USVI Public Records

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1 Virgin Islands Economic Development Commission Public Hearing of Tuesday, February 27, 2024 Summary Read Out During the Virgin Islands Economic Development Commission (“VIEDC”) Public Hearing on Tuesday, February 27, 2024, the VIEDC Governing Board heard two (2) application presentations as follows: Applications 1. Achilles Consulting, LLC – New Application [Category IV – Designated Services Business; Investment: $100,000.00; Jobs: 5; Location: St. Thomas, VI]] Achilles Consulting, LLC (“Achilles”) seeks VIEDC tax incentive benefits as a Category IV - Designated Services Business. On December 20, 2023, Achilles filed an application with the Virgin Islands Economic Development Commission (“VIEDC”) for tax incentive benefits as a Category IV designated service business for its provision of management and consulting services to include operational consulting, accounting and finance advisory services, regulatory and compliance advisory services, and family office services pursuant to V.I. CODE ANN. tit. 29, § 708(a). All of Achilles ‘clients will be located outside the USVI. Achilles’ services may be provided through one or more wholly owned, disregarded subsidiaries in accordance with V.I. CODE ANN. tit. 29, § 714(c). Achilles commits to employing a minimum of five (5) full-time employees with one (1) owner occupying a position within one year of the date that its Certificate is signed by the VIEDC Chairman, or within one (1) year of the commencement of benefits, whichever is later. Achilles also commits to a minimum capital investment of $100,000 within one (1) year from commencement of benefits or one (1) year from the date the Chairman signs its Certificate, whichever is later. Achilles further agrees to meet all statutory, and special conditions, and other applicable requirements for the grant of tax incentive benefits. Achilles is located on the island of St. Thomas. 2. Smith’s Fancy, LLC – New Application [Category III – Hotel/Guesthouse; Investment: $100,000.00; Jobs: 5; Location: St. Thomas, VI] Smith’s Fancy, LLC (“Smith’s Fancy”) seeks VIEDC tax incentive benefits as a Category III – Hotel/Guesthouse. On January 13, 2023, Smith’s Fancy filed an application with the Virgin Islands Economic Development Commission (“VIEDC”) for tax incentive benefits as a Category III hotel/guesthouse pursuant to V.I. CODE ANN. tit. 29, § 708(a) for its ownership, construction, and development of a boutique hotel and amenities normally associated with a hotel, located in the historic district of Charlotte Amalie, St. Thomas. Smith’s Fancy has established two (2) wholly-owned, disregarded entities: Pink Palm, LLC d/b/a The Pink Palm Hotel (“Hotel”), 2 which operates the Hotel, and 1A Snegle Gade, LLC which holds title to the real property where staff housing for the Hotel. Smith’s Fancy may establish more wholly-owned, disregarded subsidiaries to carry out the above business activities in accordance with V.I. CODE ANN. tit. 29, §714(c). Smith’s Fancy states may provide services to one (1) or more related parties located outside of the United States Virgin Islands, potentially through one (1) or more subsidiary. Smith’s Fancy commits to employ a minimum of 10 full-time non-owner employees within one (1) year from commencement of hotel operations or within one (1) year from the date the Chairman signs the VIEDC Certificate, whichever is later. Smith’s Fancy also commits to invest a minimum capital investment of $500,000 in the benefitted business within one (1) year from commencement of benefits or one (1) year from the date the Chairman signs its Certificate, whichever is later. Smith’s Fancy further agrees to meet all statutory, and special conditions, and other applicable requirements for the grant of tax incentive benefits. Smith’s Fancy is located on the island of St. Thomas.