Act No. 7470 — An Act to reduce the required number of employees in the Industrial Development Program’s Category IIA business enterprise from ten to five
ACTNO, 7470 BILL NO. 29-0462 TWENTY-NINTH LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2012 An Act to reduce the required number of employees in the Industrial Development Program’s Category IIA business enterprise from ten to five ---0--- Be it enacted by the Legislature of the Virgin Islands: SECTION 1. Title 29, Virgin Islands Code, chapter 12, section 708 is amended by redesignating the existing subsection (f) as (f) (1) and inserting a new subsection (f) (2) to read as follows: “(2) An enterprise which is applying for economic development benefits as a Category IIA Enterprise engaged in non-labor intensive financial services shall be required to employ a minimum of five (5) full-time persons who, subject to the exceptions contained in section 711 of this subchapter, must be residents of the Virgin Islands.” Thus passed by the Legislature of the Virgin Islands on November 20, 2012. Witness our Hands and Seal of the Legislature of the Virgin Islands this 2 Day of November, A.D., 2012. lol Ronald E_Russell \ Presgt ammuel Sanes Legislative Secretary Bill No. …
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