The Lieutenant Governor’s Office Division of Corporations and Trademarks is currently undergoing a project to computerize the registration and franchise tax payment processes.

To accommodate the conversion, two policy changes are effective immediately:

Certificates of Good Standing

On a temporary basis, all registered entities in the Virgin Islands seeking a Certificate of Good Standing will be issued a temporary, conditional Certificate of Good Standing. The conditional certificate is not conclusive proof of the payment of franchise taxes, and the filing of annual records. The conditional designation simply means that the status of an entity’s registration is “valid assuming all conditions are met.”

Once the computerization project is complete, the division will determine the outstanding tax and reporting obligations, if any, of all registered entities. Entities found to be deficient will have the conditional certificates revoked and will receive a demand for compliance.

Entities that are in good standing, will have their statuses changed in the system to reflect this fact.

Franchise taxes

Failure to remit the annual report and franchise taxes due by June 30 will result in the system placing a deficiency finding against a registered entity, with a subsequent demand for payment being issued to the entity found to be deficient.

For more information, contact the Division of Corporations and Trademarks at 340-776-8515 on St. Thomas or 340-773-6449 on St. Croix.