Lieutenant Governor Gregory R. Francis is strongly encouraging and reminding corporate citizens to satisfy the franchise tax and annual filing fee requirements of Titles 13 and 26 of the Virgin Islands Code which requires every registered corporation (domestic or foreign) to pay a franchise tax to the Office of the Lieutenant Governor on or before June 30th of every year.

The required franchise tax shall be filed and paid, together with the filing of an annual report and annual franchise tax forms prescribed by the Lieutenant Governor. Every LLC (limited liability company) is also required to file an annual report and to pay an annual fee on or before June 30th.

Similarly, Title 26 provides that each LLP (limited liability partnership) and LLLP (limited liability limited partnership) are required to file an annual report and to pay an annual fee on or before June 30th.

Failure to comply with the annual requirements will result in the assessment of penalties and interest or even dissolution. For more information, please contact the Office of the Lieutenant Governor Division of Corporations and Trademarks at 773-6449 on St. Croix or 776-8515 on St. Thomas.