Book Review – The Essential Handbook for Businesses in the US Virgin Islands

by Kelly O’Brien

Doing business in paradise is not an easy thing. As if juggling the many factors of our island economy weren’t challenge enough, the often incomprehensible tangle of government forms and filings will cost any business owner some beauty rest. Fortunately, Jason Monigold, owner of Computer Express in Cruz Bay, has just made doing business in the Virgin Islands a lot easier.

Monigold decided to use his experiences running his tech support business as the basis for his new book, The Essential Handbook for Businesses in the U.S. Virgin Islands.

“It started out as a How To for my business partner,” says Monigold, “so in case I was injured or something came up, he wouldn’t be lost.” But as he started to compile the information, particularly related to taxes, the guide just kept growing. Jason says he finally “decided to go for the gusto and create The Essential Handbook.”

As word got out that Monigold was working on the guide, people began to ask him not only for advice on how to run a business, but also on how to start one from scratch. Not wanting to overwhelm new business owners with all of the tax form minutia contained in The Essential Handbook, Monigold decided to put out a second booklet, Starting a Business in the U.S. Virgin Islands. Monigold figured the best way to ensure that the facts in Starting a Business were accurate was to start a second business himself. Thus was founded Plantain Press, Monigold’s publishing company, which prints both The Essential Handbook and Starting a Business.

Both of Monigold’s books are designed as references for business owners. The Essential Handbook is organized by tax form, with a chapter devoted to each of dozens of forms required by the government. Further, it separates the forms by how, when and how often they must be filed. The first section, for example, is devoted to monthly forms, the next to quarterlies, and so on. Each chapter explains not only the purpose of the form, but also exactly what information you need to fill it out, how to get that information, and where and when to submit the form. Essentially, Monigold gives you a straight answer for every question you’ve ever had about business taxes in the Virgin Islands.

In addition to the step-by-step explanations, The Essential Handbook includes appendices with important addresses and phone numbers, as well as a month-to-month tax calendar listing when every form is due. It also starts off with a worksheet that helps readers identify which forms they must fill out for their business, specifically.

As the owner and operator of two St. John companies, Monigold has had a lot of people come to him for advice not only on how to run a business in the Virgin Islands, but also on how to start one. As Monigold was in the process of compiling The Essential Handbook, it became clear to him that there was also a great need for a book addressing the first steps of business ownership on St. John. So, simultaneously with The Essential Handbook, Monigold wrote and published Starting a Business in the U.S. Virgin Islands.

Also published in handbook form, Starting a Business is organized in steps. As with anywhere, starting a business in the Virgin Islands entails a huge number of different tasks, which can be very overwhelming for the new business owner. Monigold has taken all of those tasks and organized them in chronological order, with a chapter for each task. The handbook covers everything from getting a business telephone line to applying for a business license in equal and straightforward detail.

“I hope [my books] help Virgin Island entrepreneurs spend less time on business administration and more time actually growing their business,” says Monigold.

For now, the books are available at the Papaya Café and Connections in Cruz Bay, as well as several locations on St. Thomas and St. Croix. Monigold is also hoping to see other island booksellers pick it up in the coming weeks. You can also purchase an electronic copy of both books from Monigold’s website, http://vitaxhelp.com/tax.