Pioneer Status refers to the status conferred on an individual or business when they have been declared a pioneer investor to engage in a pioneer enterprise or service by Cabinet under the Pioneer Services and Enterprises Ordinance (Cap 297).
The Pioneer Services and Enterprises Ordinance (Cap 297) was instituted to encourage investment in various sectors of enterprises and services to enhance the development of the Virgin Islands by providing tax and customs duty relief.
Pioneer status may be granted to pioneer investors to carry out a pioneer enterprise or service listed in the First Schedule to the Pioneer Services and Enterprises Ordinance allowing them to import into the Territory qualified materials free of customs duty for a period of up to ten years commencing on the date on which they have been declared to be a pioneer investor.
Pioneer investors can seek relief from Customs duties on articles being imported for the construction, alteration, reconstruction, extension or equipping of the pioneer works in relation to their pioneer service or enterprise. Duty will be applied to articles being imported if the Financial Secretary is of opinion that such articles are intended for the purpose of effecting repairs or replacing items in relation to the pioneer service or enterprise.