U.S. Virgin Islands Economic Development Authority Webi ebina nar: r: VI VIED EDA A Resour esources f ces for or Bus Busin inesse esses dur s durin ing g CO COVID VID-19 9 an and Be d Beyon ond Moderator: Shanell Petersen, Managing Director, Marketing & Vision 2040 June 17, 2020 10:00am (Atlantic Standard Time)
Welcome Wayne Biggs, Jr. Acting Chief Executive Officer/ Chief Operating Officer
Agenda Credible Sources for COVID-19 Updates in the USVI Small Business Incubator Program Enterprise Zone Commission Economic Development Commission Economic Development Bank 3
Credible Sources for COVID-19 Resources • Virgin Islands Department of Health – https://www.covid19usvi.com/ or Text COVID19USVI to 88877 or call 340-713-6200 or 340-776-1519 • VI Territorial Emergency Management Agency: www.vitema.vi.gov • Office of the Governor of the USVI: www.facebook.com/GovernmentHouseUSVI • Center for Disease Control & Prevention (CDC): www.cdc.gov • World Health Organization (WHO): www.who.int 4
Speakers Nadine Marchena Margarita A. Cusa Holloway Kean Greenidge-Benjamin Monique Samuel Facebook Instagram Twitter Incubator Program Managing Director, Managing Director, Acting Director of Manager Enterprise Zone Economic Lending Commission Development 626 Followers 280 Followers 476 Followers 5
THE LAUNCH PAD Small Business Incubator
VIEDA Incubator Program Services • Business advice, mentoring and counseling • Access to shared office equipment • Access to high-speed internet (T1 line) • Entrepreneurial workshops, training, seminars, and networking opportunities
SUCCESS • Provided over 4000 hours of consulting and entrepreneurial assistance to local residents since 2013 • Businesses have grossed over $5 million dollars in revenue • UVI Hackathon • Winners/Nominations St. Croix Chamber of Commerce Awards: • (2) Small Business of the Year Winners • Neighborhood Pharmacy (2016) • Cultured Naturals Body Care (2018) • (1) Business of the Year Winner Nearix (2016) • • Netwave Unlimited (2016 Nominee)
Mandate. To revitalize once vital Enterprise vibrant communities that are now considered Zone distressed as designated. Zones. Commission Frederiksted Christiansted Savanne-Downstreet Garden Street-Upstreet
Program Portfolio Rejuvenation Revitalization Scrape & Paint Tax Credits Construction Tax Exemptions Streetscape Plan Implementation Signage Resilience Acceleration Abandon Property Elimination Estate Planning Export Promotion Board up Made in the USVI Training to Zero Business-to-Business EntrepreNow Acceleration Guidance
Revitalization: Tax Benefit Program Tax Credits Tax Exemptions 25% 90% A Nonrefundable gross An income tax exemption of receipts or income tax credit 90%; equal to 25% of the actual value expended in revitalizing 100% your building. 3% An exemption from gross receipts of 100%; A gross receipt tax rate of 3% 100% for gross receipts derived from the EZ business. And an exemption from $% property taxes of 100%. A property tax credit against taxes imposed equal to the increase in property taxes assessed due to renovation, rehabilitation or construction property within the zones.
Acceleration: Growing your company Made In the USVI Branding Pop-up Shop Export Promotion Brazil Canada Denmark UK Italy Caribbean & tradeshow in the USA Business-to-Business Retail stores in key locations Hotels and Bed & Breakfasts Government Agencies Acceleration Guidance Personalized assistance to existing businesses.
Thank You 340-714-1700 ext1811 EZC@usvieda.org
PRESENTATION ECONOMIC DEVELOPMENT COMMISSION Margarita A. Greenidge-Benjamin Managing Director, Economic Development
TAX INCENTIVES 90% Exemption on corporate income tax 90% Reduction on personal income tax 100% Exemption on gross receipt taxes 100% Exemption on property taxes 100 % Exemption on excise taxes 1% Due on custom duties
ELIGIBLE ACTIVITIES Category II: Category I: Product Assembly, Rum Production, Milk/Dairy Manufacturing, Repair and Production, Watch & Jewelry Maintenance and/or Export Manufacturing & Assembly Operations, Marine Industry, etc. Category III: Category IV: Facilities, Tourism and Communications Developments, Designated Service Business etc.
Benefit Periods The term for a participant in the Small Business Program is fifty percent of the otherwise applicable term that would apply to a participant in the Economic Development Program. • St. Croix District 15 Years • St. Thomas/St. John District 10 Years • One-Time Extension 5 Years • Investment greater than $10M 5 Years • Investment greater than $1M 2.5 Years
In Exchange for Incentives… SMA MALL LL BUSINESS USINESS PROGRAM OGRAM** ** Em Employm yment ent A mi mini nimu mum m of of 2 ful ull-time time em employees ees; Hire one VI Resident for every $1M of net income prior to salaries 80% Residents of the Virgin Islands 20% Management / Supervisory / Technical Positions filled by V.I. residents In Investme estment nt A mi mini nimu mum m of of $2 $20, 0,00 000 0 and Purchase or Build a home within 18 months of benefits ** **Sma mall ll Bu Busi sine ness ss ap applic ican ant m t mus ust t be cer e certi tified ied by y SBD BDA, n , now w kno nown wn as as EDB EDB, , as as me meeting ting sm smal all l bus usin iness ess cr crit iter eria ia
In Exchange for Incentives… Ot Other her req requirements uirements: Lo Loca cal Pr Proc ocur urem ement ent Purchase goods & services locally from VI businesses (VIC 708(h) Ed Educ ucat atio iona nal As Assi sista stanc nce Public School Assistance; Territorial Scholarship Fund (Monetary, Scholarship, Internship, Training, etc.) Man anag ageme ement nt Tra rain inin ing Pr Prog ogra ram Include training budget and trainees Em Employee ee Be Bene nefit it Pr Prog ogram am (Smal mall Bu Busi sine nes Ap Applic ican ants Ex ts Exem empted) ed) Char arit itab able le Con ontr trib ibution ution Local non-profits, and/or 501(c)3 entities, government programs Ot Other er Compliance with local and federal laws and rules
SMALL BUSINESS APPLICANT is is cer certif tified ied by by the the Sma Small ll Busin Business ess De Development elopment Agency gency (SBD (SBDA) A) as as mee meetin ting the the statut statutor ory crit criteri eria for or be bein ing awar arde ded a SB SBDA lo loan an. In order to receive the required certification, an applicant is required to submit to the SBDA evidence that they meet the residency requirements and demonstrate that such owner(s) are active in the management of the business on a full time basis and that the business is their principal means of support.
SBDA ELIGIBILITY REQUIREMENTS A per A person sha son shall be ll be eli eligi gibl ble if he or e if he or sh she: e: • Ow Owns ns at at lea least st fif ifty ty per percen cent t (5 (50%) 0%) leg legal o al or r eq equi uitable table in inter erest est in in s sma mall ll bus busin iness ess co concern, ncern, ei eith ther er es establ tablis ished hed or or to o be be es establ tablishe ished d in in t the he US US Vi Virg rgin in Is Isla lands nds • Is Is ac activ tive e in in t the he ma mana nagemen gement t or or op oper eration ation of of a s a smal mall l bus busin iness ess conce concern rn on on a f a ful ull-time time ba basis sis an and s d such uch sm smal all l bus busin iness ess conce concern rn is is or or wi will ll be be hi his s pr prin inci cipa pal mean l means s of of su suppor pport
SBDA ELIGIBILITY REQUIREMENTS • App Appli lica cant nt was as born born in in th the Unit United ed St Stat ates es Vi Virg rgin in Is Isla land nds; • or or his his mo mother ther or or father ather was as born born in in the the US USVI VI and and he he has has been been a bo bona na fide ide continuo continuous us res resident ident of of the the US USVI VI for or at at lea least st fiv ive yea ears; • or or he he has has bee been a bo bona na fide ide conti continuo nuous us resid resident ent of of the the Unit United ed St Stat ates es Vi Virg rgin in Is Isla lands nds for or at at lea least st 10 10 yea ears. A small small bu busi siness ness con concern, cern, includ including ing firms, irms, pa partner tnershi ships ps of of al all kinds kinds and and cor corporat porations, ions, shall shall be be eli eligi gible ble if if at at least least 50 50% legal legal or or eq equitable uitable int interest erest therei therein is is owned wned by by a per person son or or per persons sons eli eligibl gible under under th the ab above pr provisio visions ns.
Recommend
More recommend
