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:
- Rum Production
- Milk/Dairy Production
- Watch and Jewelry Manufacturing and Assembly
- Product Assembly, Manufacturing (other than Jewelry and Watch Manufacturing and Assembly)
- Agriculture/Food Processing
- Mariculture/Food Processing
- Marine Industry
- Raw Materials Processing
- Transportation and Telecommunications
- Health Care Facilities
- Recreation Facilities
Category IV - Service Businesses, not limited to, but including:
- International Commercial Distribution and Trading Services
- International Public Relations Services
- Publicity firms
- Economic, Scientific or Management Consulting Services
- Public Auditing
- Processing, Editing and Dubbing of Cinematographic Films
- Commercial and Graphic Art Services
- News Syndicates
- Mail Order Firms
- Assembly, Bottling and/or Export Packing Operations
- Computer Service Centers
- Maritime Vessels and Aircraft Repair and Maintenance Services
- Machinery and Heavy Equipment Repair Services, including but not limited to Agriculture, Industrial, Construction, Mining and Transportation Equipment and Machinery
- Electrical and Electronic Equipment and Watch Repair Services
- The Production of Engineering and Architectural Blueprints and Plans to be used in the construction of projects to be located outside of the Virgin Islands
- Photographic Laboratories, including Film Processing
- Dental Laboratories
- Optical and Ophthalmological Laboratories
- Prefabricated Houses of any type of material
- Investment Managers and Advisors
- Financial Services
- Research and Development
- Business and Management Consultants
- Software Developers
- E-Commerce Businesses
- Call Centers
- High Tech Businesses
- International Public Relations Firms
- International Trading and Distribution
- Any other businesses serving clients located outside the Virgin Islands