Every person, partnership, copartnership, association, company, or corporation doing business in the United States Virgin Islands under a trade name pursuant to this chapter shall file an application to renew its tradename every two years and pay a fee of $50 to the Office of the Lieutenant Governor. Any person, partnership, copartnership, association, company, or corporation which fails to renew its trade name within six months of the expiration date as required by this chapter, shall cease title to the trade name, and said tradename shall become available to anyone who files for the tradename and pays the required registration fee.