(1) Except in the case of an exempt insurer which is a domestic corporation as defined in Sections 7701(a)(3) and (4) of the Internal Revenue Code (as it applies in the United States), or which has an election in effect under Section 953(d) of the Internal Revenue Code (as it applies in the United States), not engage in the conduct of a trade or business in the United States;
(2) Except in the case of an exempt insurer, exempt international banking facility, or exempt mutual fund, not engage in the active conduct of a trade or business in the United States Virgin Islands.
(3) Except in the case of an exempt insurer which is a domestic corporation as defined in Sections 7701(a)(3) and (4) of the Internal Revenue Code (as it applies in the United States), or which has an election in effect under Section 953(d) of the Internal Revenue Code (as it applies in the United States), comply with Section 934 of the Internal Revenue Code or any successor provision, with respect to ownership of stock of the exempt company by United States persons.
(4) Comply with section 854 of this chapter with respect to ownership of stock of the exempt company by Virgin Islands persons; and
(5) Elect to be an exempt company in accordance with section 853 of this chapter.