The U.S. Virgin Islands Economic Development Authority is best known for its tax incentive program, business financing programs, tax credits program for local neighborhood revitalization, and leasing of commercial space at its industrial parks.
Additionaly the VIEDA also manages a variety of programs to further economic growth in the Territory. Some of these programs are industry-specific and some are cross-industry and targeted towards entrepreneurship development.
These programs include:
Small Business Incubator Program – offers support to entrepreneurs looking to start a new business in the U.S. Virgin Islands.
Sustainable Tourism through Arts-based Revenue Stream (S.T.A.R.S.) Act – offers incentives for the production of film productions and music/audio recording projects
Tax Increment Financing (TIF) – harnesses future tax revenues to fund current public improvements
VI Ambassadors – leverages the Territory’s network of business leaders who can influence key businesses in their decisions to locate operations in the Territory
Hotel Development Program – designed to assist in the development of hotels, resorts and related hotel facilities to increase opportunities in tourism enterprises in the U.S. Virgin Islands
Marine Development Initiative Program – designed to unify the functions of the various marine-related businesses under one executive board in order to achieve maximum efficiency of operations, and develop comprehensive programs
Eligible Suppliers Program – provides preferred acccess for U.S. Virgin Islands businesses to provide goods and services to EDC companies