If you need to incorporate in the U.S. Virgin Islands or register your foreign corporation in the Territory, we would be happy to assist you. To establish a Virgin Islands corporation for the purposes of owning and operating a business in the U.S. Virgin Islands please note the following:
1. Persons intending to organize a corporation in the Virgin Islands are required to adopt a name for the corporation which shall be easily distinguishable from the name of any existing corporation in the Virgin Islands.
2. In order to proceed, you would need to provide us with the names of all of the proposed members of the board of directors, which in no case shall be less than three, in order that we may elect these individuals at the first meeting of the incorporators. Additionally, you may provide us with a list of the proposed officers of the corporation. Virgin Islands corporations must have a president, secretary and treasurer. The president must be chosen from among the directors, but it is not mandatory that the other officers be chosen from among the directors. Corporations may have such other officers as are appropriate. Any two offices (but not more than two), other than the offices of president and secretary, may be held by the same person.
3. Corporations organized in the Virgin Islands are required to have a principal place of business in the Virgin Islands and to appoint a resident agent, who may be an individual or a corporation, upon whom service of process may be made in the Virgin Islands for all suits rising against the company. In addition to receiving service of process on your behalf, we would annually provide you with the required forms for filing the annual report and report of franchise tax forms for the corporation. These forms must be filed with, and the franchise tax must be paid to the Office of the Lieutenant Governor of the Virgin Islands on or before June 30 of each year in order to maintain the corporation in good standing.
There is an annual fee for service as resident agent. This fee includes the filing of the annual and corporate franchise tax reports for you after you have completed filling them out and provided the required financial statement from your accountant.
4. A Virgin Island's Corporation is required to have minimum capital at the commencement of business of One Thousand Dollars ($1,000.00). We will need the name and branch of the bank with which you are currently doing business so that we may complete the corporate banking resolution.
After you have discussed the tax implications of incorporating with your Certified Public Accountant you may print and complete the CORPORATE DATA FORM and return it to us by facsimile or mail. Please be advised submission of the Corporate Data Form does not constitute a guarantee of your corporate formation, it is merely a tool to aid us in the process.
You should discuss the incorporation with your accountant. He or she may advise that you elect to become a Subchapter S Corporation. If so, we will have to file a separate election form. You must also obtain an Employer's Identification Number for the corporation. We can complete both forms for you for an additional charge or you can have your accountant complete same.
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