(a) Applicants for benefits under section 743 may be granted an additional ten years of tax exemption on the initial term of benefits and subsidy at one hundred percent of benefits if the principal place of business of the applicant is located within the town limits of Frederiksted, St. Croix as defined on the Frederiksted Town Limits map recorded in the Office of the Tax Assessor. In all other geographical areas an extension of benefits for a five-year period may be granted by the Board.
(b) An applicant granted benefits under this chapter must be allowed the option, to be exercised prior to the issuance of the tax incentive benefit certificate, of determining when any or all of the benefits commence, if all of the benefits commence at some point during the first five years of operation of the beneficiary’s enterprise.
(c) If the beneficiary owns and operates more than one enterprise in the Virgin Islands, benefits granted under this chapter apply only to activities authorized under subchapter I of this chapter. In addition, international financial services entities may make capital contributions in excess of $1,000,000 to Virgin Islands business entities and are permitted to take the tax benefits permitted by this chapter for any income or profit made from those investments.
(d) With respect to a corporation or other legal entity, the Board may review the ownership structure, or the proposed ownership structure, and may, upon review of the applicant’s business plan or amended business plan, and consistent with the basis purposes and objectives of this chapter, limit the number of shareholders. The Board may not unreasonably withhold approval of the ownership structure and may not impose additional requirements or limitations on ownership. Once the international financial services entity applicant has furnished all information necessary for review, the Board has 90 days to issue the decision. If the Board does not approve or deny the proposed ownership structure, the ownership structure is deemed to be approved. The Board has the authority to review all ownership interests in excess of five percent of the business. The international financial services entity shall, however, give the Board notice of owners holding less than a five-percent ownership interest in the company.