Virgin Islands Corporate Bylaws serve as a legal document that outlines the rules, regulations, and procedures for the operation and management of a corporation registered in the U.S. Virgin Islands. These bylaws are crucial in providing a framework for the corporation's governance, internal affairs, and relationships among its directors, officers, and shareholders. The Virgin Islands Corporate Bylaws generally consist of several key sections, including: 1. Purpose: This section describes the corporation's mission, objectives, and the business it intends to engage in. 2. Shareholders: It outlines the rights, responsibilities, and procedures related to the corporation's shareholders, including the issuance and transfer of shares, annual meetings, and voting procedures. 3. Board of Directors: This section provides guidelines regarding the composition, appointment, and duties of the corporation's board of directors. It also discusses the powers and limitations of the board, including decision-making processes, board meetings, and committees. 4. Officers: The bylaws specify the responsibilities, appointment, and removal procedures for various officers, such as the President, Vice-President, Secretary, and Treasurer. It outlines their duties, authority, and decision-making powers. 5. Meetings: This section details the requirements and procedures for regular and special corporate meetings, including notice requirements, quorum, voting procedures, and record-keeping. 6. Corporate Records: It outlines the corporation's obligation to maintain accurate and up-to-date records, including financial statements, minutes of meetings, and shareholder records. This section may also include provisions related to inspection and access to these records by shareholders and directors. 7. Amendments: The bylaws establish a process for making changes or amendments to the bylaws themselves. These changes may require shareholder approval and must typically follow specific procedures outlined in the bylaws. In addition to the general Virgin Islands Corporate Bylaws that cover most standard corporate requirements, there may be additional types specific to certain business entities or industries. Some examples include: 1. Non-Profit Corporate Bylaws: These bylaws are designed specifically for non-profit corporations that primarily engage in charitable, educational, or religious activities. They include provisions related to the corporation's tax-exempt status, fundraising, and governance structures specific to non-profit organizations. 2. Professional Corporation Bylaws: These bylaws are created for corporations that practice certain professions, such as architects, lawyers, or accountants. They may include provisions that comply with licensing regulations, ethics rules, and professional conduct codes applicable to the specific profession. 3. Close Corporation Bylaws: Close corporations, which are usually owned by a small group of individuals or families, may adopt specialized bylaws to accommodate their unique structure and needs. These bylaws may include provisions related to ownership restrictions, transferability of shares, and familial decision-making processes. It is important for corporations in the U.S. Virgin Islands to carefully draft and maintain their bylaws, ensuring they align with applicable laws and regulations. Seeking professional legal advice during the creation and amendment of bylaws is highly recommended ensuring compliance and to protect the corporation's interests.
Virgin Islands Corporate Bylaws
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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.