(a) A person or company wishing to be designated as a Beneficiary shall apply to the Commission on forms prescribed and made available by the Commission and pay the applicable fee. In order to qualify and remain eligible for benefits provided under this subchapter, an applicant must fulfill the following specific qualifications and requirements:(1) Invest at least $100,000, exclusive of inventory, in one of the following approved industries or businesses: light manufacturing, assembly, fulfillment centers, bonded warehousing, dry dock and ship repair service, fuel storage and export, refiners, power production and air and sea transshipment. The Commission may approve other such industries or businesses as may be considered appropriate by the Commission and which a finding by the Commission has determined will advance the economic well-being of the Virgin Islands and its people, and the applicant of such industry or business has agreed to the investment and employment requirements along with any other such special conditions as agreed between the applicant and the Commission.(2) Establish or continue to maintain a business with valid licenses and permits within a Virgin Islands South Shore Trade Zone.(3) Meet such standards of ecological compatibility as may be established by federal or Virgin Islands law, or by both.(4) Employ at least 10 residents of the Virgin Islands and one paid apprentice in such business directly or through subcontractors or, for existing businesses, add at least 10 new fulltime employees and one paid apprentice who are residents of the Virgin Islands. The Commission may waive the requirements of this paragraph upon a demonstration to the Commission that the employment of this number of persons in this enterprise would not be economically feasible or practical, and upon a further finding by the Commission that the desirability of the proposed enterprise outweighs the employment requirement.(5) Comply with all federal and Virgin Islands laws.(6) Agree to notify the Virgin Islands Department of Labor in writing of the availability of employment by the business or its subcontractors, the number of employees required, the occupational classification of such employees and the applicable wage rate.(7) File with the Commission stamped copies of current gross receipts tax returns, current property tax returns, and current income tax returns, which the Commission shall maintain as confidential information and not release, except as provided under 33 V.I.C. § 822 Code, for gross receipts and property tax returns, and 26 U.S.C. § 6103.(8) In the case of a Virgin Islands or foreign corporation, partnership, limited liability company, trust, or other entity, be in compliance with all applicable federal and territorial statutes and any rules or regulations promulgated under this subchapter.(9) Comply with such other requirements, not inconsistent with this subchapter, considered in the interest of the Program by the Commission.
(1) Invest at least $100,000, exclusive of inventory, in one of the following approved industries or businesses: light manufacturing, assembly, fulfillment centers, bonded warehousing, dry dock and ship repair service, fuel storage and export, refiners, power production and air and sea transshipment. The Commission may approve other such industries or businesses as may be considered appropriate by the Commission and which a finding by the Commission has determined will advance the economic well-being of the Virgin Islands and its people, and the applicant of such industry or business has agreed to the investment and employment requirements along with any other such special conditions as agreed between the applicant and the Commission.
(2) Establish or continue to maintain a business with valid licenses and permits within a Virgin Islands South Shore Trade Zone.
(3) Meet such standards of ecological compatibility as may be established by federal or Virgin Islands law, or by both.
(4) Employ at least 10 residents of the Virgin Islands and one paid apprentice in such business directly or through subcontractors or, for existing businesses, add at least 10 new fulltime employees and one paid apprentice who are residents of the Virgin Islands. The Commission may waive the requirements of this paragraph upon a demonstration to the Commission that the employment of this number of persons in this enterprise would not be economically feasible or practical, and upon a further finding by the Commission that the desirability of the proposed enterprise outweighs the employment requirement.
(5) Comply with all federal and Virgin Islands laws.
(6) Agree to notify the Virgin Islands Department of Labor in writing of the availability of employment by the business or its subcontractors, the number of employees required, the occupational classification of such employees and the applicable wage rate.
(7) File with the Commission stamped copies of current gross receipts tax returns, current property tax returns, and current income tax returns, which the Commission shall maintain as confidential information and not release, except as provided under 33 V.I.C. § 822 Code, for gross receipts and property tax returns, and 26 U.S.C. § 6103.
(8) In the case of a Virgin Islands or foreign corporation, partnership, limited liability company, trust, or other entity, be in compliance with all applicable federal and territorial statutes and any rules or regulations promulgated under this subchapter.
(9) Comply with such other requirements, not inconsistent with this subchapter, considered in the interest of the Program by the Commission.
(b) The Commission shall charge reasonable application and other administrative fees established by regulations.
(c) After the receipt of an application that meets the criteria set forth in subsections (a), and (b) the Commission shall approve or deny the applicant. In determining whether to approve the applicant, the Commission shall consider the following criteria:(1) Whether the application’s approval will likely result in a significant benefits to the economy of the Virgin Islands to justify the cost of providing tax incentive benefits; and(2) Whether the applicant’s total anticipated benefits to the Government of the Virgin Islands, including public benefits as well as financial benefits, exceed the total anticipated costs to the Government of the Virgin Islands; and
(1) Whether the application’s approval will likely result in a significant benefits to the economy of the Virgin Islands to justify the cost of providing tax incentive benefits; and
(2) Whether the applicant’s total anticipated benefits to the Government of the Virgin Islands, including public benefits as well as financial benefits, exceed the total anticipated costs to the Government of the Virgin Islands; and
(d) If the project does not comply with the criteria, the Commission shall so notify the applicant in writing, not later than 60 days after the date of application, stating the areas in which the applicant fails to meet the criteria. The Commission shall allow the applicant up to 60 days to comply and cure any defects before the application is deemed expired.
(e) The Commission shall notify the Office of the Lieutenant Governor of any corporation, joint venture, limited liability partnership, limited partnership or any other organization that signed its certificate as a Beneficiary not later than 60 days after the approval; and shall prepare and submit an annual listing of all entities that are approved for designation regardless of whether they are operational or not at the time of the annual listing.