What if I am unable to continually provide employment for 10 local US Virgin Islands resident employees as the EDCs local law requires?
You can request an exemption from the Economic Development Commission for the period of time until you expect to meet this requirement. However, the EDC has typically required that you offset not meeting this obligation by increasing other obligations in a similar amount, such as increasing your annual charitable contributions to qualified local VI charities. So generally speaking, you cannot significantly reduce the overhead costs associated with the obligation to employ 10 local USVI resident employees. If it is impractical for you to employ 10 local US Virgin Islands resident employees and to makeup this obligation to the EDC in other financially substituted ways, please contact us to explore other alternative solutions that may be available.
