(a) Each alien corporation desiring to acquire of record any personal or real property in the Territory of the Virgin Islands shall have, prior to acquisition, and shall maintain continuously in this Territory during any year thereafter in which the personal or real property is owned by the alien corporation:
(1) a registered office; and
(2) a registered agent, which agent may be either:
(A) an individual resident in the Territory of the Virgin Islands whose business office is identical with the registered office; or
(B) another corporation authorized to transact business in the Territory of the United States Virgin Islands having a business office identical with the registered office.
(b) Each registered agent appointed under this section, on whom process may be served, shall file a statement in writing with the Lieutenant Governor's office accepting the appointment as registered agent simultaneously with being designated.
(c) Each alien corporation shall file with the Lieutenant Governor no earlier than January 1 and no later than March 1 of each year, a sworn report on such forms as the Lieutenant Governor shall prescribe setting forth:
(1) the name of the alien corporation;
(2) the street address of the principal office of the alien corporation;
(3) the name and street address of each officer and each director of the alien corporation;
(4) the name and street address of the registered agent and registered office of the alien corporation; and
(5) the signature of the corporate president, vice president, secretary, assistant secretary, or treasurer attesting to the accuracy of the report as of the day immediately preceding filing of said report.
(d) The Lieutenant Governor shall record the status of any alien corporation that fails to comply with the requirements of this section [Registration of alien corporations].
(e) No alien corporation that fails to file a report as required by this section or fails to maintain a registered office and a registered agent as required by this section shall be entitled to own, purchase, or sell any personal or real property in the Territory of the Virgin Islands nor shall it be entitled to sue or defend in the courts of this Territory until the requirements of this section have been complied with.
(f) The filing of a report by a corporation as required by this section shall be solely for the purposes of this chapter and shall not otherwise be used as a determination of whether a corporation is actually doing business in the Territory of the Virgin Islands.
(g) The Lieutenant Governor shall charge and collect, for the use of the Government of the Virgin Islands, the following fees upon the receipt for filing of certain documents relating to alien corporations:
(1) For filing an acceptance of an appointment as a registered agent pursuant to subsection (b) of this section, a fee of $25.00 for each appointment shall be paid.
(2) For filing the annual report mandated by subsection (c) of this section, the fee shall be $400.00.