Thus providing investors, business owners and entrepreneurs with highly qualified, multicultural and intelligent talent. As aforementioned the ZEC is connected to the major trade routes by air and by sea. Due to the exceptional connectivity and technological superiority of this zone, the ZEC has the perfect requirements to become a potential Air Hub for organizations that have operations between Europe, Africa and America.
As the Canary Islands are an EU outermost region, they have their own economic and fiscal system, which is approved by the European Union, applying double taxation conventions and fiscal transparency.
Tax Credits are also offered for investments in sectors deemed the most strategic and profitable compared to the rest of Spain. Certain areas also carry unique economic advantages for exporting, importing and the inward processing of tangible goods.
The ZEC has all of the services, infrastructures and advantages of being within Europe while enjoying a unique geostrategic location to extend operations effortlessly into Africa. The Canary Islands have accumulated an impressive knowledge base over a wide range industries due to the highly talented workers who are either from the ZEC zone or have been attracted to it over the last 20 years.
The ZEC have a surplus of high quality talent and have great potential to meet and exceed the needs of companies looking to set themselves up within the ZEC zone. The quality of life within the Islands is comparable with the best areas in Europe. More and more companies are concerned about what they offering their employees, and strive to keep them for a long time, with factors like work-life balance, cost of accommodation or commute time, it can be hard to keep your workers satisfied.
The ZEC is often said to have the best climate in the world and having spring temperatures throughout the cooler months and a summer that attracts millions of tourists a year!
Within the ZEC there are protected natural areas, 4 biosphere reserves, 25 golf courses, and around miles km of beaches! It is not just the geographical factors that aid in high job satisfaction but also the people too, everyone who visits, inhabits or works in the ZEC can shortly adapt to the tranquil days, the exciting fiestas and the positivity that brings people back to the islands year after year.
The ZEC is renown for their gastronomy and the locality, freshness and quality of their ingredients and produce. To set a company up as a ZEC entity requires a little bit of administrative work, however the paperwork and one time admin fee around euros pay for themselves tenfold once the ZEC entity is set up. The ZEC was created to encourage, attract and grow businesses in the Canary Islands not to make barriers to entry.
The local government and authorities are always very supportive towards applicants looking to become a ZEC company. As mentioned above the ZEC covers all of the Canary Islands the only conditions are the following: Companies planning to provide services are free to set up anywhere they see fit on the islands. Low Operational Costs. High Quality Workforce. Connected to the World. ZEC Tax Advantages. Europe in Africa. At least one member of the administration must reside in the Canary Islands. It must make a minimum investment of , euros in Gran Canaria or Tenerife or 50, euros in the case of La Gomera, El Hierro, La Palma, Fuerteventura or Lanzarote in fixed assets related to the activity within the first two years following its registration.
It is necessary to create, at least, fi ve jobs in Gran Canaria or Tenerife or three in the other islands during the first six months following its registration and this average must be maintained during the time that the benefits are enjoyed. It is necessary to conduct activities that are permitted in the ZEC.
If you continue using this site we will assume that you agree. The Canary Islands are an integral part of Spain; this has been so for more than years, and a huge majority of Canarians have confirmed their status repeatedly over time. The language of the Canaries is Spanish Castilian , but the accent is more like the Spanish spoken in the Caribbean. The Canarian fiscal and economic system is different from the general Spanish one, which is in force in the major part of the Mainland.
As a part of Spain, the Canaries are also part of the European Union. However, the islands enjoy some exceptions in the fiscal and economic area. The Supreme Court of Justice exercises the judicial power. Although mainland tax regulations apply in the Canaries, companies operating there are also eligible for special tax incentives the Special Tax Regime or REF.
Key features of the REF are as follows:. The Canary Islands Special Zone has been created within the fiscal and economic regime of the Canary Islands for the purpose of encouraging the economic and social development of the islands and the diversification of their manufacturing and service sectors.