Entrepreneurs have many reasons for choosing the U.S. Virgin Islands to start or buy a business. And St. Croix is ripe with opportunity.
With nearly 3 million tourists visiting the Virgin Islands each year, tourism is one of our main sources of income. At any given time there are various opportunities to buy a business on St. Croix in the restaurant, hotel, retail or entertainment industries. If your plan is to start a new business, St. Croix has plenty of commercial properties, office space or land for sale too.
Some commercial business listings even include additional opportunities for revenue, like the hotel pictured to the right. This property has five rental spaces, four of which were already rented at the time of the listing. Other businesses are turnkey with an already-established customer base and operations. For instance, the local Subway® franchise owner entrusted Coldwell Banker St. Croix Realty to manage their listing to find the right investor to buy the business on St. Croix.
Business Incentives and Financing
The United States Virgin Islands Economic Development Authority (USVIEDA) offers several incentives and lending opportunities to individuals wishing to start or buy a business. St. Croix investors and entrepreneurs can take advantage of tax incentives, technical and managerial assistance, and unique financing options through the USVIEDA.
Certain professions (listed below) require board certification to practice in the Virgin Islands. Certifications and licensing are overseen by the Department of Licensing and Consumer Affairs. In all cases, even if you buy a business on St. Croix, you will still need to seek board certification in your field.
- Architects, Engineers, and Land Surveyors
- Barbers, Beauticians and Manicurists
- Construction Contractors
- Public Accountancy
- Real Estate Appraisers
- Real Estate Commissioners
- Social Workers
Business owners on St. Croix have a deep sense of community, coming together for the greater good. There is a strong Rotary Club presence with three active clubs: Rotary Club of St. Croix West, Rotary Club of St. Croix Mid Isle, and Rotary Club of St. Croix. Whether you start a new business or buy a business on St. Croix, many business owners will offer the advice to get involved and network with fellow entrepreneurs.
In addition to networking, there are opportunities to find support for your business endeavors. The Virgin Islands Small Business Development Center (VI SBDC) St. Croix Service Center is a resource for people who already own a business, are ready to start a business or would like to buy a business on St. Croix. They provide management, technical and training assistance to small businesses. VI SBDC serves as a community outreach program of the University of the Virgin Islands.