Body Text Images:
A SEMINAR promoting an interesting investment opportunity is coming to London on June 5, encouraging people to consider the Canary Islands as a jurisdiction in which to set up operations, in view of host of benefits for new investors.
The Canary Islands Special Zone also known as the “ZEC” is a zone with a low tax rate that was created as part of the Canary Islands Economic and Fiscal Regime, back in 2000.
As an incentive to help the economy grow on the Islands, the special zone itself, offers a reduction on corporate tax at the rate of 4 per cent for any company that invests in the islands, opposed to the 28 per cent standard Spanish tax, an “unknown” opportunity within the European Union.
The seminar is designed to educate and raise awareness within the British business communities and global companies of the existence of the ZEC. Hosting the event will be Jean Paul Nguegang, who told The Voice that this is an opportunity not to be missed. “I began consulting with the ZEC and proposed bringing this to London to make more British businesses aware of this fantastic opportunity, because not many people know about it, the low tax deduction is great for investment, and it isn’t subject to a time limit, so the 4 per cent tax offering lasts forever, once you qualify, you qualify. This is therefore a unique opportunity.”
The main speaker at the seminar, which will be held at 6pm at The Leonardo Royal Hotel London City, will be the president of the Zona Especial Canarias (ZEC) itself, Antonio Olivera.
Nguegang says that there are many other benefits to investing in the islands as well, aside from the tax relief offering. “The cost of living is very low, you can afford a nice office and a nice house and still be comfortable, the islands are very diverse as well so you can meet lots of different cultures, it’s an exciting hub of excellence.”
Another incentive to set up in the Canaries, is that the government offer a 40 per cent expenditure grant for new businesses setting up on the islands, so in Lehmann’s terms, you only have to pay for 60 per cent of the capital expenditure of setting up, should you satisfy the requirements. Nguegang told The Voice: “It is exactly as it seems, if you have a million pounds to set up your business, as long as you meet the requirements you will get £400,000 pounds back from the government for setting up in the canaries, if this isn’t enough, the Vat on the island is around 7 per cent, so there are many incentives to join.”
PICTURED: Jean Paul Nguegang
The Canaries also offer a rare prospect of trade to and from Africa, with the ZEC calling it “The Business Hub to and from Africa”. Nguegang says that he is keen to see as many African diplomats and assembly members at the event as possible, to understand what the Canaries can offer African business as well. “The Canaries are 90 miles from Africa, we see them as a hub for any business that would like to expand into Africa, or any businesses in Africa that want to branch into Europe, as they are so close. Secondly, as the Canary Islands are in the EU, they enjoy very good trade agreements with the rest of Europe, which cannot be overlooked. So this is a key reason for investments into the islands, there is a two hour flight between Tenerife and Senegal, we see the Canaries as being the headquarters for trading between Africa and Europe, so we are inviting as many African diplomats to come along as possible.”
The types of business and industry that can qualify for the tax relief is very extensive, however, it should be noted that this is not a tax haven, as jobs must be created on the island and certain requirements need to be hit to qualify. There are very little restrictions as to what businesses can get involved however with everything from E–Business, Sports and new technologies to the growing of medicinal and pharmaceutical plants, and almost everything in between.
If you have a specific question or want to discuss it in further depth, Nguegang has said he and other members of the team will be making themselves available for one to one session at the event, so prospective investors can gauge some more detail about the benefits and criteria to get the tax relief and expenditure grants. If you would like to book for the seminar or view some more information regarding the event, please follow the link below to RSVP and see a full list of permitted activities for businesses on the Island.
www.eventbrite.co.uk/e/canary-islands-special-zone-investment-free-semin... [5]
Book your one-to-one session by sending an email to jnguegan@gmail.com [6]
Read every story in our hardcopy newspaper for free by downloading the app.