Virgin Islands Firm Offer
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FAQ
The goal of the VIC was to revive the Virgin Islands' sugar and rum industries, which had been decimated by the Great Depression. Except during periods of drought and war, the VIC was successful in boosting the economy and relieving unemployment.
The U.S. chose the name "Virgin Islands" when it took formal possession of the Danish West Indies on March 31, 1917. The U.S. bought the islands from Denmark for $25 million. The island chain consists of St. Thomas, St.
After 30 years of assisting the economy of the islands, the VIC was closed on June 30, 1965 16. Sources: (NOTE: Annual Reports the Department of the Interior, and Annual Reports of the Governor of the Virgin Islands (embedded within the Department of Interior reports), can be found at .)
There are an estimated 950,000 companies registered in the islands and the BVI is considered one of the major players in this sector.
The Virgin Islands Company (VIC) was established by the Colonial Council of St. Thomas and St. John on April 16, 1934, to rehabilitate the Virgin Islands' sugar and rum industries, and to promote the general welfare of their people 1.
Investors are drawn to the British Virgin Islands (BVI) for its flexible and modern corporate regime, tax neutrality, respected legal system, political stability and effective regulatory framework.
The bulk of the tourism income in the British Virgin Islands is generated by the yacht chartering industry. The Territory has relatively few large hotels compared to other tourism centres in the Caribbean.
Tourism, trade, and other services are the primary economic activities, accounting for nearly 60% of the Virgin Island's GDP and about half of total civilian employment. The islands host nearly 3 million tourists per year, mostly from visiting cruise ships. The islands are vulnerable to damage from storms.
The US purchased the islands in 1917, when they were known as the Danish West Indies, hoping that they'd be an ideal strategic location for a naval base and would help secure the region surrounding the Panama Canal.
The tax is payable to the Virgin Islands Bureau of Internal Revenue rather than the U.S. Internal Revenue Service. In addition to this mirrored rate of tax, all corporations are also subject to a 10% corporate tax surcharge. This brings the maximum graduated rate to 38.5%.
