Market Research in the US Virgin Islands
The US Virgin Islands lie near the Greater Antilles, about 40 miles east of Puerto Rico. The islands are in the northeastern Caribbean Sea. The USVI is an organized, unincorporated US island territory and part of the Virgin Islands Group, which contains its neighbor, the British Virgin Islands. The USVI is made up of three large islands – St. Thomas, St. Croix, and St. John – and at least 50 small cays and islets.
- Financial Services
- Rum distilling
- Watch assembly
- Info Tech
- Charlotte Amalie, St. Thomas – Charlotte Amalie is the capital of the US Virgin Islands. It is also the largest town on the Island of St. Thomas. It’s where one will find the best dining and shopping and all the major transport hubs.
- Christiansted, St. Croix – Founded in 1734 in St. Croix, Christiansted is the island’s largest town. It features unique African-Danish architecture coupled with many historical buildings. Another key point is that scuba diving is a major draw in this town, and several very good dive sites lie off the coast.
- Cruz Bay, St. John – Shopping, dining, and nightlife options (including a casino) await visitors to this popular town. Cruz Bay Beach is nearby. Bars and shops line this busy stretch of coastline. Cruz Bay is a tourist resort town, so it offers a wide variety of tour operators providing several different services.
Trade, tourism and other services are the primary sectors. They comprise more than half of the Virgin Islands’ GDP. These sectors also provide about half of total civilian employment. The islands host millions of tourists each year, most of whom come from visiting cruise ships. The islands import most of their food because the farm sector is small. Government and industry each account for about one-fifth of GDP.
Most Virgin islanders live on St. Thomas and St. Croix. Less than five percent reside in St. John. The people are diverse. About three-quarters are Black, another ten percent are White, and the rest fall under “Other.” As a matter of fact, many are migrant workers from nearby countries. These islands are pristine, and they provide great living conditions. The natural beauty and the mild climate further help to ensure a superb quality of life.
Benefits and Strengths in the Market
- Manufacturers can add “Made in USA” tags to their products.
- The Virgin Islands use US currency and have the protection of the US courts as well as its flag.
- These islands are a paradise. They have beautiful beaches, 360-degree views, and a well-developed tourism product.
- The government supports public-private partnerships. As such, it has secured several deals in capital investments with private companies.
- The islands have an educated, committed, and stable labor force.
Reasons to Grow Your Business in the USVI Market
The US Virgin Islands offers the Economic Development Commission or EDC program, a unique tax incentive for qualified companies moving to their shores. It reduces personal and corporate income taxes by 90 percent. It also exempts such companies from business property tax. Also, goods produced in these islands may gain quota-free, duty-free entry into the US.
About Market Research in the US Virgin islands
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