USVI compliance and the back office for EDC and RTPark companies

Holding the benefit is the easy part

An Economic Development Commission benefit carries a full gross receipts exemption, substantial income tax reductions for the company and for resident owners on covered distributions, and excise, property and customs relief. RTPark carries up to a 90% income tax reduction on qualifying income, a gross receipts exemption on the approved business, and property and excise relief. See what each program covers.

Every one of those benefits is conditional, and the conditions are ongoing: reports, copies of reports filed elsewhere, contributions, procurement practice, employment records, an annual review. This service runs that year and does the work behind it.

The EDC compliance calendar

An EDC certificate holder files Form 720 V.I. every month, with gross receipts reported and the return marked EDC Beneficiary – Exempt. Exempt does not mean unfiled (how the monthly return works). Around it, these recur:

• The Employer’s Quarterly Wage and Contribution Report, copied to the EDC the same day it goes to the Department of Labor
• The Affidavit of Residency of Employees, with the employee listing, filed alongside that quarterly report
• Newspaper notice to established Virgin Islands businesses for January and July, with the publisher’s receipt and a copy of the ad in by the 30th of the following month
• The annual report of ownership to the Lieutenant Governor by April 15, listing every owner of 5% or more. Not filing it is an express ground for revocation.
• The Lieutenant Governor annual report and franchise tax by June 30, then a copy of that package and a certificate of good standing to the EDC by July 30
• The annual report to the EDC, with audited financials or the income tax return, within 30 days of your return deadline, including extensions
• The annual compliance fee, which starts the Commission’s annual compliance review

The RTPark calendar

An RTPark member’s obligations run on their own schedule:

• The annual management fee, a percentage of gross revenue paid in four quarterly instalments
• Financial information to RTPark in January and July, and the true-up when the revenue-based fee exceeds the minimum already paid
• The UVI partnership commitments, recomputed from the books each year because the scholarship and programmatic tiers scale with revenue
• Compliance documents to RTPark HQ, notice of any change in business operations, and the annual review meeting
• The employment, residency and operating terms in your Park Tenant Agreement, negotiated member by member rather than published

The monthly USVI Operations Report

Each month we write up what the company actually did in the territory, a record no filing system produces: who performed work here and the hours, meetings held here, functions completed, local vendors and professionals engaged, payroll and operating expenditure here, and decisions and projects that moved, with supporting invoices and meeting records.

It is contemporaneous by design, written as the activity occurs rather than years later when somebody asks, and it comes from the books we keep, so its figures match your financial statements. See how we keep the books.

Three levels of service

Each level includes the one before it.

USVI Office Presence

Workspace and a conference room in St. Thomas, mail and document handling, a local administrative contact, and secure records storage. Best for a company that needs a real place to work, meet and receive documents here.

USVI Operations Support

Adds recurring administrative hours, bookkeeping with payables and receivables, vendor coordination, support for management meetings held here, and the monthly activity documentation. Best for a company with functions to run here and nobody here to run them.

Managed USVI Back Office

Adds controller and CFO support, payroll coordination, local staffing support, the full compliance calendar, and workflows built around how the business runs. Best for a company running its whole Virgin Islands operation through one provider.

How the engagement is scoped

Scope is set at the intro call with Rodd Goldman, CPA, CFE, against your certificate or tenant agreement rather than a standard package. Then it runs monthly: books closed, filings out, records kept, the operations report written.

How an engagement starts, from the intro call through to signing: our engagement process.

What we will not do

We say this plainly because the wrong version of this service is easy to sell.

• We document only services that were actually performed, and never create records for activity that did not occur.
• This engagement does not guarantee EDC or RTPark qualification or promise how an agency will treat your file.
• Activities must be genuine and consistent with the business your certificate or tenant agreement approves. A new or materially different line may need agency approval first.
• Tax outcomes turn on Virgin Islands and federal rules, including sourcing and effectively connected income.
• We work alongside your attorney, never in place of one. RTPark expects members to engage local counsel, and our role is the accounting and the operations.