Basic Requirements for Benefits
In order to receive benefits from the Economic Development Commission, an applicant must:
- Provide full-time employment for at least 10 persons of which 80% must be residents of the U.S. Virgin Islands. Residents must have resided in the USVI at least one year prior to being hired by the beneficiary. An enterprise which applies for economic development benefits as a Category IV Designated Service Business engaged in non-labor intensive financial services, shall be required to employ a minimum of five (5) full-time persons.
- Invest at least $100,000, exclusive of inventory, in an industry or business that advances the economic well-being of the USVI.
- Meet the requirements of Section 934 of the Internal Revenue Code in the case of a USVI corporation, individual or partnership.
- Be an actual investor in the enterprise for which economic development benefits are sought, not a contractor, subcontractor or other person or corporation acting as an agent.
- Comply with all federal and local laws and regulations, including environmental laws.
- Provide an easement for free access to the beach or shoreline, if the applicant will be doing business on property that adjoins the shoreline.
- Review the list of requirements in exchange for benefits.
General Information - Eligible Activities
Eligible activities generally fall within several categories, although the EDC has the authority to grant benefits to any business that will advance the economic well-being of the Virgin Islands and its people:
Legacy Virgin Islands Industries -- including:
- Rum Production
- Milk/Dairy Production
- Watch and Jewelry Manufacturing and Assembly
Product Assembly, Manufacturing, Repair and Maintenance and/or Export Operations (other than Historic VI industries) -- including but not limited to:
- Agriculture/Mariculture and Food Processing
- Marine and Aircraft Industry
- Machine and Heavy Equipment
- Bottling and Packing
Facilities, Tourism and Communications Developments -- including:
- Health Care
- Recreation and Retirement Facilities
- Utilities (including Alternative Energy Industry)
Designated Services Businesses -- as defined in section 703(g):
- Commercial Distribution and Trading Services;
- Public Relations Services including but not limited to publicity, mail order firms;
- International Banking and Insurance entities that has been duly licensed under Title 9 and Title 22, Chapter 9, respectively of the VI Code;
- Business and Management Consulting Services (including but not limited to strategic accounting, economic, scientific services);
- Investment Managers and Advisors;
- Call Centers;
- Family Offices;
- Venture Capital Management and Investment;
- Investment Banking and Financial Services;
- Film and Print Industry Activities (including news syndicate, still and motion pictures);
- Computer, Data, High Technology, E-Commerce and Call Services Center Businesses;
- Development/Engineering of Software, Blueprints, Intellectual Property;
- Medical (including Dental, Optical and Ophthalmological) laboratories and specialty medical services; and
- Any other businesses serving clients located outside the Virgin Islands deemed appropriate by the Commission.
International Financial Service Entity – See Act 7968, § 7, Jan. 20, 2017, V.I. Sess. Laws (2017)