The Benefits Of Doing Business In The U.S. Virgin Islands
Many people dream of retiring to an island paradise like the U.S. Virgin Islands, but some people don’t wait for retirement. The islands offer many benefits to business owners, according to David Johnson Cane Bay entrepreneur. The following are some of the best reasons to consider moving a business to the USVI.
First of all, the USVI offers special tax benefits that are fully in compliance with the Internal Revenue Service. By opening a business in the USVI, owners can save 90% on both corporate and personal tax. Not only that, but there is no sales tax on the islands, and there are exemptions for business owners on business property tax, gross receipts tax, and some excise taxes.
A Skilled Workforce
Another benefit of doing business in the U.S. Virgin Islands is having access to a skilled and well-educated workforce. It is not hard to find island residents who have experience in financial services, the hospitality industry, e-commerce, and manufacturing. Furthermore, the University of the Virgin Islands is a nationally accredited school that graduates over 300 students each year.
Business owners in the USVI can rely on an up-to-date transportation infrastructure to connect them to the rest of the world. For example, the USVI has airports on both St. Thomas and St. Croix that offer daily flights to major U.S. destinations including Miami, Atlanta, Chicago, and New York City. In addition, the islands offer many shipping ports and companies that provide container and bulk shipping.
One of the USVI’s biggest claims to fame is the fact that its broadband is among the fastest in the western hemisphere. All residents, businesses, and government organizations have affordable access to the same high-speed fiber optic network.
“Made In USA”
Finally, businesses located in the USVI are operating within a U.S. jurisdiction. Consequently, they can label products “Made in USA.” In addition, businesses are able to use U.S. currency, and they can take advantage of duty-free imports and exports, with no export quota imposed.
The USVI provides a friendly climate for doing business. Owners and workers can also enjoy a good life on St. Thomas, St. Croix, or St. John thanks to year-round sunny weather, beautiful beaches, and a thriving local art scene.