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
- 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