2019 US Virgin Islands Code
Title 13 - Corporations and Associations
Chapter 14 - Exempt Companies
§ 853. Election of a corporation to be an exempt company; revocation of election

Universal Citation: V.I. Code tit. 13, § 853 (2019)
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  • (a) In order to elect to become an exempt company a corporation shall take any one of the following actions:

    • (1) include a statement in its original articles of incorporation, or in its certificate of domestication filed in accordance with section 471 of this title, that it may or shall be considered an exempt company pursuant to this chapter; or

    • (2) file with the Lieutenant Governor, at the time of filing its original articles of incorporation, or its certificate of domestication filed in accordance with section 471 of this title, that it may or shall be considered an exempt company pursuant to this chapter; or

    • (3) in the case of a corporation to which section 853a of this chapter applies, files with the Lieutenant Governor, at the time of filing the documents required by section 401 of this title or Title 22, Chapter 55, Virgin Islands Code, a letter or statement signed by its president, vice-president or managing director, attested to by another corporate officer or director, that it shall be considered an exempt company pursuant to this chapter; provided, however, that originals or copies of any such letter or statement filed by an exempt insurer shall be filed with both the Division of Corporations and the Division of Banking, Insurance and Financial Regulation of the Office of the Lieutenant Governor.

  • (b) A corporation may include in the letter or statement by which it elects to become an exempt company, or in a subsequent letter or statement, a statement to the effect that it elects to be subject to the provisions of section 855(c) of this title. A corporation that makes such election may revoke the election at any time by filing with the Lieutenant Governor, a letter or statement in which it states that it revokes the election and sets forth the effective date of the revocation, which shall not be prior to the first day of the taxable year of the corporation in which the letter or statement is filed.

  • (c) A corporation that shall propose to transfer its domicile into the United States Virgin Islands may include in the certificate required by paragraph (4) of section 472(c) of this title, a statement that upon its transfer of domicile into the United States Virgin Islands it shall be considered an exempt company pursuant to this chapter. Such election shall only become effective upon the transfer of the domicile of such corporation to the United States Virgin Islands and shall be in lieu of any other election required by this section.

  • (d) An exempt company may revoke its election to be treated as such by filing a letter or statement with the Lieutenant Governor signed by the President or Vice-President and the Secretary or Assistant Secretary stating the effective date of the revocation.

  • (e) Any revocation of an election to be an exempt company shall only take effect as of the first day of the company's present or next subsequent taxable year.

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