In 2002, the University of the Virgin Islands had a vision: to establish the USVI as the premier business destination of choice for firms in knowledge and technology-intensive sectors. In forging a partnership with the US Virgin Islands government and the private sector, the University of the Virgin Islands Research & Technology Park (RTPark) was established. Their aim was to create a platform for diversifying the USVI economy and for stimulating growth and development of the islands. The RTPark program offers a wide variety of benefits and incentives that makes becoming a client worthwhile. Benefits include, but are not limited to:
- Attractive tax incentives, the most notable being a 90% reduction on tax liability for the business
- Other tax benefits including withholding, gross receipts, real property and excise tax exemptions
- A Research University Partnership
- Special Programs Including a Comprehensive Entrepreneurship Program
- Living and working in the America’s island paradise – the U. S. Virgin Islands
Today, the RTPark is instrumental to the diversification of the regional economy and growing the tech ecosystem between the mainland U.S. and Latin America. Since its inception, 73 firms and 21 early stage startups are operating in the USVI via RTPark programs. Coldwell Banker St. Croix Realty client David Thompson works directly with the RTPark and sees the benefits of their program firsthand. He is the Co-founder and Chief Technology Officer at Exigo, a software company delivering unrivaled access to the data that drives businesses through mobile, web and application development. Thompson stated the RTPark has been a joy to work with from the start. “The team there is sharp, understood our vision at a deep level, and worked with us to create a well-structured partnership,” he said. “Aided by the various resources at RTPark and the community, we were able to build out and scale our business quickly.”
Additionally, the company created an accelerator program that supports entrepreneurs who are building technology solutions that address today’s most pressing economic, social and environmental challenges.
In 2019, RTPark launched their Business Attraction Summit to attract tech companies, entrepreneurs, investors and key influencers in the tech and economic development sectors to learn about the benefits of living and working in “America’s Paradise.” This year’s summit will be held virtually on May 19-20, 2022, and live streamed from the RTPark headquarters on St. Croix. The theme, “The Next Tech Hub: Sustainability through Technology in the USVI,” will focus on how the USVI’s access to resources place the territory in an advantageous position to support next-generation innovation and research in technology and sustainability. To learn about the RTPark program, visit www.uvirtpark.net. To register for the 2022 Business Attraction Summit, visit www.usvitechsummit.com.
Written by Anquanette Gaspard (agaspard@cruzanfoodie.com)
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