The United States Virgin Islands (USVI) is more than just an ideal destination in the Caribbean for tourists with its pristine beaches, wonderful sunshine, great duty-free shopping and intriguing historic monuments; it is also the ideal location for doing business and maximizing your company's profits.
Ideal Benefits and Incentives. The Virgin Islands offers a very unique tax incentives program for qualified businesses relocating to their shores through the Economic Development Commission or EDC program. Benefits for businesses in the EDC program can include up to 90% reduction in corporate income tax, 90% reduction in personal income tax, and 100% exemption on business property tax. Goods manufactured in the Virgin Islands may gain duty-free, quota-free entry into the United States. The product must be assembled from 70% or less of dutiable foreign materials and must be substantially transformed in the USVI. The 30% value-added requirement may include such soft components as profit and overhead costs. Some USVI products with as little as 10% direct processing cost can qualify for duty-free, quota-free entry into the United States and are labeled as "Made in the USA."
- We use U.S. Currency and have the protection of the U.S. flag and U.S. courts.
- Manufacturers have duty-free, quota-free access to the U.S. mainland with "Made in the USA" labels on many types of products.
- Our Economic Development Commission benefits help qualifying companies reduce their taxes and increase their profits and rivals any benefits package across the globe.
- We boast the opportunity to conduct business in one of the world's most beautiful natural environments with splendid panoramic views, gorgeous sand-filled beaches, world-class resort hotels and oceanside golf courses.
Public-Private Partnerships. The Virgin Islands government is also very supportive of public-private partnerships and in such as secured several deals involving millions of dollars in capital investments to private companies. Diageo, who established their worldwide distillery of Captain Morgan rum on St. Croix, is one example of successful public-private partnerships that thrive in the USVI.
Transhipment and Telecommunications. The Virgin Islands has excellent harbors and deep water ports with a well-developed freight and transportation system. There is a sophisticated telecommunication structure including fiber optic lines and high speed internet access.
Labor and Education. There is a stable educated and committed labor force. A knowledgeable workforce with strong construction and manufacturing skills have also developed because of the watch, pharmaceutical, rum, and refinery industries present in the Virgin Islands. We have excellent schools and accredited medical facilities. The Virgin Islands also has a nationally accredited university, The University of the Virgin Islands, which offers an array of degrees in various disciplines.
For statistical information about the U.S. Virgin Islands, please visit the Bureau of Economic Research.