Creation and validity of the ZEC

Regulation: Articles 28 and 29 Law 19/1994

1. Creation

The ZEC is created with the purpose of promoting the creation of quality employment, the economic and social development of the archipelago and the diversification of its productive structure , presided over by the principle of geographical tightness.

2. Validity

The validity of the ZEC is limited to December 31, 2027, extendable with prior authorization from the European Commission.

However, the authorization of the 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.