The compliance feature in the Division of Corporations and Trademark’s online Catalyst system is functional. The activation of this feature will provide business entities and trade name owners with email notifications informing them of: (1) filings that are past due and (2) filings with upcoming due dates.
“Business entities are already receiving email notifications indicating what annual report filings are past due and upcoming due dates. Trade name owners are also receiving email notifications informing them of what renewal filings are past due and upcoming due dates,” said Lt. Gov. Tregenza A. Roach Esq.
The Division of Corporations and Trademarks reminds residents of the following:
- To conduct business in the U.S. Virgin Islands in a name other than their own, the desired business name shall first be registered with the Division of Corporations and Trademarks and maintain a status of active/in good standing for business entities and current for trade names.
- As required by the Virgin Islands Code, business entities that owe one or more years of franchise tax filings shall be administratively dissolved by the Division of Corporations and Trademarks.
- Trade name registrations are subject to administrative cancellation if renewals are not submitted every two years on the sixth month of the anniversary date of registration.
- Names of administratively dissolved business entities and trade names become available to the next filer that submits an application and pays the registration fee.
- Notice to business entities that are candidates for administrative dissolution are being sent via mail. If no action is taken to pay delinquent franchise taxes to the Division of Corporations and Trademarks, administrative dissolution will take effect after November 15, 2020.
Lt. Gov. Roach urges all business entity and trade name owners to comply with the annual report and trade name renewal requirements in order to maintain a status of active/in good standing or current while conducting business in the territory.
For additional information, contact the Division of the Corporations and Trademarks on St. Thomas at 774-2991 or on St. Croix at 773-6449 or visit the Office of the Lieutenant Governor’s website: www.ltg.gov.vi.
