Creation and validity of the ZEC
Regulation: Articles 28 and 29 Law 19/1994
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Creation:
The ZEC is created with the purpose of promoting the creation of quality jobs , the economic and social development of the archipelago and the diversification of its productive structure , presided over by the principle geographical tightness.
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Validity:
The validity of the ZEC is limited to December 31 of the year 2027 , extendable with prior authorization from the European Commission.
However, the authorization of registration in the Official Registry of Entities of the ZEC will have a limit of December 31 of the year 2023 .
The maintenance of the Canarian Special Zone will be conditioned in any case to the result of the periodic reviews that must be carried out by the European Commission.