Creation and validity of the ZEC

Regulation: Articles 28 and 29 Law 19/1994

1. Creation

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

2. Validity

validity of the ZEC is limited to 31 December 2027 may be extended with prior authorisation 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 Canary Islands Special Zone will be subject in all cases to the results of the periodic reviews that the European Commission must carry out.