The current reform of the Canary Islands Special Zone (ZEC) offers new development opportunities for those industrial sectors and business activities that bring diversification to El Hierro’s economy. Taking advantage of ZEC’s incentives, El Hierro’s municipal council aims to encourage audiovisual companies to set up on the island and make use of the landscape and environment which offer a natural backdrop for shooting films and advertisements. This was one of the main conclusions from the meeting between ZEC president, Beatriz Barrera, and El Hierro municipal council president, Belén Allende. The two women also agreed on the island’s other main area for potential: namely, the setting up of businesses directly and indirectly related to health and wellness tourism.
The ZEC president said that, with the support of this tax instrument, El Hierro has many potential areas for growth. She highlighted local, internationally important company Gorona del Viento SA which, with its commitment to energy self-sufficiency through the use of alternative energy, operates within the Canary Islands Special Zone.
El Hierro’s president meanwhile referred to the suitability of the island for attracting businesses related to adventure sports, hiking, environmental photography and, in the case of health and wellness tourism, companies that offer accommodation as well as those that produce beauty and health products.
Among other ZEC-El Hierro collaboration agreements, a multidisciplinary technical team will be set up to facilitate the growth of local companies and attract new investment into the island, bearing in mind that companies can conduct business at island, national and international levels. The island’s president emphasised that "we would like local people and their own businesses to play an active part in creating these small and medium-sized companies as well as the economic synergies arising from their production, in terms of economic benefits from their business activity as well as job creation".
With regard to the ZEC reforms, Beatriz Barrera confirmed that the 4% corporation tax will be maintained. She said it is the right time to implement changes that will make a positive impact in the future so that more companies benefit from the lower taxes associated with the Special Zone. These changes include freeing up industrial space so that companies can choose where to locate themselves whatever their business activity, expanding the limit of the taxable base, and listing new activities, among others.
Belén Allende talked about the current government team’s policy which is focused on the need for economic diversification to open up new areas of employment, with special emphasis on younger people. "We have many people with talent and originality. We just need to create the financial incentives and provide the technical support to turn business plans into reality," said the El Hierro president. "In addition to the audiovisual sector, El Hierro has potential in other areas - including renewable energy, recycling and ZEC incentives".
ZEC and MBA Business School to collaborate on business training and management development programmes.
The ZEC (Canary Islands Special Zone) and the MBA Business School this morning signed a collaboration agreement at the offices of the Consortium of Las Palmas de Gran Canaria to develop joint business training and management development programmes. This agreement will also make the ZEC one of the partner organisations that advises on low-tax regime related content included within the Masters in Taxation, Accounting Management and Finances programme, organised by the MBA and due to start in October. This collaboration activity will offer students who take the course access to work experience placements with companies within the ZEC.
At a meeting of business owners in Pisa, the ZEC Zona Especial Canaria (Special Canary Islands Zone) and the Canary Islands Society for Economic Development (Proexca) have presented the range of benefits of one of the most attractive regimes in Europe, together with the strengths that unite the islands as a business platform. This conference was organised by Amici delle Canarie, a non-profit association whose aim is to foster cultural ties between the Canary Islands and Pisa.
Business owners appreciated that companies established in the Canary Islands can profit from the benefits of this regime, now after its renewal in new economic activities and, among these, various activities related to the tourist industry such as care centres linked to health and wellbeing and high sports performance, as well as theme parks. Proexca highlighted the potential of the Canary Islands as a European hub towards Africa. The meeting was attended by the president of one of the leading tourist company associations in the region, Antonio Veronese, who showed an interest in undertaking a trade mission to the Canary Islands in the near future.
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 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
- Beatriz Barrera: "The new Special Canary Islands Zone ("ZEC") is the ideal mechanism for projecting the Islands as an international platform for business"
- The ZEC and the Spanish Chamber of Commerce encourage foreign investments in the Canary Islands
- New developments in the SCZ in the conference “New Canary Islands REF Scenario” organise by BBVA
- The ZEC presents its Innovative New Features