2019 US Virgin Islands Code
Title 13 - Corporations and Associations
Chapter 14 - Exempt Companies
§ 860. Annual reports and franchise taxes

Universal Citation: V.I. Code tit. 13, § 860 (2019)
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  • (a) In lieu of filing an annual report pursuant to section 371 of this title and in lieu of filing an annual franchise tax report and paying the annual franchise tax prescribed pursuant to chapter 5 of this title, every exempt company (including exempt insurers, exempt mutual funds and exempt international banking facilities) incorporated or in existence on or before June 30 of any calendar year, shall, on or before June 30 of such calendar year, file a combined annual report and annual franchise tax report on a form prescribed by the Lieutenant Governor and shall pay an annual franchise tax of $1,000. Said report shall include the following information and shall be authenticated by the signature of an officer or director of the company:

    • (1) The name of the exempt company;

    • (2) The mailing address of the exempt company;

    • (3) The date on which its most recent fiscal year ended;

    • (4) The names and addresses of all the directors and officers of the exempt company and the expiration of their terms of office; and

    • (5) A statement that the exempt company is in compliance with all of the requirements set forth in section 852 of this chapter.

  • (b) Failure to timely file said report will subject the exempt company to a penalty of $100 for each month or part thereof that the report remains unfiled. Failure to file the said report and pay said franchise tax within six months of the de date may subject the exempt company to disqualification as an exempt company effective as of the first day of its fiscal year next preceding the date the report was due. Such disqualification shall only take effect upon 60 days written notice by the Lieutenant Governor delivered to the resident agent of the exempt company which notice shall state the amount of franchise tax and penalty due and any report which is outstanding. Should full payment be made and all outstanding reports be filed within such 60 day period, then the disqualification shall not take effect.

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