The Canary Islands.– CanariasZec has attended the Prospectors & Developers Association of Canada (PDAC) Convention, one of the most representative fairs for the industrial sector held in Toronto. The Canary Islands Special Zone (ZEC) is now in Toronto (Canada), where one of the most representative trade fairs of the mining sector, the Prospectors & Developers Association of Canada (PDAC), is being held. This convention is attended by about 26,000 visitors and more than 1,000 exhibitors participate each year. Attending the PDAC 2020 Convention is especially interesting in order to establish a contact network and strengthen relationships with companies, investors and specialized firms within the industrial sector which have an interest in the African continent. It is worth remembering that Toronto is considered the mining investment capital of the world and Canada hosts more than half of the world’s mining and exploration company headquarters.
Within this context, ZEC has organised a case study aimed at the leaders of companies in the mining sector which manage operations and projects in the African market, in order to present the unique security, proximity and tax advantages it offers, three pillars found in the Islands as an operational and logistics hub towards Africa. This initiative had the collaboration and participation of representatives of the Government of the Canary Islands, through Canary Islands European Business in Africa, and the firm Osler, Hosking & Harcourt LLP, which has an important network of offices in: Toronto, Montreal, Calgary, Ottawa, Vancouver and New York.
ZEC representatives explained to those attending the seminar the requirements and conditions for operating under this tax regime authorised by the European Union (EU), as well as how all these advantages make this incentive the best tax system in the European framework for business competitiveness in internationalisation processes, thanks to, by way of example, the guarantees provided by the combination of: legal security, a special 4% rate on corporate tax, distribution of dividends without withholding tax and the maximum aid ceiling authorised by the EU. For its use, the Canary Islands European Business in Africa focused on the opportunities offered to mining companies that establish themselves in the Islands in order to develop their operations from the Islands towards African markets, as both air and sea connectivity plays a major role.
In addition, the ZEC has set up a schedule of B2B meetings with the CEOs of companies interested in the taxation system of the Canary Islands, companies which already carry out activities in various countries on the African continent such as Guinea, Ethiopia and Tanzania, among others. This study of the Canadian market is in line with the strategy of attracting international investment to the Canary Islands and is included in the 2020 Action Plan approved by the Governing Board at the beginning of the year.