(1) In order to qualify and remain eligible for benefits provided under this chapter, an applicant must fulfill the following specific qualifications and requirements:
(a) Establish or continue to maintain a business with a valid business or project in the case of an owner-occupied residence license or be an owner-occupied residence within an Enterprise Zone;
(b) Invest at least $10,000, or invest an additional amount of $10,000, in a business or project in the case of an owner-occupied residence that will advance the economic well being of the Enterprise Zone. The fair market value of all equipment leased for a term of at least five years shall be included in determining compliance with the investment requirement. In determining the amount of the investment undertaken by the applicant for purposes of this subsection, the assessed value of land and previously existing buildings (as assessed for tax purposes) used in the business shall be included only to the extent that it does not exceed twenty percent (20%) of the investment undertaken; however, this provision shall not apply to any business of a nature in which investment in land and alteration and/or improvement thereof represents its primary investment factor. The minimum investment required by this section may be reduced, if the Commission finds that the proposed business will provide sufficient employment or Justify the lower investment.
(c) In the case of a natural person be a resident of the Virgin Islands as defined in section 1003(9) of this chapter.
(d) Be the actual investor in the Enterprise Zone and not a contractor, subcontractor, person or corporation acting as an agent or representative in a similar capacity to the investor;
(e) Meet such standards of ecological compatibility as may be established by Federal and/or Territorial law.
(f) Employ at least two (2) residents of the Virgin Islands in such business directly or through subcontractors or, for existing businesses, add at least two (2) new employees who are residents of the Virgin Islands. The Commission may waive this requirement upon a demonstration to the Commission that the employment of this number of persons in this particular enterprise would not be economically feasible or practical, and upon a further finding by the Commission that the desirability of the proposed enterprise outweighs the fact that it will not provide employment for a least two residents, or for two additional residents, as appropriate.
(g) Comply with all Federal and Territorial laws, including anti-discrimination and wrongful discharge laws.
(h) For any applicant who proposes to do business on land adjoining any beach or shoreline of the Virgin Islands, agree to grant to the Government of the Virgin Islands a perpetual easement upon and across such land to the beach or shoreline to provide free and unrestricted access thereto to the public, which easement shall be duly recorded in the Recorder of Deeds upon the designation of the business as an Enterprise Zone Business.
(i) Agree in writing to notify the Virgin Islands Employment Service in writing as to the availability of employment by the business or its subcontractors, the number of employees required, the occupational classification of such workers, and the applicable wage rate.
(j) File copies of gross receipts tax returns, property tax returns, and income tax returns with the Enterprise Zone Commission, which returns shall be confidential information and shall not be released by the Enterprise Zone Commission except as provided under Title 33, Chapter 21, section 822, Virgin Islands Code, for gross receipts and property tax returns, and under section 6103 of the Internal Revenue Code of 1986, as amended, as applicable to the Virgin Islands, for income tax returns.
(2) In the case of a Virgin Islands or foreign corporation, partnership, limited liability company, or other entity, be in compliance with any applicable Federal and Territorial statutes and any rules or regulations promulgated under this chapter.
(3) The Commission may not require an applicant to meet qualifications or requirements in addition to the requirements set out in this subsection as a condition of designating the applicant as an Enterprise Zone Business.