welcome to Business Basics VI
Find out why it is important to form a company for your business. We can assist with every aspect of forming your company and ensure all compliance obligations are being met on an ongoing basis.
Whether operating under a company or as a sole proprietor all businesses operating in the USVI are required to have a business license. BBVI can provide guidance as to which licenses are required and assist with all aspects of obtaining and maintaining the necessary licenses.
We can advise when and if a trade name is necessary for your business as well as assist with the registration and renewal of your trade name.
Maintaining a registered agent is critical to maintaining your company’s good standing. The resident agent is a company’s designated representative for compliance filings and to accept service of process on behalf of the company.
There are many aspects to starting a business and it takes a great deal of planning and preparation. Despite what type of business you have there are specific legal requirements that must be met and each business (whether a legally formed business entity or an unregistered sole-proprietorship or partnership) will have important tax and corporate filing obligations. Many people choose to form a legal business entity to operate their business. A company provides personal asset protection, potentially tax benefits, and a degree of brand protection which can strengthen your business identity. To form the company the proper legal documents must be filed and processed with the government and the necessary licenses must be obtained to meet the requirements of the law. It is important to be aware that in many instances USVI governmental policies and procedures can be substantially different compared to other jurisdictions.
Just as important as forming your company is maintaining your good standing as well as meeting all tax and corporate filing requirements. Missing filing deadlines can be a costly and time consuming mistake. It is important to make the proper corporate filings each year including annual report, franchise tax reports and trade name renewals. In addition to these obligations your business will most likely require a business license or other permits. Some of the most complex filing requirements are your tax filing requirements. The territory of the U.S. Virgin Islands has its own taxing authority, the Bureau of Internal Revenue (BIR), and it is important to understand what filing obligations you have to the BIR versus the Internal Revenue Service (IRS). A business operating in the USVI is likely to have filing and tax obligations to both the BIR and the IRS.
The U.S. Virgin Islands are an unincorporated United States territory whose residents are U.S. citizens and where the U.S. dollar is the official currency. Though the USVI is American, these islands and their people have a distinct history and culture. Many people are drawn to these tropical islands for fair weather, beaches, ocean and many related activities. The USVI is a popular cruise ship port and vacation destination. Hence the tourism industry is an important part of the USVI economy. The USVI offers many opportunities for entrepreneurs starting small businesses. However the Government of the Virgin Islands also offers several tax incentive programs to entice larger companies, including manufacturing, technology and finance companies to relocate their operations to the USVI.