Canary Islands.- One of the challenges of the Canary Islands is the diversification of its productive fabric and with this purpose the Canary Islands Special Zone (ZEC) was created, a low tax regime authorized by the European Commission (EC) to attract international investment to the Islands to promote the development of business sectors that contribute to this purpose and, at the same time, inject investment and create value-added employment.
The operating companies under it carry out activities related to industry, distribution and commercial intermediation and services, the latter being the most prominent. Through this incentive, international investment is captured and new market niches of interest for the economy of the Canary Islands and its future development are established.
It should be remembered that, according to the regulations, companies must meet certain requirements for establishment, which for the non-capital islands are reduced to an investment of 50,000 euros and 3 jobs, and for Tenerife and Gran Canaria, 100,000 euros and 5 jobs . The star advantage is having the lowest corporate tax rate in Europe, 4% in Corporate Tax, compatible with other incentives to promote economic development.
The attractive tax environment is reinforced by the strategic location of the Canary Islands as a unique factor, which makes the Archipelago a key logistics platform for companies in all permitted sectors and for any country in the world that wishes to operate efficiently in the European business triangle. Africa-America. In addition, the Canary Islands are the main gateway to Africa and the perfect platform to do business with West African countries, a market with enormous potential.