Javier Pérez Solans has a degree in Environmental Sciences and education in business management, international trade and Big Data. He has developed his career in international companies: Endesa, Ineco and Innovation Norway, the Norwegian promotion agency, among others. He currently works as part of the Canary Islands Hub FDI team, by attracting and supporting international companies in their expansion and landing processes into the Canary Islands.
What opportunities do foreign companies have in the Canary Islands? In which sectors?
Incredible tax incentives together with an outstanding climate and several research centers make the Canary Islands an ideal place for testing new technologies, from product testing to test markets and pilot tests.
Another sector with great opportunities is offshore renewable energies’ industry. The great diversity of flora in the Canary Islands and the leading research centers such as the Spanish Bank of Algae (BAE) or the Spanish National Research Council (CSIC), offer excellent opportunities in the research of new pharmaceuticals, cosmetics or food (algae).
Not forgetting industries such as biotechnology and food, circular and blue economy, and technologies that lead to reduce, recycle or reuse waste. The Canary Islands are surrounded by sea, so the archipelago is opened up to new emerging industries, such as aquaculture, nautical tourism, marine renewable energies or microalgae food production.
What are the incentives to locate your company in the Canary Islands?
Companies who choose to set up in the Canary Islands have a wide range of incentives.
On the one hand, the incentives included in the REF zone:
Canary Islands Special Zone (4% corporate tax rate).
Reserve for investments in the Canary Islands.
Investments in new fixed assets in the Canary Islands.
Allowance for income from sales of goods produced in the Canary Islands.
Deduction for advertising and publicity in foreign markets.
Deduction for audiovisual productions and Deduction for Investments in R&D.
Deduction for the creation of subsidiaries or permanent establishments in West Africa.
Canary Islands General Indirect General Tax Rate.
At a regional level, the Government of the Canary Islands offers grants:
Subsidies for investment projects of small and medium-sized companies in the Canary Islands.
Innovation Bonds – Innobonos.
Canarias Aporta PROEXCA program (aid for the internationalization of companies from the Canary Islands).
Furthermore, there are state aids such as:
Subsidies for compensation to maritime and air transport of goods.
Free Trade Zones.
Intelligent Technological Fund to foreign companies or companies with at least 10% of foreign capital, which carry out R&D activities.
Regional Incentives (aid for the establishment of industries and tourism).
What point of difference do the Canary Islands offer in Renewable Energies and Biotechnology industry?
The greatest value for Renewable Energies is the possibility of testing new technologies in a stable environment such as the Canary Islands, in addition to tax incentives for R&D activities. The Canary Islands count on centers of excellence such as PLOCAN, ITC or the Technological Institute of Renewable Energies (ITER).
The unique biodiversity of the #CanaryIslands makes them a very interesting place for companies looking for new active ingredients for their products (medicines, cosmetics, etc.).
Would you recommend an international company to set up or do business in the Canary Islands?
I would definitely recommend the Canary Islands hub if the company performs R&D activities + technological innovation, performs processing activities, obtains raw materials from third countries, looks for a gate to Europe, America or Africa or prizes talent and quality of life.
Contact us by email at email@example.com for further information about investment opportunities or locating your company in the Canary Islands.