The policies and purposes of this chapter are declared to be the promotion of the growth and development of the economy of the United States Virgin Islands by creating opportunities and incentives for international investment in the Territory, as authorized and encouraged by the federal Tax Reform Act of 1986, which will result in: (1) […]
For the purposes of this chapter: (a) “Exempt company” means a corporation organized in the United States Virgin Islands which meets the requirements of section 852 of this chapter and an exempt branch as such term is defined in section 853a of this chapter. (b) “Internal Revenue Code” means the United States Internal Revenue Code […]
In order to qualify and remain eligible for the benefits granted by this chapter, an exempt company shall: (1) Except in the case of an exempt insurer which is a domestic corporation as defined in Sections 7701(a)(3) and (4) of the Internal Revenue Code (as it applies in the United States), or which has an […]
(a) In order to elect to become an exempt company a corporation shall take any one of the following actions: (1) include a statement in its original articles of incorporation, or in its certificate of domestication filed in accordance with section 471 of this title, that it may or shall be considered an exempt company […]
Any corporation that (i) is not a domestic corporation as that term is defined in sections 7701(a)(3) and (4) of the Internal Revenue Code (as it applies in the United States Virgin Islands), and (ii) is not a domestic corporation as that term is defined in section 7701(a)(3) and (4) of the Internal Revenue Code […]
(a) A corporation shall qualify as an exempt company only if less than ten percent (10%) of: (1) the total voting power of the stock of such corporation; or (2) the total value of the stock of such corporation; is owned or treated as owned (within the meaning of section 958 of the Internal Revenue […]
(a) An exempt company, other than an exempt insurer, an exempt mutual fund, or an exempt international banking facility, shall be treated with respect to its exempt activities for the purposes of the Internal Revenue Code (as it applies in the United States Virgin Islands) as a foreign corporation which does not earn United States […]
An exempt company shall be exempt from the tax imposed under Title 33, section 43, Virgin Islands Code.
No tax shall be imposed under sections 871(a)(1) and 881 of the Internal Revenue Code (as it applies in the United States Virgin Islands) with respect to dividends or interest received from sources within the United States Virgin Islands by a shareholder or creditor, respectively, of an exempt company.
(a) An exempt company shall be exempt from the requirements of sections 1441 and 1442 of the Internal Revenue Code (as it applies in the United States Virgin Islands) to withhold the tax imposed by sections 871(a)(1) and 881 of the Internal Revenue Code (as it applies in the United States Virgin Islands) with respect […]
An exempt insurer shall be exempt from the payment of premium tax under Title 22, Virgin Islands Code.
(a) Except in the case of an exempt insurer and an exempt international banking facility, no exempt company shall be required to obtain a license to do business in the United States Virgin Islands unless such company: (1) revokes its election to be an exempt company; or (2) commences doing business in the United States […]
(a) In lieu of filing an annual report pursuant to section 371 of this title and in lieu of filing an annual franchise tax report and paying the annual franchise tax prescribed pursuant to chapter 5 of this title, every exempt company (including exempt insurers, exempt mutual funds and exempt international banking facilities) incorporated or […]
The Office of Lieutenant Governor is authorized and directed to provide any exempt company, within sixty (60) days of a request by the exempt company to do so, a contract signed by the Lieutenant Governor, on behalf of the Government of the United States Virgin Islands, stating that the benefits of this chapter as they […]
The Lieutenant Governor shall promulgate rules as are necessary for the implementation of this chapter. However, prior to their submission to the Governor under Title 3, chapter 35, Virgin Islands Code, such rules shall be submitted to the Commissioner of Commerce for his recommendations.
The resident agent of an exempt company shall solicit and maintain records of such information as may be required to establish that the exempt company is in compliance with section 852 of this chapter and to establish that any requirements relating to the ownership of an exempt company imposed by federal or local law or […]
