Relocating my business to STX
I am planing to relocate my welding business from N.J. to STX are there any tax incentives or assistance for me ?
Congratulations on the move. We can use all the help we can get.
Steer clear of our EDC program. They'll want to dictate who you hire, who you fire and redirect most of your profit to one of the programs the governor's relatives operate.
Just be prepared to live here for several months while getting a lisense to operate a business here. I've had friends come here and had to wait up to 4 months before it was finally processed. That could be a deal breaker for someone trying to start a small business.
It took me 20 days from start to finish to get my business license 2 years ago, and this included a liquor license.
You have to stay on top of the process and the DLCA (go to the office in person and talk to them, ask questions, call frequently to check on status, be nice and friendly etc) then it can be done quickly.
Good welders, mechanics and other construction services seem to always be in demand. There are a couple larger welding companies on island--Tang How and Florida Welding come to mind--so you may want to check those out.
You could potentially be able to get EDA or EDC benefits if you employ more than 10 people (a large percent of which must be VI residents). Getting approved can be an arduous (long) process with many requirements. But it can be done. Check out http://www.usvieda.org/incentives/edc-program for more info.