How to Start a Business in Virgin Islands (Step by Step Guide)

Starting Business in Virgin IslandsAre you thinking about starting your own business in Virgin Islands? If so, then you have come to the right place!

On this page, you can find step by step DIY instructions on how to incorporate your business in Virgin Islands. From selecting the business entity type to forms to be filled, we have covered it all.

Let’s get Started

The first step in setting up your business is to select the business structure.

Broadly there are 4 types of business entities that can be registered:

  1. Limited Liability Company (Most Popular)
  2. Corporation
  3. Sole Proprietorship
  4. Partnership

Each business structure differs on the basis of taxation, asset liability and estate planning. We have written a detailed tutorial on how to choose a business entity type for your business here.

Below we have given a broad outline of the steps involved in registering an LLC or Corporation in Virgin Islands.

Clicking on each step, opens up a detailed guide on how to complete it.

How to Start an LLC in Virgin Islands

Agency ResponsibleOffice of the Lieutenant Governor Virgin Islands – Division of Corporations and Trademarks
Form(s) to be filledArticles of Organization
ModeMail
Name ReservationOptional, $50 (Mail)
Filing FeeMinimum $300
Time2-3 weeks
LawUSVI LLC Statutes: Title 13, Chap. 15, Cite as 13 V.I.C. §§ 1203


Summary:

  1. Search for business name availability in Virgin Island
  2. File for Business name reservation (Optional)
  3. Select a Registered Agent
  4. Fill Articles of Organization
  5. Prepare an Operating Agreement
  6. Get an EIN Number (IRS Form SS-4)
  7. Obtain relevant license and permits
  8. Obtain tax ID number
  9. (Ongoing) File Annual report



How to Start a Corporation in Virgin Islands

Agency ResponsibleVirgin Islands Secretary of State
Form(s) to be filledArticles of Incorporation
ModeMail
Name ReservationOptional, Fee $30 (Mail)
Filing FeeMinimum $150
Time2-3 weeks
LawBVI Business Companies Act, 2004

Summary:

  1. Search for a Business Name
  2. File for Business Name Reservation (Optional)
  3. Select Registered Agent
  4. Fill Articles of Incorporation
  5. Create Bylaws
  6. Get an EIN Number
  7. Obtain relevant license and permits
  8. Obtain Virgin Island tax ID number
  9. (Ongoing) File Annual report

References:
http://www.federal-litigation.com/_01%20Hess%20Docket%20Entries/USVI%20LLC%20Statutes.pdf
https://www.conyersdill.com/consolidatedact-files/BVI_Business_Companies_Act_2004_Conyers.pdf

Last fact-checked on 25/07/2018