(a) The Board may not require an applicant to meet qualifications or requirements in excess of the conditions listed in this subchapter for the granting of an initial certificate.
(b) In order to qualify and remain eligible for tax incentive benefits under this chapter, an applicant must fulfill the following qualifications or requirements:
(1) Invest at least $50,000, exclusive of inventory, in the business related to banking;
(2) Be the actual investor in the enterprise for which tax incentive benefits are sought, and not a contractor, subcontractor, or other person or corporation acting as an agent or a similar capacity to the investor, provided that corporate affiliates who are actual investors may qualify for benefits;
(3) Employ at least three full time persons; however, the IFSE shall hire one (1) additional employee, for every $1,000,000 of net income prior to salaries;
(4) Comply with all federal and local laws;
(5) Agree in writing to employ or contract with Virgin Islands businesses and Virgin Islands residents;
(6) Meet any time restraints or deadlines imposed by the Board with respect to the initiation of operations or activity, provided that the Board may extend any such time restraints or deadlines upon good cause shown by the beneficiary;
(7) Agree in writing to notify the Virgin Islands Department of Labor as to the availability of employment by it or its subcontractors, the number of employees required, the occupational classification of such workers, and the applicable wage rate;
(8) Provide educational assistance to residents of the Virgin Islands which is acceptable to the Board or provide a financial contribution to an educational fund established by the Board or by the Virgin Islands Legislature. As used in this subsection, educational assistance includes all types of educational assistance including vocational and other job training programs, including Taproots, Inc.;
(9) Agree in writing to submit plans for a management-training program for approval by the Board. Provide its employees additional leave from work, other than time applied to their annual leave, to participate and represent the Virgin Islands in athletic and sporting events; and
(10) Agree in writing and require all contractors retained by it to purchase all insurance from resident insurance companies, agents, or brokers licensed to operate in the Virgin Islands, and if a particular type of insurance is not available in the Virgin Islands, submit to the Board written certification from the Office of Banking and Insurance that the insurance is unavailable.
(c) The Board shall establish, by regulation, the requirements for management training programs required by this section, as guidance for all beneficiaries and the reasonable number of Virgin Islands residents to be employed by each beneficiary in accordance with the specific normal requirements of the business involved, and report annually to the Governor the titles and compensation of all trainees who are placed in management positions by beneficiaries.
(d) The Board may impose a monetary penalty for delinquent reports as prescribed by law. Any monetary penalty imposed by the Board pursuant to this section must be deposited into the Territorial Scholarship Fund established pursuant to title 17, section 171, of the Virgin Islands Code.