Tenerife and the Canary Islands offers the best taxation in Europe namely the "Zona Especial Canaria"(Zec Canarias – Canary Islands Special Zone). This fiscal incentive was authorised by the European Commission in the year 2000, in order to promote investment and social improvements within all of the Canary Islands. The corporate taxationfor Zec Canarias companies is currently 4% instead of 25% in mainland Spain.
The Zec Canarias is aimed at all those entities and branches that are going to develop an industrial, commercial or service activity in the islands (check the list of permitted activities here).
The requirements for these companies include:
Without a doubt, the Zec Canarias offers development opportunities for many sectors including online marketing, gambling or marketing activities or ICT, to highlight a few.
In the case of ICT, the Canary Islands offer an ideal business hub where to develop activities related to technologies that are applicable to other sectors, including tourism, training or smart destinations. Hence, many companies have already decided to settle in the Zec Canarias and carry out their data mining activities, call center services, software and digital services, or simply establish their technological platforms.
Having this said, we could agree that the ICT segment is in the midst of an expansion phase in the archipelago, mainly due to:
All the above, along with the benefit that the Canary Islands have one of the highest standards of living in whole of Europe and possibly the world (cost of living, leisure, climate, security, internet speed), places the islands in a sort after situation for both companies and for their employees. It's no wonder that many international digital nomads are taking advantage of this opportunity of setting up there head quarters on the island.
Chris Burton Consultants are able to offer a professional Zec Canarias company formation service along with a physical office and canary island resident director service.