The Department of Commerce third quarter performance report shows a decline in the number of business licenses for FY2017 compared to before the costs of business permits went up.
In calendar year 2013, there were 3,416 businesses registered with the Revenue Branch of Treasury.
As of June 29, 2017 there were only 2,696 licenses issued, a decline of 21.08 percent.
For calendar year 2016, there were 3,037 business licenses issued. When compared to the third quarter totals, that’s a drop of 11.23%.
DOC says that only 89% of businesses which were registered last year renewed their licenses this year.
This shows that business growth in the territory has declined.
The cost of a business license went up two years ago from $25 for a basic business license to $150, and up to $1,500 for certain business activities.
