In order to be eligible for Enterprise Zone benefits you must own property or have a lease of property within the perimeters of the zone, as per the maps provided, and you must also:
- Be a business holding a valid business license or a owner occupied residence
- Invest at least $10,000 in a rehabilitation / construction of the building
- Be a resident of the VI
- Be the actual investor in the Enterprise Zone
- Meet the standards of ecological compatibility
- Employ at least two (2) residents of the VI
- Comply with all federal and territorial laws including providing a letter of approval from HPC (Historic Preservation Commission)
- Agree in writing to abide by Title 29 VIC sections 1011(1)(2) & 1013(1)-(3)
The application process usually takes 30 days.
A. The applicant submits a complete application to the Enterprise Zone Commission with the required documents as indicated in the application.
B. The application is reviewed (an analyst may call for additional information to complete the application).
C. The Enterprise Zone Commission determines granting of benefits and a letter is sent to the applicant notifying him/her of the decision.