Elite Traveler November-December 2015

SPECIAL PROMOTION

income from software developed in the USVI and sold to non-U.S. customers; and rental space at below market rates in the St Croix and St Thomas industrial parks on a space available basis. Attracting new hotel development on St Croix and St Thomas is an important goal for the Territory. “We’re looking at three-, four- and five-star facilities because that is the kind of visitor that we attract,” said Governor Mapp, who encourages hotel developers to embrace environmentally friendly projects with strong community benefit. “We want businesses to invest in the US Virgin Islands and to become profitable and successful,” he said, adding that the Territory is family friendly and residents enjoy a high quality of life. Governor Mapp also suggests sampling the local rum. Why? “St Croix has been producing rum since the 1700s, so we’re really very good at it,” he proudly proclaims. Investors in the US Virgin Islands flourish in the business-friendly environment due to benefits such as: An educated labor force US currency, courts and Easy air access to and from theUnited States, SouthAmerica, Europe and other Caribbean islands World-class telecommunications “Made in theUSA” labeling Duty-free, quota-free exporting of USVI-made goods to theUnited States Immigration and shipping advantages Additional benefits for doing business in enterprise development zones. flag protection

The United States Virgin Islands is a leading travel destination in the Caribbean with famous beaches, intriguing history and great duty-free shopping. Yet, despite its worldwide acclaim as a tourism destination, many don’t know that the Virgin Islands is also an ideal location for doing business Each of the three major islands has a character all its own. St Croix’s Danish influence is ideal for visitors looking for a laid-back experience or historical exploration. Two-thirds of St John is a national park; its comfortable pace is perfect for outdoor activities, as well as enjoying world- renowned beaches such as Trunk Bay or Cinnamon Bay. St Thomas is home to one of the most beautiful harbors in the world and offers elegant dining, exciting nightlife and generous duty-free shopping. With approximately 110,000 residents, the American Territory is governed by the United States Constitution and federal laws. Local courts and the United States District Court US Virgin Islands: A great place to do business

comprise the judicial system. Qualified businesses can benefit from unique tax incentives through the Economic Development Authority and its Economic Development Commission (EDC) Program. “There are very few places in America where a business can enjoy such generous reductions on federal tax obligations,” says Governor Kenneth E Mapp, a former New York City police officer, who was elected in January 2015. Global companies in the areas of manufacturing, high- technology assembly plants, pharmaceuticals,

its resources, including generous corporate tax incentives, with workforce development opportunities to benefit both companies and the USVI economy. Benefits and advantages for businesses in the EDC program include 90 percent reduction in corporate income tax, 90 percent reduction in personal income tax, and a reduction in the customs duty from the standard six to one percent. There is also 100 percent exemption on excise tax payments; 100 percent exemption on business property tax; 100 percent exemption on gross receipt tax; tax reduction on royalty

Kenneth E Mapp Governor

and outsourcing companies such as call centers and many others are all encouraged to apply and qualify for the EDC Program. The Government of the US Virgin Islands works with the University of the Virgin Islands Research and Technology Park (RTPark) to provide a framework for collaborative business development efforts. The RTPark typically engages a business partner, aligning

For more detail, visit usvieda.org

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