Mercados preferentes para la ZECC

PREFERENTIAL MARKETS FOR CANARIASZEC

Promoción

As regards the international promotion of the incentive – one of the Consortium’s competences – it should be noted that it is carried out according to an action plan that has a multiannual programming framework 2014-2020 in accordance with the validity of the European Union Guidelines on national regional aid.

All promotional activities are included in the Promotional Plan 2014-2020 approved by the Governing Board. This document is reviewed every year so as to know in which countries and sectors action should be taken. In July last year, a complementary planning was proposed to attract Brexit-derived investments, and for the prospecting in the Chinese market.

According to the data, in 2018, the ZEC carried out one hundred annual actions, mainly focused on economic sectors that are especially sensitive to the special features and potential offered by the Canary Islands, such as: the audiovisual sector, Information and Communication Technologies (ICTs), technology and innovation, outsourcing and business services, renewable energies, services linked to port infrastructures and tourism-related infrastructures, as well as distribution, logistics and transport and the blue economy.

As a result of its promotion strategy, the ZEC has attracted investments from over 40 countries in sectors which are strategic for the regional economy. This has placed the Canary Islands in the spotlight for new companies that value taxation with legal certainty and the privileged geostrategic situation of the archipelago regarding international markets.

Actividades permitidas en la ZEC

BUSINESS MODELS AT A 4% RATE IN CORPORATE INCOME TAX

Promoción

The Canary Islands Special Zone (hereinafter ZEC) is an incentive of the Economic and Fiscal Regime (REF) in the Canary Islands, whose aim is to create employment in sectors that contribute to the diversification of the regional economy and thus promote its development.

For this purpose, the ZEC can accept all companies that intend to develop an industrial, commercial or service-related activity according to a broad list of permitted activities.

One of the most attractive advantages of this incentive is a 4% reduced corporate tax rate, which is applicable to companies that settle and develop an economic activity in the islands.

In exchange for this reduced taxation, companies must contribute in the diversification of economic activity, which is the most important objective of the incentive. They must also meet some established minimum requirements regarding job creation and investment.

Países inversores en la ZEC durante 2018

INVESTOR COUNTRIES

Promoción

The Canary Islands Special Zone (ZEC) is one of the strong points of the Canary Islands as a destination to do business, as it offers the most attractive tax system in Europe with complete legal security. Its main strength is the fact that companies that set up business and carry out commercial activities in the Canary Islands can benefit from 4% reduced corporate tax rate.

Within this context, the international promotion of this tool is focused toward strategic business markets and sectors that can help diversify regional productive fabric. During the last financial year, the ZEC had 86 companies registered. Those companies carry out their business activities in the Canary Islands and committed themselves to creating 818 jobs and investing more than 100 million euros.

Regarding foreign capital, it is worth to mention that during 2018 it came from 15 countries within Europe. Italy was the leading country with the greatest number of companies that opted for the Canary Islands as part of their business internationalisation strategy. The second and third places were taken by investments coming from the United Kingdom and Germany. As the graph shows, France and Bulgaria follow.