(a) The Chief Executive Officer shall provide for the certification of the following business enterprises:(a) Local business enterprises—A business enterprise is eligible for certification as a local business enterprise if the business enterprise:(1) Has its principal office located physically in the Virgin Islands;(2) Requires that its chief executive officer and the highest-level managerial employees of the business enterprise maintain their offices and perform their managerial functions in the Virgin Islands;(3) Meets 1 of the 4 following standards:(A) More than 50% of the assets of the business enterprise, excluding bank accounts, are located in the Virgin Islands;(B) More than 50% of the employees of the business enterprise are residents of the Virgin Islands;(C) The owners of more than 50% of the business enterprise are residents of the Virgin Islands; or(D) More than 50% of the total sales or other revenues is derived from transactions of the business enterprise in the Virgin Islands; and(4) Is licensed pursuant to chapter 9 of title 27; or(5) Is subject to the income taxes levied in the Virgin Islands.(b) Small business enterprises—A business enterprise is eligible for certification as a small business enterprise if the business enterprise:(1) Is a local business enterprise;(2) Is independently owned, operated, and controlled; and(3) (A) Is certified by the United States Small Business Administration as a small business concern under the Small Business Act, 15 U.S.C. § 631 et seq.; or(B) Has had average annualized gross receipts for the 3 years preceding certification not exceeding the following limits:(i) Construction, Heavy (Street and Highways, Bridges & similar activities)$23,000,000(ii) Construction, Building (General Construction)$21,000,000(iii) Construction, Specialty Trades$13,000,000(iv) Goods and Equipment$20,000,000(v) General Services$19,000,000(vi) Professional Services, Personal Services (Hotel, Beauty, Laundry and similar services.)$5,000,000(vii) Professional Services, Business Service$10,000,000(viii) Professional Services, Health and Legal Services$10,000,000(ix) Professional Services, Health Facilities Management$19,000,000(x) Manufacturing Services$10,000,000(xi) Transportation and Hauling Services$13,000,000(xii) Financial Institutions$3,000,000(4) A business enterprise that is affiliated with another business enterprise through common ownership, management, or control is eligible for certification as a small business enterprise if:(A) The business enterprise seeking certification as a small business enterprise is a local business enterprise;(B) The consolidated financial statements of the affiliated business enterprises do not exceed the average annualized gross receipt limits established by subsection (a)(3)(B) of this section; and(C) In the case of a parent-subsidiary affiliation, the parent company qualifies for certification as a small business enterprise; and(5) If a business enterprise seeking certification as a small business enterprise is affiliated only with one or more business enterprises that are in a different line of business, paragraph (4) of this subsection does not apply, and the business enterprise is eligible for certification as a small business enterprise if it meets the requirements paragraph (1) of this subsection.(c) Disadvantaged business enterprises:(1) A business enterprise is eligible for certification as a disadvantaged business enterprise if the business enterprise is owned, operated, and controlled by economically disadvantaged individuals; and a local business enterprise;(2) A business enterprise that is affiliated with another business enterprise through common ownership, management, or control is eligible for certification as a disadvantaged business enterprise if:(A) The business enterprise seeking certification as a disadvantaged business enterprise is a local business enterprise;(B) If a parent-subsidiary affiliation, both enterprises meet the requirements of paragraph (1) of this subsection; and(C) The business enterprise has an average annualized gross receipt totaling $ 75,000,000 or less.(d) Resident-owned business — A business enterprise is eligible for certification as a resident-owned business if it meets the definition of resident-owned business under section 1270(12).(e) Longtime resident businesses — A business enterprise is eligible for certification as a longtime resident business if it meets the definition of longtime resident business under section 1270(11).(f) Veteran-owned business enterprises — A business enterprise is eligible for certification as a veteran-owned business enterprise if the business enterprise:(1) Meets the definition of a small business enterprise as described in subsection (b) of this section;(2) Is not less than 51% owned and operated by one or more veterans, as defined in 38 U.S.C. § 101(2);(3) In the case of any publicly owned business, not less than 51% of the stock of which is owned by one or more veterans; and(4) One or more veterans control the management and daily operations.(g) Local manufacturing business enterprises — A business enterprise is eligible for certification as a local manufacturing business enterprise if the business enterprise:(1) Meets the definition of a local business enterprise as described in subsection (a) of this section;(2) Makes a product through a process involving raw materials, components, or assemblies, usually on a large scale, with different operations divided among different workers;(3) Has an annual revenue of $2,000,000 in the manufactured product; and(4) Has its principal location of manufacturing in the Virgin Islands.(h) Joint venture business enterprises—(1) A business enterprise is eligible for certification as a joint venture business enterprise if the joint venture has a member that owns a majority interest or minority interest in the joint venture business enterprise. The Chief Executive Officer shall consider the defined contributions and defined benefits provided by each member of the joint venture, which must demonstrate by the following information:(A) Organizational documents of the joint venture, including the joint venture agreement, the operating agreement, and any other agreement between or among the members;(B) Documentation of the financial contribution of each member, including access to bank records and organizational resolutions and agreements; and(C) Documentation that decisions concerning the affairs of the business require the consent of those members, with voting rights, holding at least a majority interest in the business;(2) For purposes of this subsection—(A) “Majority interest” means:(i) More than 50% of the total combined voting power of all classes of stock of the joint venture business enterprise, or more than 50% of the total value of all the joint venture business enterprise;(ii) A financial contribution to the enterprise of more than 50%; and(iii) More than 50% of the total interest in the capital, profits, and loss, or beneficial interest in the joint venture business enterprise.(B) “Minority interest” means:(i) Less than 50% of the total combined voting power of all classes of stock of the joint venture business enterprise, or less than 50% of the total value of all of the joint venture business enterprise;(ii) A financial contribution to the enterprise of less than 50%; and(iii) Less than 50% of the total interest in the capital, profits, and loss, or beneficial interest in the joint venture business enterprise.
(a) Local business enterprises—A business enterprise is eligible for certification as a local business enterprise if the business enterprise:(1) Has its principal office located physically in the Virgin Islands;(2) Requires that its chief executive officer and the highest-level managerial employees of the business enterprise maintain their offices and perform their managerial functions in the Virgin Islands;(3) Meets 1 of the 4 following standards:(A) More than 50% of the assets of the business enterprise, excluding bank accounts, are located in the Virgin Islands;(B) More than 50% of the employees of the business enterprise are residents of the Virgin Islands;(C) The owners of more than 50% of the business enterprise are residents of the Virgin Islands; or(D) More than 50% of the total sales or other revenues is derived from transactions of the business enterprise in the Virgin Islands; and(4) Is licensed pursuant to chapter 9 of title 27; or(5) Is subject to the income taxes levied in the Virgin Islands.
(1) Has its principal office located physically in the Virgin Islands;
(2) Requires that its chief executive officer and the highest-level managerial employees of the business enterprise maintain their offices and perform their managerial functions in the Virgin Islands;
(3) Meets 1 of the 4 following standards:(A) More than 50% of the assets of the business enterprise, excluding bank accounts, are located in the Virgin Islands;(B) More than 50% of the employees of the business enterprise are residents of the Virgin Islands;(C) The owners of more than 50% of the business enterprise are residents of the Virgin Islands; or(D) More than 50% of the total sales or other revenues is derived from transactions of the business enterprise in the Virgin Islands; and
(A) More than 50% of the assets of the business enterprise, excluding bank accounts, are located in the Virgin Islands;
(B) More than 50% of the employees of the business enterprise are residents of the Virgin Islands;
(C) The owners of more than 50% of the business enterprise are residents of the Virgin Islands; or
(D) More than 50% of the total sales or other revenues is derived from transactions of the business enterprise in the Virgin Islands; and
(4) Is licensed pursuant to chapter 9 of title 27; or
(5) Is subject to the income taxes levied in the Virgin Islands.
(b) Small business enterprises—A business enterprise is eligible for certification as a small business enterprise if the business enterprise:(1) Is a local business enterprise;(2) Is independently owned, operated, and controlled; and(3) (A) Is certified by the United States Small Business Administration as a small business concern under the Small Business Act, 15 U.S.C. § 631 et seq.; or(B) Has had average annualized gross receipts for the 3 years preceding certification not exceeding the following limits:(i) Construction, Heavy (Street and Highways, Bridges & similar activities)$23,000,000(ii) Construction, Building (General Construction)$21,000,000(iii) Construction, Specialty Trades$13,000,000(iv) Goods and Equipment$20,000,000(v) General Services$19,000,000(vi) Professional Services, Personal Services (Hotel, Beauty, Laundry and similar services.)$5,000,000(vii) Professional Services, Business Service$10,000,000(viii) Professional Services, Health and Legal Services$10,000,000(ix) Professional Services, Health Facilities Management$19,000,000(x) Manufacturing Services$10,000,000(xi) Transportation and Hauling Services$13,000,000(xii) Financial Institutions$3,000,000(4) A business enterprise that is affiliated with another business enterprise through common ownership, management, or control is eligible for certification as a small business enterprise if:(A) The business enterprise seeking certification as a small business enterprise is a local business enterprise;(B) The consolidated financial statements of the affiliated business enterprises do not exceed the average annualized gross receipt limits established by subsection (a)(3)(B) of this section; and(C) In the case of a parent-subsidiary affiliation, the parent company qualifies for certification as a small business enterprise; and(5) If a business enterprise seeking certification as a small business enterprise is affiliated only with one or more business enterprises that are in a different line of business, paragraph (4) of this subsection does not apply, and the business enterprise is eligible for certification as a small business enterprise if it meets the requirements paragraph (1) of this subsection.
(1) Is a local business enterprise;
(2) Is independently owned, operated, and controlled; and
(3) (A) Is certified by the United States Small Business Administration as a small business concern under the Small Business Act, 15 U.S.C. § 631 et seq.; or(B) Has had average annualized gross receipts for the 3 years preceding certification not exceeding the following limits:(i) Construction, Heavy (Street and Highways, Bridges & similar activities)$23,000,000(ii) Construction, Building (General Construction)$21,000,000(iii) Construction, Specialty Trades$13,000,000(iv) Goods and Equipment$20,000,000(v) General Services$19,000,000(vi) Professional Services, Personal Services (Hotel, Beauty, Laundry and similar services.)$5,000,000(vii) Professional Services, Business Service$10,000,000(viii) Professional Services, Health and Legal Services$10,000,000(ix) Professional Services, Health Facilities Management$19,000,000(x) Manufacturing Services$10,000,000(xi) Transportation and Hauling Services$13,000,000(xii) Financial Institutions$3,000,000
(A) Is certified by the United States Small Business Administration as a small business concern under the Small Business Act, 15 U.S.C. § 631 et seq.; or
(B) Has had average annualized gross receipts for the 3 years preceding certification not exceeding the following limits:(i) Construction, Heavy (Street and Highways, Bridges & similar activities)$23,000,000(ii) Construction, Building (General Construction)$21,000,000(iii) Construction, Specialty Trades$13,000,000(iv) Goods and Equipment$20,000,000(v) General Services$19,000,000(vi) Professional Services, Personal Services (Hotel, Beauty, Laundry and similar services.)$5,000,000(vii) Professional Services, Business Service$10,000,000(viii) Professional Services, Health and Legal Services$10,000,000(ix) Professional Services, Health Facilities Management$19,000,000(x) Manufacturing Services$10,000,000(xi) Transportation and Hauling Services$13,000,000(xii) Financial Institutions$3,000,000
(i) Construction, Heavy (Street and Highways, Bridges & similar activities)$23,000,000(ii) Construction, Building (General Construction)$21,000,000(iii) Construction, Specialty Trades$13,000,000(iv) Goods and Equipment$20,000,000(v) General Services$19,000,000(vi) Professional Services, Personal Services (Hotel, Beauty, Laundry and similar services.)$5,000,000(vii) Professional Services, Business Service$10,000,000(viii) Professional Services, Health and Legal Services$10,000,000(ix) Professional Services, Health Facilities Management$19,000,000(x) Manufacturing Services$10,000,000(xi) Transportation and Hauling Services$13,000,000(xii) Financial Institutions$3,000,000
(4) A business enterprise that is affiliated with another business enterprise through common ownership, management, or control is eligible for certification as a small business enterprise if:(A) The business enterprise seeking certification as a small business enterprise is a local business enterprise;(B) The consolidated financial statements of the affiliated business enterprises do not exceed the average annualized gross receipt limits established by subsection (a)(3)(B) of this section; and(C) In the case of a parent-subsidiary affiliation, the parent company qualifies for certification as a small business enterprise; and
(A) The business enterprise seeking certification as a small business enterprise is a local business enterprise;
(B) The consolidated financial statements of the affiliated business enterprises do not exceed the average annualized gross receipt limits established by subsection (a)(3)(B) of this section; and
(C) In the case of a parent-subsidiary affiliation, the parent company qualifies for certification as a small business enterprise; and
(5) If a business enterprise seeking certification as a small business enterprise is affiliated only with one or more business enterprises that are in a different line of business, paragraph (4) of this subsection does not apply, and the business enterprise is eligible for certification as a small business enterprise if it meets the requirements paragraph (1) of this subsection.
(c) Disadvantaged business enterprises:(1) A business enterprise is eligible for certification as a disadvantaged business enterprise if the business enterprise is owned, operated, and controlled by economically disadvantaged individuals; and a local business enterprise;(2) A business enterprise that is affiliated with another business enterprise through common ownership, management, or control is eligible for certification as a disadvantaged business enterprise if:(A) The business enterprise seeking certification as a disadvantaged business enterprise is a local business enterprise;(B) If a parent-subsidiary affiliation, both enterprises meet the requirements of paragraph (1) of this subsection; and(C) The business enterprise has an average annualized gross receipt totaling $ 75,000,000 or less.
(1) A business enterprise is eligible for certification as a disadvantaged business enterprise if the business enterprise is owned, operated, and controlled by economically disadvantaged individuals; and a local business enterprise;
(2) A business enterprise that is affiliated with another business enterprise through common ownership, management, or control is eligible for certification as a disadvantaged business enterprise if:(A) The business enterprise seeking certification as a disadvantaged business enterprise is a local business enterprise;(B) If a parent-subsidiary affiliation, both enterprises meet the requirements of paragraph (1) of this subsection; and(C) The business enterprise has an average annualized gross receipt totaling $ 75,000,000 or less.
(A) The business enterprise seeking certification as a disadvantaged business enterprise is a local business enterprise;
(B) If a parent-subsidiary affiliation, both enterprises meet the requirements of paragraph (1) of this subsection; and
(C) The business enterprise has an average annualized gross receipt totaling $ 75,000,000 or less.
(d) Resident-owned business — A business enterprise is eligible for certification as a resident-owned business if it meets the definition of resident-owned business under section 1270(12).
(e) Longtime resident businesses — A business enterprise is eligible for certification as a longtime resident business if it meets the definition of longtime resident business under section 1270(11).
(f) Veteran-owned business enterprises — A business enterprise is eligible for certification as a veteran-owned business enterprise if the business enterprise:(1) Meets the definition of a small business enterprise as described in subsection (b) of this section;(2) Is not less than 51% owned and operated by one or more veterans, as defined in 38 U.S.C. § 101(2);(3) In the case of any publicly owned business, not less than 51% of the stock of which is owned by one or more veterans; and(4) One or more veterans control the management and daily operations.
(1) Meets the definition of a small business enterprise as described in subsection (b) of this section;
(2) Is not less than 51% owned and operated by one or more veterans, as defined in 38 U.S.C. § 101(2);
(3) In the case of any publicly owned business, not less than 51% of the stock of which is owned by one or more veterans; and
(4) One or more veterans control the management and daily operations.
(g) Local manufacturing business enterprises — A business enterprise is eligible for certification as a local manufacturing business enterprise if the business enterprise:(1) Meets the definition of a local business enterprise as described in subsection (a) of this section;(2) Makes a product through a process involving raw materials, components, or assemblies, usually on a large scale, with different operations divided among different workers;(3) Has an annual revenue of $2,000,000 in the manufactured product; and(4) Has its principal location of manufacturing in the Virgin Islands.
(1) Meets the definition of a local business enterprise as described in subsection (a) of this section;
(2) Makes a product through a process involving raw materials, components, or assemblies, usually on a large scale, with different operations divided among different workers;
(3) Has an annual revenue of $2,000,000 in the manufactured product; and
(4) Has its principal location of manufacturing in the Virgin Islands.
(h) Joint venture business enterprises—(1) A business enterprise is eligible for certification as a joint venture business enterprise if the joint venture has a member that owns a majority interest or minority interest in the joint venture business enterprise. The Chief Executive Officer shall consider the defined contributions and defined benefits provided by each member of the joint venture, which must demonstrate by the following information:(A) Organizational documents of the joint venture, including the joint venture agreement, the operating agreement, and any other agreement between or among the members;(B) Documentation of the financial contribution of each member, including access to bank records and organizational resolutions and agreements; and(C) Documentation that decisions concerning the affairs of the business require the consent of those members, with voting rights, holding at least a majority interest in the business;(2) For purposes of this subsection—(A) “Majority interest” means:(i) More than 50% of the total combined voting power of all classes of stock of the joint venture business enterprise, or more than 50% of the total value of all the joint venture business enterprise;(ii) A financial contribution to the enterprise of more than 50%; and(iii) More than 50% of the total interest in the capital, profits, and loss, or beneficial interest in the joint venture business enterprise.(B) “Minority interest” means:(i) Less than 50% of the total combined voting power of all classes of stock of the joint venture business enterprise, or less than 50% of the total value of all of the joint venture business enterprise;(ii) A financial contribution to the enterprise of less than 50%; and(iii) Less than 50% of the total interest in the capital, profits, and loss, or beneficial interest in the joint venture business enterprise.
(1) A business enterprise is eligible for certification as a joint venture business enterprise if the joint venture has a member that owns a majority interest or minority interest in the joint venture business enterprise. The Chief Executive Officer shall consider the defined contributions and defined benefits provided by each member of the joint venture, which must demonstrate by the following information:(A) Organizational documents of the joint venture, including the joint venture agreement, the operating agreement, and any other agreement between or among the members;(B) Documentation of the financial contribution of each member, including access to bank records and organizational resolutions and agreements; and(C) Documentation that decisions concerning the affairs of the business require the consent of those members, with voting rights, holding at least a majority interest in the business;
(A) Organizational documents of the joint venture, including the joint venture agreement, the operating agreement, and any other agreement between or among the members;
(B) Documentation of the financial contribution of each member, including access to bank records and organizational resolutions and agreements; and
(C) Documentation that decisions concerning the affairs of the business require the consent of those members, with voting rights, holding at least a majority interest in the business;
(2) For purposes of this subsection—(A) “Majority interest” means:(i) More than 50% of the total combined voting power of all classes of stock of the joint venture business enterprise, or more than 50% of the total value of all the joint venture business enterprise;(ii) A financial contribution to the enterprise of more than 50%; and(iii) More than 50% of the total interest in the capital, profits, and loss, or beneficial interest in the joint venture business enterprise.(B) “Minority interest” means:(i) Less than 50% of the total combined voting power of all classes of stock of the joint venture business enterprise, or less than 50% of the total value of all of the joint venture business enterprise;(ii) A financial contribution to the enterprise of less than 50%; and(iii) Less than 50% of the total interest in the capital, profits, and loss, or beneficial interest in the joint venture business enterprise.
(A) “Majority interest” means:(i) More than 50% of the total combined voting power of all classes of stock of the joint venture business enterprise, or more than 50% of the total value of all the joint venture business enterprise;(ii) A financial contribution to the enterprise of more than 50%; and(iii) More than 50% of the total interest in the capital, profits, and loss, or beneficial interest in the joint venture business enterprise.
(i) More than 50% of the total combined voting power of all classes of stock of the joint venture business enterprise, or more than 50% of the total value of all the joint venture business enterprise;
(ii) A financial contribution to the enterprise of more than 50%; and
(iii) More than 50% of the total interest in the capital, profits, and loss, or beneficial interest in the joint venture business enterprise.
(B) “Minority interest” means:(i) Less than 50% of the total combined voting power of all classes of stock of the joint venture business enterprise, or less than 50% of the total value of all of the joint venture business enterprise;(ii) A financial contribution to the enterprise of less than 50%; and(iii) Less than 50% of the total interest in the capital, profits, and loss, or beneficial interest in the joint venture business enterprise.
(i) Less than 50% of the total combined voting power of all classes of stock of the joint venture business enterprise, or less than 50% of the total value of all of the joint venture business enterprise;
(ii) A financial contribution to the enterprise of less than 50%; and
(iii) Less than 50% of the total interest in the capital, profits, and loss, or beneficial interest in the joint venture business enterprise.