The Economic Development Commission (EDC) has recommended economic development benefits for Southern Trust Company, Inc. The company is required to employ a minimum of five full-time employees within one year and an additional five by the sixth year. They are granted a 50% resident employment waiver for the first five years and must contribute to the Territorial Scholarship Fund for each non-resident employee. The company will invest at least $400,000 in the business and comply with various legal and regulatory requirements. Tax benefits include exemptions on income, real property, gross receipt, and excise taxes for ten years. Special conditions include charitable contributions, employee benefits, and compliance with local procurement laws.
documents/EFTA01110746.pdf
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