Kellerhals Ferguson Kroblin PLLC provides comprehensive compliance services for beneficiaries of the U.S. Virgin Islands Economic Development Commission (EDC) tax incentives program. Our compliance services allow our clients to concentrate on running their businesses, while leaving the work of dealing with the various EDC compliance reporting matters to us.
Compliance obligations for EDC companies vary dependent upon the terms of the EDC Certificate issued, but there are a number of reporting requirements that are fixed regardless of the type of beneficiary. Most reporting obligations are quarterly, biannual and yearly. Other reporting obligations arise on an as needed basis.
In addition, the EDC has fairly complex rules in place for ensuring that beneficiaries meet the local procurement requirements of the EDC Rules and Regulations. Pursuant to the Regulations, each beneficiary is required to contract for a range of goods and services with persons or organizations who have been residents of - or have been incorporated under the laws of - the U.S. Virgin Islands for a requisite amount of time.
EDC beneficiaries are subject to compliance reviews generally on an annual basis. In connection with the compliance review, the EDC will undertake a site visit of the offices and will also review the terms of the Certificate and ask for all documentation to substantiate that the requirements have been met.
Our firm's services simplify EDC compliance: we use up-to-date knowledge of the evolving EDC Regulations to handle all reporting and submission requirements in an efficient and cost-effective manner, allowing our clients to commit their resources and personnel to the core missions of their businesses.