The Virgin Islands, while relatively small in size and population, has a very diverse and active business community with companies and individuals residing and owning investments in the Virgin Islands from the U.S., Europe, other Caribbean Islands, India and around the world.  Following is a brief summary of frequently asked questions about doing business in the Virgin Islands. The U.S. Virgin Islands is a unincorporated territory of the United States and therefore, enjoys the protection of the U.S. Constitution, legal and Republican form of government but retains its own authority for taxation under the U.S. Internal Revenue Code, and many other aspects of doing business in the Virgin Islands are similar to a state or municipality in the U.S There are no special immigration and residency requirements nor property ownership restrictions for individuals of corporations residing or doing business in the Virgin Islands, other than those that apply generally in the U.S. and to U.S. immigration laws administered by the U.S. Immigration and Naturalization Service.  However, applications to the INS for citizenship and residency is made in the Virgin Islands and not the United States, which generally the time for the approval process. V.I. labor laws generally follow U.S. standards, though the Virgin Islands has it's own minimum wage standards.  Individuals doing business in the V.I. are encouraged to familiarize themselves with the Wrongful Discharge Law.  Wages and salaries tend to be somewhat less than average U.S. counterparts in similar occupations. Code, the V.I. uses the same income tax regulations, forms, filing dates, etc. though the tax revenue is retained in the V.I.  As a result of this system, V.I. residents and corporations generally pay tax on worldwide income to the V.I. Bureau of Internal Revenue and U.S. residents and corporations generally pay taxes on V.I. income to the V.I. Bureau of Internal Revenue and in U.S. income to the I.R.S.