Do not use this form to report wages subject to U.S. income tax withholding. According to a press release from Lt. Gov. VIRGIN ISLANDS FOREIGN SALES CORPORATION (VIFSC) ANNUAL REPORT AND REPORT OF CORPORATION FRANCHISE TAX DUE PURSUANT TO TITLE 13, SECTION 531, VIRGIN ISLANDS CODE (THIS REPORT DUE ON OR BEFORE JUNE 30 OF EACH YEAR) FEDERAL I.D. Domestic corporations may qualify for significant tax incentives under the Economic Development Commission’s tax incentive scheme. Failure to submit franchise taxes and annual filings fees to the division will result in a status of Registered (Pending), assessment of penalties, and commencement of administrative dissolution procedures. The annual report is required by law to disclose the names of any managers. Corporations in the U.S. Virgin Islands are based on the standard Delaware model. (340) 776-4612 tel (340) 773-6449 fax (340) 773-0330 report of corporation franchise tax due pursuant to title 13, section 531, virgin islands code foreign corporation (this report due on or before june 30 of each year) employer i.d. The Office of the Lieutenant Governor through the Division of Corporations and Trademarks serves as the registry for all corporate filing in the United States Virgin Islands. The division also maintain two other registries – Uniform Commercial Code (Title 11A) and Trademarks (Rules and Regulations 3§33). Have questions about franchise tax? No income tax returns are required so long as the exempt company does not have U.S. or USVI source income. remember settings), Performance cookies to measure the website's performance and improve your experience, Advertising/Targeting cookies, which are set by third parties with whom we execute advertising campaigns and allow us to provide you with advertisements relevant to you,  Social media cookies, which allow you to share the content on this website on social media like Facebook and Twitter. The report must be accompanied by a payment of the annual fee. The US Virgin Islands (USVI) Office of the Lieutenant Governor launched a new online platform for businesses (Catalyst), which all corporations conducting business in the USVI must use to register and submit their corporate annual reports and franchise tax annual reports beginning with the 2018 tax year. The case; Miller Properties versus the Government of the Virgin Islands in 2001, upheld on appeal in 2003, reduced franchise tax payments. A list of frequently asked questions is provided to help you. Instead, use Form W-2 to show U.S. income tax withheld. The contents of the report varies depending on the type of company. Use this form to report U.S. Virgin Islands wages. No income tax returns are required so long as the exempt company does not have U.S. or USVI source income. Use this form to report U.S. Virgin Islands wages. The US Virgin Islands (USVI) Office of the Lieutenant Governor launched a new online platform for businesses (Catalyst), which all corporations conducting business in the USVI must use to register and submit their corporate annual reports and franchise tax annual reports beginning with the 2018 tax year. All business entity registrations with the exception of Exempt Limited Liability Companies shall be submitted to office using its online system, Catalyst, at www.corporationsandtrademarks.vi.gov which is available 24-hours 7-days a week. Access other registration types from the menu option Online Services > Form a New Business or Trade Names. (f) Effective January 1, 1989, the franchise tax required by this section shall be filed and paid, together with the filing of the annual report and annual franchise tax report on a form prescribed by the Lieutenant Governor, on or before June 30 of each calendar year, however the first year's estimated tax shall be collected from any corporation except a V.I. 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