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Canary Islands Special Zone (ZEC)
Company onboarding process
1. PREPARATION PHASE – AUTHORIZATION PRIOR TO REGISTRATION IN THE ROEZEC
01
Project Preparation
In this phase, the viability of the business project in the Canary Islands and its suitability for the Canary Islands Special Zone regime are analysed.
Main actions:
- Feasibility study for the project in the Canary Islands
- Definition and classification of activities within the ZEC
- Completion of the standard application form
- Preparation of the descriptive report
- Payment of the administrative fee
- Submission of documentation proving technical solvency
- Submission of documentation proving financial solvency: bank certification
IMPORTANT: During this phase, it is not permitted to engage in economic activity, hire personnel, or make investments.
02
REQUEST FOR PRIOR AUTHORIZATION
The application is submitted to the ZEC Consortium and includes the project report and the required documentation.
Standard documentation:
- Identification of applicants and representatives
- Proof of payment of the fee
- Proof of financial solvency
- Proof of technical competence
- Any relevant additional documentation
The Governing Council, following a report from the Technical Commission, shall rule on the application within a maximum period of two months.
Prior authorization:
- It enables progress towards registration in the official registry.
- It is valid for 18 months (extendable by 9 months, at the request of the promoters).
IMPORTANT: During this phase, it is not permitted to engage in economic activity, hire personnel, or make investments.
IMPORTANT: During this phase, it is not permitted to engage in economic activity, hire personnel, or make investments.
03
ASSISTANCE AND SUPPORT
The technical staff of the Canary Islands Special Zone Consortium is available—during this phase and subsequent ones—to provide guidance and support to companies throughout the authorization, registration, and ongoing compliance process.
IMPORTANT: Do not engage in economic activity, hire personnel, or make investments before registering.
IMPORTANT: During this phase, it is not permitted to engage in economic activity, hire personnel, or make investments.
2. INCORPORATION AND REGISTRATION PHASE – OFFICIAL REGISTER OF ZEC ENTITIES (ROEZEC)
04
INCORPORATION OF THE COMPANY
Once prior authorization has been obtained, the formal incorporation of the company proceeds.
Key requirements:
- Incorporation before a Notary
- Registration in the Mercantile Registry
- Obtaining the Tax Identification Number (NIF)
- Appointment of at least one administrator residing in the Canary Islands.
- Obtaining the necessary licenses and permits to carry out the activity (where applicable)
IMPORTANT: The company must strictly adhere to the prior authorization granted and the submitted report.
05
REGISTRATION IN THE ROEZEC
Once the company has been incorporated, an application is submitted for registration in the Official Registry of ZEC Entities.
Documents
- Public deed of incorporation registered in the Mercantile Registry
- Entity’s Tax ID Number
- Standardized registration application
- Documentation proving the residence in the Canary Islands of at least one administrator.
- Power of attorney or authorization of representation
The registration is processed within a maximum period of 10 days.
IMPORTANT: The company may only commence business operations once it has been registered.
06
START OF ZEC ACTIVITY
Once the entity is registered:
- ZEC company status is acquired.
- Economic activity can begin.
- The tax benefits of the regime apply.
- The obligation to comply with employment and investment requirements begins (art. 31.2 d) y e) de la Law 19/1994, of 6th July).
3. OPERATION OF THE ZEC COMPANY – BENEFITS OF THE ZEC REGIME
07
BENEFITS OF THE ZEC REGIME
- Reduced Corporate Tax rate of 4%
- Exemption for dividends in certain cases
- Tax advantages in international transactions
- Potential IGIC benefits based on business activity
08
OBLIGATIONS OF ZEC COMPANIES
- Commitment to maintaining investment and creating and sustaining jobs.
- Carrying out the authorized activity
- Presentation of information and annual report
- Separate accounting where appropriate
- The remaining applicable requirements (see regulations)
09
SUSPENSION
In the event of non-compliance with the established requirements, the company may notify that the tax benefits will not be applied for that fiscal year.
PHASE 1
Prior authorization for registration in the official registry of ZEC entities (ROEZEC)
Business projects wishing to avail themselves of the Canary Islands Special Zone (ZEC) regime must submit an application for prior authorization and a descriptive memorandum to the ZEC Consortium, using the standard form:
It shall be accompanied by the following documentation:
Document proving the identity of the applicants and representatives.
Document proving payment of the administrative fee.
Document proving financial solvency.
Document proving technical solvency.
Any other documentation deemed relevant for a better understanding of the scope of the business project.
The Governing Board, following a report from the Technical Commission, shall expressly grant or deny authorization within a maximum period of two months from the date the application is received by the Canary Islands Special Zone Consortium.
The agency’s technical staff may provide the information necessary to complete this authorization process.
IMPORTANT.— This prior authorization does not entitle the holders to commence operations, hire personnel, or make the investment. The entity or branch may only begin conducting business once it has been registered in the ROEZEC.
PHASE 2
Registration in the Official Register of Entities of the Canary Islands Special Zone (ROEZEC)
Once prior authorization has been granted, applicants have 18 months (a period extendable by a further 9 months upon request) to apply for registration in the Official Registry of Entities of the Canary Islands Special Zone (ROEZEC).
To do so, the standardized application form for registration must be submitted:
It shall be accompanied by the following documentation:
Document evidencing the incorporation of the entity, filed with the Mercantile Registry.
Tax identification number of the entity.
Documentation proving the residence in the Canary Islands of at least one administrator.
Power of attorney or authorization of representation.
The documentation submitted must comply with the prior authorization granted.
Registration in the ROEZEC shall be effected within a maximum period of 10 days from the date the application is submitted.
The agency’s technical staff may provide information and assist the company with the processes of project preparation, prior authorization, incorporation, registration, and maintaining its status.