U.S. Virgin Islands Tax Benefits
Located in the Caribbean Sea, the U.S. Virgin Islands are known for their beautiful white sand beaches and clear blue water however there is a new initiative here focusing on something other than tourism. A new economic initiate known as “eCommerce Island” offers 4% federal tax to companies willing to relocate there. Listen to Steve Rohrlick of the Virgin Island Tech Park and Ron Cohen, Tax Partner discuss the opportunities the business park can offer companies and entrepreneurs.
Why the US Virgin Islands?
Why they can Offer a 4% Federal Tax Rate The U.S. Virgin Islands offers offer a unique tax advantage to companies seeking to shelter their income from the federal income tax system. Although the islands reside within the U.S. territory they have authorization to wave federal taxes due to the fact that the IRS does not collect tax there and specific local tax law allowing a low rate.
Safe To House Technology
Many CTO’s cringe when they think of their company housing their servers in the U.S. Virgin Islands, however after learning that their data is already running through the Global Crossing Cable station housed in the Virgin Islands they are delighted to co-house their technology within this doomsday resistant structure.
How to Get Started
Individuals interested in getting started should visit www.ecommerceisland.com. The process is very simple and begins with contacting Steve Rohrlick (email@example.com) who will review the proposed business model. The next step should be to have the model inspected by a tax professional. Learn more about what Steve Rohrlick and Ron have to say about the process.
Due to the lack of high skill jobs in the U.S. Virgin Islands, the best and brightest students have left for the U.S. mainland to pursuit employment in the high tech industry. The local governments realizing this dilemma fought for legislation to offer large tax incentives to companies moving to the Virgin Islands to generationally transform the capabilities of the populous.
Benefits for Non-High Tech Companies
Non-High Companies have similar tax benefits to offered as well.
The Tax Benefits offered at the Virgin Islands Technology Park doesn’t fit for every company out there. Part of Steve Rohrlick’s job is to walk a perspective company through the process to see if this opportunity makes sense for them.
The Virgin Island Tech Park wants to maintain a high reputation of ethical conduct. To ensure this, a due diligence process is required to review management and controlling shareholders of the corporation.
Words to Entrepreneurs
Through taking advantage of the Virgin Islands tax savings opportunity Entrepreneurs can reduce their tax liability without renouncing their U.S. citizenship country of incorporation.
About Steve Rohrlick
Steve Rohrlick is the Chief Marketing officer of e-Commerce Island and is involved with the economic development of the U.S. Virgin Islands where he assists profitable companies with “on-shore” tax advantageous solutions. He is an entrepreneur and has 30 years of experience in launching new companies. Steve can be contacted at: firstname.lastname@example.org
About Ron Cohen