11/16/2023 0 Comments Capital of canary islandsIt varies from €1,500 to €60,000, paid in advance without requiring guarantees. This aid, aimed at small and medium-sized companies, supports technological, organisational and economic innovation. Proexca can provide financial support for expenses related to the creation of the company.Compatibility with other REF tax incentivesįinancial support for business creation :.Canary Islands General Indirect Tax (IGIC).Property Transfer Tax and Stamp Duty (ITP-AJD).Income Tax Nonresident (IRNR) exemption.The employment rate must be maintained throughout the existence of the company in the ZEC. ![]() The company must create a minimum of 3 to 5 jobs (5 if in the capital islands), within 6 years of creation.The company must make a minimum investment of €100 000 (in the case of Gran Canaria and Tenerife) or €50 000 (in the case of La Gomera, El Hierro, La Palma, Fuerteventura or Lanzarote) in fixed assets related to the activity within the first 2 years.At least one member of the administration must reside in the Canary Islands. ![]() It must be a newly-created entity with its registered address and place of management.Some requirements for becoming a ZEC entity: ZEC (The Canary Islands Special Zone) promotes the creation of quality employment and the economic and social development of the islands. To find out more about aid for the creation and development of businesses To find out more about tax and social security exemptions The port areas are exempt from import taxes, for storage, import, processing, handling and re-export for an unlimited period.There are 2 free trade zones located in the ports.Reduction of up to 90% of retained net profit.Deductions on R&D and audio-visual expenses are amongst the highest in the world, making the Canaries an ideal place for R&D projects in a wide range of sectors.Corporate income tax rate is only 4%, the lowest in Europe in relation to the European average, which is around 20%.There are many reasons that the Canaries’ tax environment is considered as one of the most competitive for foreign investors on an international scale: The Canary Islands have their own Economic and Tax System (REF) which is fully approved by the EU and applies double taxation conventions and fiscal transparency. The advantageous rates of the archipelago make it a European tax haven. The linguistic diversity of the population, further enhanced by 40 international schools, provides companies with multilingual staff. Studies at these institutions touch upon audio-visual, new technologies and business, as well as fostering and engaging in research and development. In terms of talent, the Canaries boast a highly qualified workforce thanks to its 5 universities: University of La Laguna, University of Las Palmas de Gran Canaria, University Europea de Canarias, University Fernando Pessoa-Canarias and University del Atlántico Medio. The archipelago benefits from an ideal climate which guarantees a great quality of life all year round. In this way, the territory benefits from a dynamic and international variety of business sectors, including ICT/digital, biotech, audio-visual, business, and aeronautics. The Canaries are characterised by a highly advantageous tax scheme and a strong involvement in R&D and technological innovation. They are made up of 7 islands and there are two capitals: Santa Cruz de Tenerife and Las Palmas de Gran Canaria. ![]() The Canary Islands are a Spanish archipelago located in the Atlantic Ocean off southern Morocco. Why set up your company in the Canary Isands? Thanks to its excellent infrastructures, its European way of life, the best tax system in Europe and a highly qualified workforce, the Canary Islands offer a strategic location which gives access to world markets.
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