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Virgin Islands' Economic Development Authority - EDC Program

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Jerry Garcia

on 6 October 2011

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Transcript of Virgin Islands' Economic Development Authority - EDC Program

History & Purpose of EDA Tax Incentive Program -1972 Promotion of Capital Formation Diversification of the Economy Establishment of Gainful Employment Assist Development of Educational System Laws & Benefits Federal Laws Residency
Sourcing Local Laws Employment
Capital Investment
Other Compliance Ensure integrity of EDC program
Assist beneficiaries in administering requirements
Perform review and reports EDC Benefits 90% Exemption on Corporate Tax 90% Exemption on Personal Income Tax 100% Exemption on Property Tax 100% Exemption on Gross Receipts Tax 100% Exemption on Excise Tax 6% to 1% Reduction of Customs Duty Application Process Pre-Application Meeting Online or hard copy Submission Cost benefit analysis Application review (internal) Public Hearing to 7 member Commission Recommendation and Analysis to Board Letter to Applicant Forward to Governor Approved or Denied for decision Issuance of Certification Quality of Life U.S. Court System US Currency & Banking System No Work Permit Required for U.S. Citizens Sophisticated telecommunications structure and high speed internet access Accredited Hospitals with Excellent Cardio and Cancer Centers Direct Flights to Several US Cities Excellent Freight and Transshipment System Excellent Schools to Include a University EDC Program Since 1972 20% Accomodations & Food Services Breakdown of Industry 26% Other
Financial & Insurance 19% Manufacturing 35% Professional Services $10.9 billion in gross sales 540 million in local capital expenditures $20 million
charitable contributions 9700 Jobs Created Average of 9.7 related local jobs per beneficiary $730 million in taxes paid 3% of all local businesses Generate over 12% of GTP 14% of total earning; 17% of local tax revenues Generates about $4 million
in value for every $1 million foregone in taxes Thank You! Contact Information:
(340) 773-6499 (St. Croix office)
(340) 774-8104 (St. Thomas office)
www.usvieda.org One Hundred Beneficiaries Domestic Sourcing in the Virgin Islands October 12, 2011 The U.S. Virgin Islands seeks to enhance its economic development by attracting outsourcing companies to locate and grow their business in the Territory Comprehensive report
completed by TechAmerica Foundation
and Ahilia in July 2011 Excellent Opportunities Call Centers Leverage our resources in hospitality and customer service
Low start-up cost
Business Process Outsourcing Centers (BPO) •Available labor force
•Favorable real estate
Advantages for Outsourcing companies in the USVI Native English language speakers Culture similar to mainland Time Zone Proximity to Mainland Quality of life Competitive
costs Tax Exemptions Cost benefits of Outsourcing companies doing business in USVI Labor Rates Wages similar to rural America Real Estate Costs Affordable rental options and industrial park space especially on St. Croix Infrastructure Cost Competitive with rural America and nearshore options
AT&T and Global Crossings provides business class Internet access
Plans to increase fiber lines and broadband No State or Local Taxes
No sales tax or other state taxes only mirrored federal taxes Economic Incentives EDC tax benefits
90% in corporate tax
90% reduction on personal income tax on corporate dividends
6% to 1% reduction on the import of raw materials
100% exemption from excise tax
100% exemption on gross receipt tax
100% exemption on property tax Airport Access a variety of direct flight options on both islands Economic Development Commission Tax Benefits in the U.S. Virgin Islands
•History and Purpose
•Laws and Benefits
•Application Process
•Quality of Life
•EDC Facts
THANK YOU! Contact Information:
(340) 773-6499 (St. Croix office)
(340) 774-8104 (St. Thomas office)
www.usvieda.org EDC is charged with promoting the growth, development and
diversification of the economy of the USVI
by developing the human and economic resources
of the Territory and promoting capital formation USVI Located in Eastern Caribbean
1,100 miles Southeast of Miami and 40 miles east of Puerto Rico
Population of 109,666 (July 2011 est.) Challenges Energy cost
Skilled or Technical labor force
Availability of office space
Economic Incentives for larger and public companies
Full transcript