What are the requirements to becoming a ZEC entity?
The Canary Islands Special Zone was authorised by the European Commission in January 2000 and extended in December 2006. The Spanish Government subsequently adapted the regulations concerning the ZEC contained in the Canary Islands Economic and Fiscal Regime, in accordance with the terms of the corresponding authorisations (Title V of Law 19/1994, as amended by Royal Decree-Law 12/2006 and implemented by Royal Decree-Law 1758/2007).
The Canary Islands Special Zone is a low tax zone created within the framework of the Canary Islands Economic and Fiscal Regime (REF) for the purpose of promoting the economic and social development of the Islands and diversifying their production structure.
The Canary Islands Special Zone was authorised by the European Commission in January 2000 and extended in December 2006. The Spanish Government subsequently adapted the regulations concerning the ZEC contained in the Canary Islands Economic and Fiscal Regime, in accordance with the terms of the corresponding authorisations (Title V of Law 19/1994, as amended by Royal Decree-Law 12/2006 and implemented by Royal Decree-Law 1758/2007).
The benefits provided by the Canary Islands Special Zone will initially remain in force until 31 December 2019, and this time frame may be extended on the authorisation of the European Commission. The final date for authorisation to register in the Official ZEC Register (ROEZEC) will initially be 31 December 2013.
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