Canarias emerges as an optimal territory for establishing and advancing various activities within the technology industry, encompassing communication technologies as well as scientific endeavors, among others. Today, Canarias boasts a thriving ecosystem dedicated to fostering innovation and growth.
Companies operating in this domain, seeking to establish or relocate their facilities to the Canary Islands, will encounter a broad spectrum of infrastructures and resources, ranging from innovation centers to clusters and technology parks, all of which provide the necessary support for executing technological projects optimally.
This amalgamation, combined with Canarias' strategic location, which acts as a gateway for numerous businesses interested in connecting with Latin America and Africa, the robust strategic connections, cutting-edge technological research, high quality of life, a business-friendly environment, and favorable fiscal conditions, positions the Islands as a technological hub with significant potential for the development of activities across the sector. From the Islands, significant projects have been developed, ranging from managing the London Underground through Atos, providing virtual reality training for airlines like Lufthansa, to creating products for major video game entities such as League of Legends. Additionally, cutting-edge chips for image processing and innovative augmented reality solutions have been developed for Intel Capital through Wooptix.
Canarias solidifies its status as an ideal business hub for the execution of technological activities applicable to diverse sectors, including tourism, science, education, and smart cities and destinations.
Startups Thrive in the Canary Islands
The surge in startups establishing and operating from the Canary Islands is remarkable, with over 1,100 active tech companies, and the projections indicate sustained growth. According to the Startupblink portal, Las Palmas de Gran Canaria and Santa Cruz de Tenerife rank sixth and seventh, respectively, among the best Spanish cities for startups.
Beyond the Spanish startup law, the Canary Islands house a pool of talent in technology and science and count with organizations key in propelling the technology sector's development in the Islands like the Canarian Agency of Research, Innovation, and Information Society (ACIISI) and the Technological Institute of the Canary Islands (ITC), among others. Moreover, startups in the Canary Islands benefit from robust public-private support and distinctive fiscal incentives, including a 4% corporate tax, the lowest in Europe, and a deduction ranging from 45% to 75.6% for technology-related expenses.
In addition to Business Angels and Venture Capitals, the region hosts the Microelectronics and Semiconductors Private-Public Strategic Industries Partnership (PERTE), with over 12 billion euros allocated until 2027 for the entire Spain, and the Retech AI, earmarking 258 million euros for AI-based digital transformation.
● The Canary Islands Special Zone (ZEC), designed for establishing companies in Canarias, offers a reduced 4% corporate tax rate, in addition to being compatible with the aforementioned fiscal benefits.
● Exemptions in the General Indirect Canary Islands Tax (IGIC).
● Deductions in R&D+i: up to 45% in Corporate Income Tax.
● Bonuses for research personnel.
● Canarias boasts the lowest labor turnover rate in Spain, as indicated by a Randstad study.
The Talent Pool is Abundant
With five universities spread across Las Palmas de Gran Canaria and Santa Cruz de Tenerife, drawing over 38,000 university students annually, Canarias stands out as a hub for education. Complemented by various specialized training centers, companies like Reboot Academy, Inspira Steam Canarias, and programs like TravelTech School by Amadeus contribute to technical training. This educational landscape results in over two thousand potential Chief Technology Officers (CTOs), five thousand potential Chief Executive Officers (CEOs), and a thousand potential Chief Marketing Officers (CMOs) in the Islands.
Benefits from locating in the Canary Islands
Discover the current business advantages in the Canary Islands