Any corporation that (i) is not a domestic corporation as that term is defined in sections 7701(a)(3) and (4) of the Internal Revenue Code (as it applies in the United States Virgin Islands), and (ii) is not a domestic corporation as that term is defined in section 7701(a)(3) and (4) of the Internal Revenue Code (as it applies in the United States), and (iii) which qualifies to do business in the Virgin Islands pursuant to section 401 of this Title; or in the case of a foreign limited liability company, registers to do business in the Virgin Islands pursuant to section 2002 of this Title, or is licensed as an international insurance company under Title 22, chapter 55, Virgin Islands Code, and (iv) meets the requirements of section 852 of this chapter, and (v) makes an election in accordance with section 853(a)(3) of this chapter, shall be an exempt branch and shall be treated for all purposes in the same manner as an exempt company. The requirements of clause (ii) above shall not apply to an exempt insurer.