The U.S. Virgin Islands will be a part of the video attractions displayed in Times Square this holiday season in New York City, according to a press release issued Friday by the U.S. Virgin Islands Economic Development Authority (USVIEDA).
For its inaugural display in Times Square, the EDA will feature a fast-paced teaser video with alluring images showcasing the U.S.V.I. as a destination with favorable weather conditions, incomparable recreational activities, a rich culture and opportunities for business investment. The 15-second video is running in Times Square at the corner of 1500 Broadway and West 43rd Street from October through December.
The purpose of this video is to help encourage site selectors and potential business investors who live in — or are visiting — New York City to consider the Virgin Islands as a place to explore opportunities for business investment and to apply for tax incentives through V.I. Economic Development Commission (EDC). The EDC, a subsidiary entity of the EDA, offers qualified businesses a 90 percent tax reduction on corporate and personal income tax, and a 100 percent tax exemption on gross receipts, property and excise taxes. In exchange, eligible recipients of these tax incentives are required by USVI law to create jobs and generate tax revenues in the territory.
The video will prompt interested site selector professionals and business investors to contact the EDA to secure a tremendous opportunity for a site visit to the V.I. so they can learn more about the territory’s opportunities for business and the USVI Economic Development Program.
JNR Media, a media company owned and operated by U.S. Virgin Islander Netfa Romaine, and the USVIEDA worked in collaboration with Neutron Media Inc., a full-service marketing firm that operates an advertising-based network of Outdoor Multimedia L.E.D. display screens, on the placement and final production of the video in Times Square.
“After the U.S. Virgin Islands experienced two back-to-back Category 5 hurricanes in September 2017, the USVIEDA believed this promotional option was as prime opportunity for the USVIEDA to show the world that the U.S. Virgin Islands is rebounding and is open for business,” said Wayne L. Biggs Jr., USVIEDA assistant chief executive officer.
“More than 355,000 pedestrians enter the heart of Times Square each day, and according to a 2015 New York Significant Industries Report to the Workforce Development System, New York is home to nine key industries such as construction; trade, transportation and utilities; information; financial activities; professional and business services; educational services; health care and social assistance; leisure and hospitality; and other services,” said Biggs.
For more information, contact Shanell Petersen, USVIEDA director of marketing, at [email protected].