What’s new at the ZEC

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USING FUNDS FROM THE CANARY ISLANDS INVESTMENT RESERVE (RIC) IN THE ZEC

An answer has now been given to the ongoing demand of the Canary Islands business sector to use RIC funds in ZEC Entities by means of taking out shares. This is subject to the following conditions:

• Capital issue or increase of more than 750,000 euros.

• At least 10% of the capital issue or increase must be underwritten by a person or entity not using RIC funds.

• The person or entity who takes out the shares issued shall not reduce the average number of staff as it stands in the financial year prior to taking out the shares or in the following four financial years.

This person or entity may not transfer or cede the use to a third party of existing assets relating to his economic activity in the previous financial year, the financial year in progress or the following four financial years, except in the case where their useful life has ended.

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