ZEC and Proexca present investment opportunities in the Canary Islands in Rovigo (Italy) to businesses with internationalisation prospects
Organised by the Internationalisation Department of Unindustria, 20 diversified industrial and services companies related to tourism activities attended this conference
Canary Islands 26/06/2015 - The Canary Island Special Zone (ZEC per its Spanish acronym) and the Canary Economic Promotion Society (Proexca) held a conference in Rovigo (Italy). They presented all ZEC tax benefits and the potential of the Canary Islands as an investment destination for companies wishing to expand their business into other markets, in particular taking advantage of the islands’ as a business hub for Africa.
Organised by Unindustria’s Department of Internationalisation, one of the most representative business associations, 20 companies attended the conference from the industrial and services sector related in some way to tourism, as well as tax advisors. They all expressed keen interest in the opportunities offered by the Canary Islands as a market and base for working in West Africa and/or Latin America.
It merits mention that after renewing the Canary Island Economic and Tax Regime (REF per its Spanish acronym), the ZEC offers even more advantageous conditions, strengthening its position as one of the most attractive low taxation areas in Europe. The archipelago’s geostrategic position between two continents is a further added value that makes it of great interest to investors and companies with an eye toward internationalisation.
Among EU countries, Italy is one of the markets to which the ZEC economic promotion is addressed in order to attract foreign investment to the Canary Islands. This market has taken on great importance in the framework of the tax system, both with respect to number of companies and capital holdings, a trend that became well established in the last fiscal year.
The ZEC and Banco Popular agree to promote tax advantages at the bank’s representative offices around the world.
The Canary Island Special Zone (ZEC per its Spanish acronym) and Banco Popular have signed an agreement for the economic promotion of this incentive’s series of tax advantages via the bank’s representative offices distributed in different countries in Europe, Africa, Asia and South America.
Signed this morning at the Consortium’s headquarters in Las Palmas on Gran Canaria between Beatriz Barrera, ZEC president, and José María Torres Pérez, Popular’s regional director for the Canaries, the purpose of the agreement is to attract foreign investment to the islands, which will be materialised by establishing companies that generate jobs and diversify and bolster regional productivity.
New ZEC terms prioritise its financial promotion in foreign markets and, thanks to the agreement between the institutions, Banco Popular will make its representative branch network abroad available to the ZEC, including offices inItaly, the United Kingdom, Germany, Poland, Turkey, China, United Arab Emirates, Morocco, Chile, Brazil, the Dominican Republic and Mexico.
The document also considers its dissemination among ZEC companies, aimed at fostering and promoting synergies between them, as well as the organisation of conferences and working meetings among potential investors, advisors and consultants to identify business opportunities and possible investment flows that could lead to projects that could be developed in the Canary Islands in the framework of the ZEC tax system. Another of the agreement’s clauses establishes that the financial institution will make personalised banking services available to ZEC companies and a series of special conditions for banking services, account centralisation, currency exchange and assurance and financing and guarantees.
Beatriz Barrera stressed the importance this agreement has, due to its scope. At this time, she emphasised that the priority is the financial promotion of the new opportunities offered by the ZEC, changes that make it much more attractive to both investors and companies. She also specified that – between 2012 and 2014 – ZEC companies established with a majority of foreign capital jumped from 34% to 40.4%, a matter that is linked to the ‘Canaries’ growing interest as a business platform with taxation that guarantees financial and legal security, to which their closeness to emerging markets on the African content can be added’.
‘With the reform, the ZEC has multiplied its advantages. In addition to a 4% tax rate for the corporate income tax, now the entire Canary Islands is included in the ZEC, numerous activities are included with financial potential, such as theme parks and high sport performance centres, ship repair and maintenance and others connected to technological and audiovisual areas’, pointed out the president. In this regard, Beatriz Barrera advocated that all these new features make this incentive the perfect instrument for projecting the Canary Islands as a hub and will make the archipelago a privileged destination for doing business.
On his part, José María Torres added that Banco Popular will always support the new firms that are established on the Canary Islands, contributing to the region’s growth, stating that the ‘new entity will be a bridge to facilitate the financial transactions and needs of those companies that view our Canary Islands as the main and most secure port to three continents’.
Beatriz Barrera and Milagros Luis Brito the president and vice-president respectively of the ZEC (the Canary Islands Special Zone) today gave a presentation in Brussels on the Economic and Fiscal Regime (“REF”) incentive to members of the board presidency of EUROCHAMBRES, representing the national chambers of commerce and industry from 43 countries, 1700 regional and local chambers of commerce, and more than 20 million businesses of which 93% are SMEs. EUROCHAMBRES is one of the pillars of business representation to European institutions. Its goals are to promote European chambers of commerce and industry by encouraging their participation in worthwhile business projects and to promote the chambers’ network by delivering pan-European services by establishing synergies and joint programmes of activity.
The initiative to present the EU-authorised low-tax regime to members of EUROCHAMBRES is the first activity arising from the collaboration agreement signed last February between the ZEC and the Chamber of Commerce of Spain, the aim of which is to promote foreign investment into the Canary Islands. With regard to companies within the ZEC incorporated mainly by foreign capital, it was noted that between the financial years 2012 and 2014, these rose from 34% of companies to 40.4%, reflecting the growing interest from investors from the European Union (Italy and Ireland), Eastern Europe (Russia, Poland and Ukraine) and North America (USA) in operating from the Canary Islands under the favourable conditions provided by this regime.
The role of the Canary Islands
EUROCHAMBRES president, Richard Weber (Germany), said that the Single Market and the Four Fundamental Freedoms upon which it rests (free movement of goods, workers, services and capital) and the system of tax incentives offered by ZEC approved by the European Commission, offer a highly appealing and advantageous legal framework that should be explored by European companies working in any of the business areas covered by the ZEC. To this is added the role that the Canaries play as a Spanish region, its good air and sea connections and unbeatable geostrategic position between three continents.
Beatriz Barrera of the ZEC said that the Canary Islands is looking to attract businesses backed by foreign investors, for whom the islands’ attractive fiscal framework represents an opportunity to internationalise. She said that foreign companies are beginning to view the Canary Islands as a business platform within their map of investments. ”Following the reforms, within the ZEC we now have the ideal instrument for positioning the islands as an international business hub. This regime guarantees legal and economic security for companies and investors," the president of the ZEC said.
Milagros Luis meanwhile said that over the next two years, the ZEC would be explaining the features that make it such a powerful tax tool to capital-issuing markets. “We have a tax regime that is designed to encourage new economic activity in the Canary Islands, that takes advantage of our strong position with its legal safeguards and offers the backdrop of clear growth among nearby African countries," she stressed.
The general secretary of the Spanish Chamber, Carmen de Miguel, welcomed the president and vice-president of the ZEC to the branch of the EU’s Spanish Chamber, where a presentation about the ZEC was also given to a select group of European tax advisers, representatives of European businesses and consultants based in Brussels. Carmen de Miguel stated that this "is an interesting initiative that highlights the work of the network of European Chambers that serve the business community”.
Following this initial contact between the ZEC and Eurochambres, the next goal is to promote the ZEC to potential companies among the major European capitals of the countries that form part of Eurochambres through the national chambers of commerce around Europe and the trade offices of embassies in Spain.
Photo caption: From left to right: president of the ZEC, Beatriz Barrera; president of Eurochambres Richard Weber and vice-president of the ZEC Milagros Luis Brito.
ZEC and Proexca attend ‘Invest in the Canary Islands’ seminar hosted by the Taranto Chamber of Commerce in Italy
ZEC (‘Canary Islands Special Zone’) and Proexca (‘Canary Island Society for Economic Development’) presented the revamped ZEC’s tax advantages along with the islands’ potential as a destination for investment, at Taranto Chamber of Commerce in Italy. The recent overhaul of this incentive incorporates a number of new aspects that make it one of Europe’s most attractive low-tax regimes, as well as making the Canaries one of the best areas for tax opportunities, and helping to position it internationally as a hub for business.
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