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Helpful Links:
Virgin Islands Economic Development Authority - The Virgin Islands Economic Development Authority (EDC) is a semi-autonomous government instrumentality responsible for the promotion and enhancement of economic development in the United States Virgin Islands. It has five major components, to wit, the Government Development Bank, The Economic Development Commission, the Industrial Park Development Corporation, the Small Business Development Agency and the Enterprise Zone program.
Department of Licensing and Consumer Affairs - The Virgin Islands agency responsible for business licenses, taxi operators licenses and board certifications. You can apply for a business license online.
Doing Business in the US Virgin Islands
Go to St. Croix.com - Where to Go, Where to Stay, Where to Play, Who to Hire and useful info about St. Croix
CIA World Fact Book - The Virgin Islands
U.S. Virgin Islands: An Offshore Tax Planning Jurisdiction
Small Business Resource Guide for Starting and Expanding Entrepreneurs - Developed by the local office of the Puerto Rican / Virgin Islands Small Business Administration ( PDF file opens in a new window)
Office of the Lieutenant Governor of the Virgin Islands
The Virgin Islands Recorder of Deeds Office Website
Background of St. Croix and the US Virgin Islands
During the 17th century, the archipelago was divided into two territorial units, one English and the other Danish. Sugarcane, produced by slave labor, drove the islands' economy during the 18th and early 19th centuries. In 1917, the US purchased the Danish portion, which had been in economic decline since the abolition of slavery in 1848.
Economy Overview
Tourism is the primary economic activity, accounting for 80% of GDP and employment. The islands normally host 2 million visitors a year. The manufacturing sector consists of petroleum refining, textiles, electronics, pharmaceuticals, and watch assembly. The agricultural sector is small, with most food being imported. International business and financial services are small but growing components of the economy. One of the world's largest petroleum refineries is at Saint Croix. The islands are subject to substantial damage from storms. The government is working to improve fiscal discipline, to support construction projects in the private sector, to expand tourist facilities, to reduce crime, and to protect the environment.
Economy Statistics (includes St. Thomas and St. John)
GDP - per capita (PPP): $17,200 (2002 est.)
GDP - composition by sector:
agriculture: 1%
industry: 19%
services: 80% (2003 est.)
Labor force:
48,900 (2003 est.)
Labor force - by occupation:
agriculture 1%,
industry 19%,
services 80% (2003 est.)
Unemployment rate: 9.3% (2003 est.)
Communications
Telephones - main lines in use: 70,900 (2004)
Telephones - mobile cellular: 41,000 (2002)
Telephone system:
general assessment: modern system with total digital switching, uses fiber-optic cable and microwave radio relay
domestic: full range of services available
international: country code - 1-340; 2 submarine cable connections (Taino Carib, Americas-1); satellite earth stations - NA
Money and Banks
Currency:
U.S. Dollars. Credit cards and traveler's checks are generally accepted.
Banks:
* Bank of St. Croix
* Banco Popular de Puerto Rico
* Bank of Nova Scotia
* Chase Manhattan Bank
* Citibank
* First Federal Savings
* Virgin Islands Community Bank
Banking hours:
Monday to Thursday 9:00am-4:00pm. Friday 9:00am-5:00pm. Chase Manhattan Bank and Banco Popular De Puerto Rico-Saturday 9:00am-12:00n.
Please check with individual banks for variations in banking hours.
Business hours:
Monday to Friday 8:00am-3:00pm.
Please check with individual stores and businesses.
Public holidays
January 1: New Year's Day
January: Three King's Day
January: Martin Luther King Day
February: President's Day
Holy Thursday
Good Friday
Easter Monday
May: Memorial Day
June 17: Organic Act Day
July 3: Emancipation Day
July 4: Independence Day
July 22: Supplication Day
September: Labor Day
October: Columbus Day
October 21: Local Thanksgiving
November 1: D Hamilton Jackson Day
November 12: Veteran's Day
November: Thanksgiving
December 25: Christmas Day
Boxing Day
Taxes and Service Charges
Resort tax: 8%. Service charge: 10%. No sales tax.
There is no sales tax in the Virgin Islands. Businesses pay a 4.5% gross receipts tax.
Time Zone
Eastern Standard Time +1 hour.
Greenwich Mean Time -4 hours.
No daylight savings.
Climate
Average daytime temperature 78 degrees in winter and 82 degrees in summer, low humidity.
Generally, sunrise between 5:30am and 6:30am. and sunset 6:30pm-7:00pm.
Virgin Islands Bureau of Economic Research
The Virgin Islands Bureau of Economic Research (BER) compiles and maintains statistics and data on the state of the economy of the U.S. Virgin Islands in support of both public-sector and private-sector decision-making. One of its most important functions is the production of periodic economic indicator and statistical reports. The Bureau also regularly conducts special research projects, in the form of briefing papers and special analyses or surveys. www.usviber.org.
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