§ 735a. The International Financial Services Center Revolving Fund
(a) There is established in the Treasury of the Government of the Virgin Islands a fund designated as the International Financial Services Center Revolving Fund. The Commissioner of Finance shall administer the Fund as a separate and distinct fund in the Treasury of the Government of the Virgin Islands. (b) The Fund consists of an […]
§ 736. Tax Incentive Benefits
(a) Any international business entity licensed and regulated under this chapter before the effective date of subchapter III, is eligible to receive any tax exemption, tax credit, or tax privilege pursuant to this subchapter. (b) The Board may: (1) review all applications for tax incentive benefits, issue a Certificate of Eligibility for Tax Incentive Benefits […]
§ 737. Contract
Each certificate granting tax incentive benefits issued under this subchapter is a contract between the Government of the Virgin Islands and the beneficiary. Should the Government adopt any legislation impairing or limiting the obligations going forward, existing contracts must be honored.
§ 731. Dissolution
(a) The Board may appoint a receiver and order the dissolution of an international financial services entity if the license of the international financial services entity or of the person of which the international financial services entity is a unit, is revoked or surrendered under section 730. (b) The receiver appointed must be a person […]
§ 732. Penalties
(a) If any director, official or individual acting in a similar capacity of an international financial services entity or of a person of which the international financial services entity is a unit, violates, or voluntarily or negligently permits any director officer, agent, or employee of the international financial services entity or of the person of […]
§ 733. Confidentiality
(a) The information that the international financial services entity provides to the Board pursuant to this chapter and the regulations of the Board must be kept confidential, except: (1) when disclosure of such information is required by law or judicial order; or (2) through a formal petition of a domestic or foreign government agency in […]
§ 730. Revocation, suspension or surrender
(a) The license issued under section 721 is subject to revocation or suspension by the Board, upon previous notice and hearing pursuant to the regulations under this chapter, if: (1) An international financial services entity or the person of which the international financial services entity is a unit, contravenes or fails to comply with any […]
§ 730a. Denial of a License
The Board may deny the issuance of a license or revoke a license for any one of the following reasons: (1) providing incorrect, misleading, incomplete or materially untrue information in the license application; (2) violating or failing to comply with any financial services or other applicable law, rule, subpoena, consent agreement, or order of the […]
§ 720. Application for permit
(a) Any person, as defined in section 719, may apply to the Board for a permit to organize an international financial services entity. The application must be in writing, in the form specified by the regulations of the Board and must be accompanied by: (1) The proposed articles of incorporation, partnership agreement or other written […]
§ 721. License
(a) A person may not commence operations as an international financial services entity before it has been issued a license under this section. (b) The Board may issue to the applicants a license to operate an international financial services entity after receipt of: (1) the certification by the Division of Corporations and Trademarks referred to […]