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

As for the validity of tax incentives provided for the entities of the ZEC in Title V of Law 19/1994, of July 6, these may be enjoyed during the six years immediately following the end of the validity of the Regulation (EU) 651/2014 of the Commission of 17 June 2014, i.e. untilJanuary 31, 2032.

However, the authorization of the registration in the Official Registry of Entities of the ZEC will be limited to the date of expiry of the validity of Regulation (EU) 651/2014 established in its article 59, that is, untilDecember 31, 2026.

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.