When most people think of the U.S. Virgin Islands, the images that come to mind are beaches, relaxation, a unique island culture and a relaxing, laid-back environment. However, for those in the business community, the Territory offers much more than just a great tourist destination. The fact is that the U.S. Virgin Islands is also a great place to do business.
One of the key advantages of doing business in the Territory is its close association with the United States. Overall, the processes related to conducting business in the U.S. Virgin Islands do not differ much from processes throughout the U.S. mainland. In addition, doing business here doesn’t require using a different currency or worrying about a different tax system. In fact, the Territory uses the same tax forms, regulations and filing dates as the mainland, with the Government of the Virgin Islands retaining the ability to tax income made within its jurisdiction.
Meanwhile, there are other tax benefits that make doing business in the U.S. Virgin Islands particularly attractive. Organizations looking to relocate to the territory can take advantage of the Economic Development Commission’s program, which offers a set of tax incentives to qualified businesses with a presence in the Territory. These companies must help meet the Economic Development Authority’s mission of encouraging the growth and development of the economy of the U.S. Virgin Islands.
Among the benefits available to businesses in the EDC program are up to 90 percent reductions in corporate and personal income tax, exemption from business property taxes, reduced customs duty and even the ability to rent office and industrial space at significantly reduced rates.
Strong public-private partnerships
As exemplified by the EDC program, the U.S. Virgin Islands considers the productive partnership of the government and private organizations to be a benchmark of good economic policy for the territory. The Government of the Virgin Islands willingness to invest in private industry is just one more way in which the territory serves as an attractive place for businesses.
Finally, doing business in the territory affords companies the opportunity to enjoy the benefits of leveraging the Territory’s well-educated labor force at their disposal. With an accredited university, quality educational system and a strong history of nurturing manufacturing and construction skills amongst its workforce, the territory offers a potential pool of employees that any business would be fortunate to have.
Doing business in the U.S. Virgin Islands offers all of the benefits of the United States — and much more. If your company is considering opening up shop in the territory and you want to better understand the options and benefits available to you, consult an experienced business law attorney.
BoltNagi is a widely respected and well-established business law firm serving clients throughout the U.S. Virgin Islands.