The ZEC promotes “Canary Islands, European Hub for Africa: Fiscal Opportunities for the Pharmaceutical Industry” at leading international pharma exhibition CPhI Worldwide 2015
The ZEC (Canary Islands Special Zone) will be promoting its tax advantages and the opportunities offered by the Canary Islands as a European business hub for African markets at international trade show CPhI Worldwide 2015 - one of the largest pharmaceutical industry events.
CPhI Worldwide2015 will take place at IFEMA (Feria de Madrid) between 13th and 15th October, and offers a unique networking platform for major pharmaceutical industry-related businesses, professionals and suppliers. At this edition, the ZEC will be holding B2B meetings with pharma companies that are looking to expand internationally from the Canary Islands to the emerging markets of Africa, confident that they have full legal security. It will also be holding a session entitled “Canary Islands, European Hub for Africa: Fiscal Opportunities for the Pharmaceutical Sector”, scheduled for 15 October from 10.30am in the IFEMA’s ICSE pavilion.
The ZEC is a tax incentive scheme that offers favourable fiscal opportunities for all areas of pharmaceutical activity: laboratories and analysis, R&D, logistics, manufacture of base pharmaceutical products, medicines and pharmaceutical products, packaging, packing and labelling as well as distribution. Hence the interest in this forum, which is expected to attract more than 34,000 visitors from 140 countries.
At this new CPhI Worldwide event, companies will have the opportunity to arrange meetings or attend the conference to learn more about the benefits of this regime. The exhibition programme includes a section on the ZEC event, giving further information about the low-tax regime and the advantages it offers to the pharmaceutical industry.
ZEC gives approval for Rolls-Royce to establish one of its main mid-Atlantic repair and maintenance bases in the Canary Islands
Canary Islands 25 September 2015. Canary Islands Special Zone (ZEC) has approved a Rolls-Royce group branch to be a ZEC member, as part of the British multinational’s commitment to expand into the Canary Islands and to start operating under the tax advantages offered by the low-tax regime. The branch will open next month in the Canary Islands as a major naval repair and maintenance centre for the company’s maritime division equipment, providing services to the mid-Atlantic.
The Rolls-Royce Marine España SA branch will operate out of the port of Las Palmas and will handle this line of business from the Islands, contributing economic diversification to the region’s productive infrastructure while taking advantage of the low-tax regime, by paying just 4% in Corporation Tax.
Commenting, Beatriz Barrera emphasised the importance of Rolls Royce’s decision both for the Canary Islands and for the ZEC because “beyond the appeal of the tax advantages, it highlights the value of the Islands overall as an investment opportunity”. The ZEC president pointed out that the fact the British company has opted for this incentive demonstrates that it understands that the ZEC is a low-tax regime that offers economic and legal security.
She added that with the ZEC the Canaries now has a highly competitive tool to attract investment and drive forward an industry that generates employment and a significant volume of business. She also noted that Rolls-Royce is one of several business projects that have been approved in the first three-quarters of the year, all of which have the common denominator of committing to significant employment and investment targets and choosing the Canary Islands for its geographical position, infrastructure and qualified employment.
The government, ZEC and the Film Commission of Tenerife and La Palma join forces to organise a professional event for the festival’s Industry Club
The Canary Islands will use the next edition of the San Sebastian International Film Festival - the most important festival in Spain for those working in the film industry and one of the most prestigious in Europe - to promote the unique tax advantages offered for filming in the Canary Islands that are not available elsewhere in Spain.
The Canary Islands attendance at this important event - the 63rd edition of which is being held between 18 and 26 September - is possible thanks to the joint efforts and resources of a number of organisations including the regional government through Canarias Cultura en Red, Canary Islands Special Zone (ZEC) and the Film Commission of Tenerife and La Palma. This will include an event to which accredited producers and distributors are invited.
This professional meeting will be held with the Industry Club - a section of the film festival that is solely for the industry and is aimed at promoting new projects, cooperation among professionals and the international distribution of films. Based in the Kursaal Congress Centre, it is used by approved industry organisations for holding meetings and for screening titles from the Festival Videotheque.
As part of this, the Canary Islands has invited accredited industry members and specialist media to establish contacts and also to present the various tax incentives available under today's Canary Islands special tax regime (“REF”), which any audiovisual production wishing to film on the Islands can take advantage of. The event will be held on Saturday 19 September at 7.30pm and will be attended by producers who have filmed in the Canary Islands and will offer attendees their own experiences of doing so.
'Evolution' - Canary Islands film in San Sebastian
The industry event will also support the launch of ‘Evolution’ - the first Canary Islands film to be selected for the San Sebastian Film Festival Official Selection. Directed by filmmaker Lucile Hadžihalilović, the film was shot in Lanzarote and was co-produced by Volcano Films (Canary Islands), Noodles Productions (France), Les Films du Worso (France) and Scope Pictures Sprl (Belgium). It tells the story of a remote island inhabited only by women and teenagers, in which Nicolas and other boys are subjected to mysterious and sinister medical treatments.
This is a Spanish-French-Belgian co-production, shot in Lanzarote in the summer of 2014, and will be screened at the San Sebastian Film Festival on 19 September. In addition to competing for the festival’s Golden Shell award, the feature film has been selected for the Toronto International Film Festival Vanguard section and the BFI London Film Festival.
Agreement to increase Canary Islands Special Zone (“ZEC”) resources in order to generate employment across the Canary Islands
Canary Islands 4 September 2015. The president of the Canary Islands Special Zone (“ZEC”), Beatriz Barrera, today met with the president of the government of the Canary Islands, Fernando Clavijo, and the minister for the economy, industry, commerce and knowledge, Pedro Ortega, to discuss the impact of the organisation over the period from 2012 to 2014, as well as assess prospects for the future and continue to promote institutional cooperation with the ultimate goal of maximising the resources made available by the ZEC to help drive employment in the Canary Islands.
In this regard, in spite of the economic crisis, the ZEC president was able to report that between 2012 and 2014, her organisation’s main parameters (employment, investment and foreign capital) produced "very positive data that highlight the countercyclical nature of this tool, together with the underlying benefit that tax savings for companies paying 4% corporation tax has led to an increase in employment in business areas that bring diversity to the regional economy."
Barrera demonstrated the willingness of her organisation to continue to intensify institutional collaboration work with the Canary Islands government, with the aim of to "making the most of this new improved tool, the reform of which has meant a 'before’ and an ‘after’. The main objective is to create jobs in the Canary Islands and position the archipelago where it rightfully belongs - as an international platform for business and a destination for investment.
In the same vein, the minister for the economy, industry, commerce and knowledge, Pedro Ortega, highlighted the strong support of the Canary Islands government for the ZEC as a tool for attracting international investment, business creation and jobs generation. He added that - following the reform of the tax aspects of the Economic Fiscal Regime that came into force on 1 January - "the ZEC will now reach its full potential to become a highly attractive instrument and business base for West Africa". He said the ZEC is an essential part of the package of measures available to the government to promote and diversify the economy especially in terms of the islands’ increasing internationalisation.
After the reforms that were approved in January 2015, the ZEC is today a more powerful tool. And, in the view of its president "this will have a significant impact for both job creation and economic diversification among the islands". She also said that with all the opportunities that the Canary Islands offer - including the ZEC as one of the most attractive and competitive tax regimes in Europe - "there is a unique opportunity for investors to view the Canary Islands as a technology platform".
Between 2012 and 2014, employment generated by companies operating in the ZEC recorded an increase of 35%. For the same period, investment increased by 100% - from 200 million euros to 400 million euros. In addition, foreign capital rose 40% during this period.
In the view of the ZEC’s president, all the improvements brought in through the reforms have resulted in exactly the fiscal tool that the islands need. She said that this is confirmed by the level of momentum seen in the first few months of this fiscal year, in which major new corporate initiatives have already been approved in areas such as health and therapies, boat repair, offshore oil rigs and theme parks. She pointed out that these activities are intensive in terms of employment and investment, thus bringing benefits to the Canary Islands’ economy.
- El Hierro gives impetus to audiovisual companies and health tourism through ZEC tax incentives
- ZEC and MBA Business School to collaborate on business training and management development programmes.
- Promotion of the tax benefits of the ZEC in Pisa
- ZEC and Proexca present investment opportunities in the Canary Islands in Rovigo (Italy) to businesses with internationalisation prospects
- The ZEC and Banco Popular agree to promote tax advantages at the bank’s representative offices around the world.
- The new ZEC is presented to EUROCHAMBRES in Brussels
- ZEC and Proexca attend ‘Invest in the Canary Islands’ seminar hosted by the Taranto Chamber of Commerce in Italy
- ZEC and Casa África sign collaboration agreement
- ZEC signs agreement with the Spanish Patent and Trademark Office to strengthen patent rights
- CaixaBank and ZEC sign agreement to attract foreign investment into the Canary Islands