CIC specialist consultants for the Canarian Special Zone (ZEC)
The ZEC is a transparent low corporation tax incentive within the framework of the (REF) Fiscal and Economic Regime, and operates under authorisation of the Spanish Government and consent from the European Commission.
The corporation tax for companies registered in the ZEC, is charged at the low rate of just 4%. There are 5 main criteria that comapanies wishing to join the ZEC must adhere to, along with consistent compliance of these criteria.
In addition to the ZEC there are a number of other fiscal incentives for companies conducting business from the Canaries, they are;
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RIC, Reserve Investments in Canary Islands. (income tax between 2.5% - 4%)
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DIC, Deduction for investments in Canary Islands (tax breaks of up to 80% on profits)
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IGIC; Impuesto General Indirecto Canario (VAT 7%)
CIC has developed a simple 5 step process for becoming more profitable and tax efficient. During these steps we work with you to analyse which of the Canarian tax incentives, and or which combination, will best support your revenue streams and royaly income.
The timescale for completing our process is less than 10 weeks and usually results in companies being able to protect some of its equity and revenue streams immediately from excessive tax systems elsewhere in Europe.
There are also a number of additional benefits that contribute to the advantages of conducting business or servicing clients from the Canaries which should be considered;
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The ability to find qualified multi-lingual staff at a much more competitive rate
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Operational costs are considerably lower in the Canaries
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Productivity, wellbeing, and efficiency of employees is much higher due to the climate and enhanced lifestyle.
For more information, or to begin CIC's 5 step process please contact Mr Christopher Pennington in the first instance by emailing
c.pennington@zec-canaries.org to arrange an initial consultation.
To review a brief summary of the other fiscal incentives please scroll down or click here to request our Canary Islands Fiscal incentives guide.
RIC, Reserve investments in Canary Islands
DIC, Deduction for investments in Canary Islands
IGIC, Impuesto General Indirecto Canario
The local VAT rate in the Canaries is charged at just 7%, For further information on any of the above mentioned incentives please contact us.