Virgin Islands Corporate Bylaws
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FAQ
To start a business in the U.S. Virgin Islands you will need to obtain a business license from the Department of Licensing and Consumer Affairs (DLCA). DLCA will complete the "One Step" review process with the following government agencies: Police Department. VI Bureau of Internal Revenue (tax clearance)
US Virgin Islands is not a tax haven or offshore jurisdiction, but USVI companies (or corporations) could be established as "USVI Exempt Companies" with partial or full exemption from local and US federal income taxes.
INDIVIDUAL INCOME TAX Individuals who are bona fide residents of the Virgin Islands file Form 1040 with the Virgin Islands and pay tax on their worldwide income to the Virgin Islands.
Requirements for Incorporation in the U.S. Virgin Islands. Corporations in the U.S. Virgin Islands are formed by three incorporators who are responsible for electing the company's directors. There is a minimum requirement of one director for every shareholder of the corporation if there are three or fewer shareholders.
Unlike most US states, the USVI requires corporations to have a minimum of three directors, three officers, a president, treasurer and secretary. Corporate directors are not allowed. Stock must also be registered and there is a minimum capital requirement of $1,000.