Have you ever considered moving your company to the Canary Islands? While the islands are perhaps best known for their tax benefits and great weather, there are multiple advantages that may pique your interest in moving your company to the Canaries! Keep reading to discover all the region has to offer!
Quality of life
One of the benefits you can enjoy if you move your company to the Canary Islands is the quality of life. Among other things, this is thanks to:
- Natural surroundings. The islands have impressive natural landscapes, from idyllic beaches and natural pools to breathtaking cliffs, mountains, forests, dunes, and deep ravines. This allows locals and visitors to enjoy the islands’ unique natural environment and benefit from playing sports and exercising outside.
- Safety. The cities are considered safe places to live and travel, with a very low crime rate. For example, did you know that Las Palmas de Gran Canaria is ranked among the top 25 safest cities to live? (Teleport Ranking)
- Health care services. There are public and private health care systems that allow residents and foreigners to have access to high-quality medical care. The archipelago has 13 public hospitals and more than 300 primary and specialized care centers. There are also numerous private medical centers in the Canary Islands that offer specialized medical services and quality health care to their patients. The Canary Islands have a high-quality health care system with highly qualified professionals and modern medical facilities.
- Economic opportunities. The Canaries have a diversified economy that provides economic opportunities in a wide range of sectors and activities. They have other economic sectors that are booming, such as the technology sector, the renewable energy sector, the food sector, and the logistics and transportation sector.
The islands are an ideal place for people seeking a high quality of life and a diversified economy that provides economic opportunities in a variety of sectors and activities.
- Culture and leisure. It is possible to enjoy a variety of cultural and leisure activities, from theaters and museums to restaurants and bars. This means you can enjoy an active social life, comparable to the lifestyle found in the rest of Europe.
- Modern infrastructures. The Canaries have modern infrastructures for research, development, and setting up new businesses in the territory, as well as excellent infrastructures for air and sea connections.
- Sustainability. Sustainability and respect for the environment are increasingly important when deciding where to move your company. The Canary archipelago is focusing more and more on sustainability, actively positioning itself as a destination that respects environmental, economic, and social sustainability.
- Educational opportunities in the Canaries. The islands are home to a wide range of educational institutions, from preschools to universities. Among these are renowned international schools that offer a bilingual and multilingual education, allowing students to get a high-quality education while learning multiple languages and exploring different cultures.
In terms of higher education, the islands have two prestigious public universities, the University of Las Palmas de Gran Canaria and the University of La Laguna, along with numerous private universities. These institutions offer a wide variety of undergraduate and postgraduate degrees in different fields of study.
The Canaries also have many opportunities for vocational and technical training. These include a variety of training programs and courses in different fields, from technology and renewable energies to tourism and hospitality, among others.
Tax benefits in the Canaries (Canary Islands Special Zone)
Another reason you may want to move your company to the Canaries is for the fiscal benefits. There are a number of tax benefits for companies that you can take advantage of if you set up or expand your business in the Canaries.
Although there are many different types of benefits, they can be summarized in the following main points, which describe the Canary Islands Special Zone (ZEC):
- Special tax systems. There is a special fiscal regime, approved by the European Union, that allows companies set up in the Canaries to benefit from reduced rates for Personal Income Tax and Corporate Income Tax. The latter is 4%, the lowest in the EU.
- Free Trade Zone. The islands have a free trade zone within which there are reduced or zero tariffs for importing goods and equipment. This allows companies to reduce production costs.
- Investment incentives. There are tax incentives of up to 75.6% for companies that invest in research and development, innovation, training, and employment.
- Hiring benefits. There are tax incentives for hiring workers, especially people with disabilities and the long-term unemployed.
On top of all the previous points, the archipelago also has strong and comprehensive infrastructures. These are necessary to support all types of business activities. Among other things, there are:
- Airports. The Canary Islands have a total of 8 airports. These not only connect the islands to one another, but also offer numerous national and international flights every day.
- Ports. The islands’ port facilities are one of the region’s main economic engines, offering both national and international connections. The ports have a solid infrastructure, with frequent import and export traffic. They also provide companies with multiple services.
- Roads. A modern highway system connects the main cities and towns. This facilitates transport between the islands.
- Public transportation. The islands have a wide and extensive public transportation network that connects the capitals with the population centers. The public transportation system is efficient and comprehensive, allowing residents to easily get around the islands. This, combined with the large number of daily air and sea connections between the islands, means that the islands are very well connected.
- Communications. The archipelago enjoys a wide network of telecommunications services, including cellular networks and high-speed internet, which allows locals and visitors to be connected at all times. This is one of the reasons the Canaries always rank in the top 10 destinations for digital nomads “NomadList”
The Canary Islands have a great amount of local talent, as well as access to a wide range of international talent in various strategic sectors, to meet the needs of the businesses set up in the Canaries. This is thanks to the region’s quality educational institutions as well as the rates of higher education and specialized technical studies (vocational training) for strategic sectors such as ICT, audiovisual, animation and video games, marine and maritime, etc.
By basing their business operations in the archipelago, companies gain access to a competitive, experienced, and multilingual workforce made up of local and international talent.
The Canary Islands offer many ways to cut business costs. One of the options to consider, along with tax incentives, are energy and service costs. In the archipelago, these are lower than in many other regions of Spain, which enables your company to reduce costs. This also includes logistics and property costs.
Canaries, an intercontinental platform
The Canary Islands have become an intercontinental platform because while they belong to Europe, they are strategically located in the Atlantic Ocean a few miles off the coast of Africa, and are only a few thousand miles from the Americas. This privileged location has allowed the Canary Islands to become a meeting point between Europe, Africa, and the Americas, making them an ideal place to build bridges for business, culture, and tourism.
In addition to a flourishing tourism sector, the islands’ location has also stimulated the development of a growing logistics and transportation sector. Furthermore, it has created a fusion of cultural influences from Europe, Africa, and the Americas. This can be observed in Canarian music, literature, food, innovation, and visual arts, which all reflect this intermingling of influences.
Warm and pleasant weather
Although we’ve already mentioned the excellent quality of life in the Canary Islands, there is still more to be said. The reality is that you can enjoy a warm and pleasant climate all year long, making it possible to engage in outdoor activities every month of the year. This may be of special interest to people who value the benefits of an outdoor lifestyle. It also makes people more friendly and sociable. While this is great for leisure, it also makes it easier to network. Can you think of anything better for your company?In conclusion, as you’ve seen, in addition to fiscal benefits, there are many attractive reasons to move your company to the Canaries. The choice is in your hands. In any case, we can tell you that without a doubt, if you decide to make the move, you will not regret it!