LIEUTENANT GOVERNOR ROACH ISSUES REMINDER ON FRANCHISE TAX AND TRADE NAME RENEWAL

Lieutenant Governor Tregenza A. Roach, Esq. reminds business entities of the upcoming annual filing requirements for profit and non-profit corporations, partnerships (limited partnerships, limited liability partnerships, and limited liability limited partnerships), and limited liability companies to submit franchise taxes and annual filing fees on or before June 30, 2019 to the Division of Corporations and Trademarks to remain in Active/In Good Standing status.

The process to submit these payments and filings is online at the division’s new Catalyst system that is accessible 24 hours-a-day, seven days-a-week.  To access the new application, please visit www.corporationsandtrademarks.vi.gov. Instructions to create a user account, request authority over existing businesses, and complete the Update Profile Service are available at ltg.gov.vi/departments/corporations-trademarks.

Non-profit corporations and limited partnerships now have an annual report fee of $25.00 and $150.00 respectively, to obtain a status Active/In Good Standing.  Failure to submit franchise taxes and annual filings fees to the division will result in a status of Registered (Pending), assessment of penalties, and commencement of administrative dissolution procedures.  No individual or business entity formerly affiliated or associated with a dissolved entity shall establish new business entities without first providing written proof of satisfaction of all outstanding tax obligations to the Division of Corporations and Trademarks pursuant to Act No. 6487.

Lieutenant Governor Roach also reminds trade name owners to renew their trade names with the Division of Corporations and Trademarks’ online system, Catalyst, within the six-month window prior to the expiration date to remain in Current status.  Failure to renew the trade name in accordance with the statutory compliance mandate will result in a status of registered and forfeiture trade name to the next party that files a trade name application and submits the registration fee.

It is important for business entities and trade name owners to know their status at the Division of Corporations and Trademarks.  Maintaining a status of Active/In Good Standing or Current is required to conduct business in the territory.  For more information relative to creating a user account, requesting authority, completing the Update Profile Service, and submitting the annual and trade name renewal filings, please contact the division at: 52E-1 Estate Thomas Builders Emporium, (340) 776-8515 (St. Thomas); 1105 King Street, Government House, Christiansted, (340) 773-6449 (St. Croix) or https://ltg.gov.vi/contact -us/ via email.