Corporate & Financial Services
The high cost of energy, along with isolated grids and an abundance of renewable energy resources have motivated island communities around the world to investigate alternatives to fossil fuels.  Many have set ambitious objectives to reduce oil consumption—the primary fossil fuel consumed on most islands.  According to the U.S. Department of Energy, the U.S. Virgin … Continue Reading

CFPB to Crack Down on Disrcriminatory Car Loans

Posted in Corporate & Financial Services
Auto loans are the third largest source of outstanding household debt after mortgages and student loans.  Those loans should be administered fairly without discriminatory practices. The Consumer Financial Protection Bureau (CFPB) recently gave notice to lenders that offer auto loans through dealerships that they are responsible for any unlawful or discriminatory pricing.  The CFPB reported … Continue Reading

FDIC and SBA Offer Support for New and Aspiring Entrepreneurs

Posted in Corporate & Financial Services
The Federal Deposit Insurance Corporation (FDIC) and U.S. Small Business Administration (SBA) recently announced new resources to support small businesses across the nation and the U.S. Virgin Islands.  FDIC Director for Depositor and Consumer Protection Mark Pearce and SBA’s Deputy Associate Administrator for Entrepreneurial Development Michael Chodos released Money Smart for Small Business, a training curriculum … Continue Reading

U.S. Virgin Islands Corporations Allowed Fewer Directors

Posted in Corporate & Financial Services
As of the first day of 2012, U.S. Virgin Islands domestic corporations can have fewer than three directors, making it easier for smaller companies to establish themselves, the Office of the Lieutenant Governor announced Monday. V.I. law’s previous requirement of a minimum of three directors has historically placed a burden on some smaller companies, especially … Continue Reading

U.S. Virgin Islands Discusses Joint Insurance Exchange with West Virginia

Posted in Corporate & Financial Services
One place,  known for its Appalachian Mountains and rich coal supply,  was immortalized in John Denver’s 1970s hit, “Take Me Home, Country Roads.” The other has white sandy beaches, rum distilling and an average January high temperature of 86 degrees that attracts millions of tourists each year. From economy to climate, West Virginia and the U.S. Virgin Islands are as … Continue Reading