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

Regarding the validity of tax incentives provided for ZEC entities 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) Commission Regulation (EU) No 651/2014 of 17 June 2014, i.e., until the January 31, 2032, or provided that the period of validity of the rule that replaces it is respected. They may also be extended if so provided by the regulations on State aid applicable to the Canary Islands, after notification from the European Commission.

The authorization of the registration in the Official Register of Entities of the ZEC It will have as its limit the expiry date of Regulation (EU) 651/2014 established in its Article 59, that is, until the December 31, 2026, or that of the rule that replaces it.

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.