Roach Reminds Businesses of Franchise Tax Filing and Annual Report Deadline

Lt. Gov. Tregenza A. Roach Esq. reminds all registered profit and non-profit corporations, partnerships and limited liability companies of the upcoming June 30^th deadline to comply with the annual filing requirement. Franchise taxes and filing fees with the corresponding reports are due to the Division of Corporations and Trademarks as a statutory requirement for entities to remain in “good standing” to conduct business in the territory.

Since the statutory deadline falls on Sunday, June 30, filers may submit the franchise taxes and filing fees with the proper documents up to Monday, July 1, without the assessment of penalties and interest. If entities wish to be dissolved as of July 1 and thereafter, they must be in good standing and have an approved annual filing for the due date of June 30 to submit the intent and dissolution filings for processing.

Entities not in compliance with this requirement will be assessed penalties and interest for late filing beginning on July 2. Additionally, the entity’s status will be changed from “good standing” to “registered” on July 1 if an approved annual filing is not on file with the division, and it will be unable to obtain a certificate of good standing to conduct business, submit amendments and voluntary dissolutions. If the entity’s annual filings and taxes remain outstanding, the entity will be subject to the administrative dissolution process and the inability to use its name.

Payments and filings shall be made in the division’s online Catalyst system at www.corporationsandtrademarks.vi.gov. The Catalyst system is available 24 hours a day, seven days a week. Filers shall have a user account in the system, authorization over the registered business, and completed the Update Profile Service to submit filings. Instructions are available at https://ltg.gov.vi/departments/corporations-trademarks/. Also, registered corporations, partnerships and limited liability companies shall comply with the Beneficial Ownership Information Reporting Requirement at www.FinCEN.gov/boi.

For more information relative to the annual filing requirements and gaining access to file reports, please contact the Division of Corporations and Trademarks at 774-2991 on St. Thomas/St. John or 773-6449 on St. Croix, or visit the Office of the Lieutenant Governor’s website at: https://ltg.gov.vi.