| If you have a hankering for your own business and a | | | | type of business that serves clients that are located |
| yen for fun in the sun, your best bet is the U.S. Virgin | | | | beyond the borders of any of the Virgin Islands. |
| Islands. Here you can build your own business, or grow | | | | The fourth category of qualifying businesses include |
| your existing one, and keep most of what had been | | | | utility providers, healthcare facilities, recreation and |
| your tax payments for yourself and your firm. | | | | athletic facilities, insurance carriers, physicians and their |
| The USVI and its Economic Development Council has | | | | corporate entities and any other firms that the |
| a plan to let you reap a tremendous financial boon and | | | | Economic Development Commission decides are |
| corporate benefits that will wow you. Here are the | | | | appropriate. All that's required to add a firm to the |
| industries and types of firms that can apply for this 90 | | | | qualifier list is the EDC's decision that doing so will |
| percent federal income tax break for business. They | | | | advance the well being and economic growth of the |
| are divided up into four different categories. | | | | United States Virgin Islands and its residents. |
| The first qualifier category includes firms who produce | | | | To earn the benefits of EDC a company must qualify. |
| milk and other dairy products, that manufacture rum | | | | The requirements include a minimum investment of |
| and that assemble and manufacture time pieces and | | | | $100,000 - this does not include inventory, and |
| other jewelry. | | | | residence either as an individual or a business entity in |
| Category two is made up of companies engaged in | | | | the USVI. Business entity includes partnership, |
| product assembly, and any manufacturing other than | | | | corporation, trust, limited liability partnership and limited |
| jewelry and watch assembly, agriculture or food | | | | liability corporation. |
| processing, Mari culture, any marine related firm, the | | | | The applicant must actually be an investor in the firm |
| processing of raw materials, guest houses or hotel | | | | that is applying, and that firm must employer at least 10 |
| facilities, and companies offering telecommunications or | | | | full time employees, 8 of which must be residents of |
| transportation services. | | | | the Virgin Islands. The company must also qualify |
| The next category of qualifying organizations include | | | | ecologically; i.e., it must be a firm that is friendly to the |
| those engaged in services such as financial or | | | | environment in mission and in practice. The firm, if |
| investment advisors and managers, management and | | | | contracting for services or products, must use firms |
| business consultants, software designers and | | | | licensed with and registered in the Virgin Islands. The |
| developers, firms and sites engaged in e-commerce, | | | | company must also provide assistance either financial |
| call / contact centers, high technology companies, | | | | or through on site training to educate local VI residents. |
| businesses engaged in international public relations or | | | | It must also maintain its payroll account in a bank that |
| trading and distributing internationally, and any other | | | | resides in the U.S. Virgin Islands. |