The Canarian Special Zone breaks its historical record and attracts 119 new entities
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The Canary Islands Special Zone (ZEC) breaks its historical record and achieves that a total of 119 companies register in the space tax regime in 2023, which represents 28% more entities than the previous year, which was 93.
This notable growth was analyzed on January 31 at the meeting of the Governing Council of the Canary Islands Special Zone (ZEC) where it was confirmed that, after this notable historical increase, The census of ZEC entities reaches 824 companies in 2023. Regarding employment, provisional data indicates that the ZEC has reached around 11,000 total net jobs in 2023, with job creation in that year of around 700 jobs in that year, consolidating the value of the incentive for job creation in the Canary Islands.
The sectors that have been most attracted due to the fiscal attractiveness of the ZEC and have been installed in the Canary Islands in 2023 are those in computing and telecommunications, technical advice, audiovisual, wholesale trade, manufacturing and health. R&D in general and the Aerospace and Astrophysics fields stand out for their rapid growth. As for the origin of the entities, Along with the traditional countries of origin of Spain, Italy, Germany and the United Kingdom, in recent years entities that invest in the Canary Islands, benefiting from the ZEC, that come from Japan or the United States have gained momentum.
«The data confirms that we are increasingly more effective and efficient in attracting investment. The example of 2023, where we have emphasized promotion in the United States and Japan and entities from those countries have registered, confirms this,” stated the President of the ZEC, Pablo Hernández.
«There is a lot of work to be done, but the more specialized work in niches and markets of the ZEC together with PROEXCA, the Canarian Institute of Cultural Development and the rest of the agents improves the attraction of higher quality and more competitive companies, and therefore in a better quality job,” added Hernández. «In addition, in recent years the rules against jurisdictions with harmful regimes make the Canary Islands, being a legitimate and substance-based regime, gain competitiveness. This will increase in these coming years,” he concluded.
3,000 million turnover
The Governing Council also approved the final report for the 2022 financial year. This document highlights that the ZEC reached 10,692 net jobs on that date. Regarding turnover, the group of ZEC entities reached 2,986 million euros in 2023, and 512 entities presented a positive Net Turnover Amountcompared to 491 in that situation in fiscal year 2021.
The accounting results of the companies, for their part, went from a negative figure of 198 million euros to a positive figure of 180 million euros, overcoming the socioeconomic phase derived from the pandemic. The organization’s estimates indicate that these figures They would have an impact on the regional economy of between 1 and 1.5% of gross aggregate demand.
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