Why form a company in the Canary Islands over Spain?


CIC makes setting up a company in the Canary Islands is quick simple and cost effective. Due to the lower tax rates than Spain the Canaries offers a more viable profitable option for conducting business across the Euro zone as it share the same timezone as London and costs less than €2000 and in less than 2 weeks you can be trading from the Canaries invoicing internationally.

The Canary Islands are one of the seventeen Spanish regions or autonomous communities into which Spain is divided and as such they form part of the European Union (EU) and of the Euro Zone. Located at a distance of just over 1,000 kilometers from the Iberian Peninsula and about 100 kilometers from Africa, the Canary Islands are positioned in the Atlantic Ocean as a strategic enclave between three continents: Europe, Africa and America.

Administratively, they are divided into two provinces: The cities of Las Palmas de Gran Canaria and Santa Cruz de Tenerife share the status of capital.

The unique natural conditions have established the Canaries for decades as a first-rate holiday destination, receiving over nine million foreign tourists a year and three million Spanish tourists who visit the Islands attracted by the climate and the friendliness of the people.

The conjunction of all these characteristics together with one of the best standards of quality of life in Europe and specific fiscal conditions, together with other specific characteristics which will be listed below, make the Canary Islands a business centre of great potential:

  1. Enviable Geo-strategic location
  2. Lowest onshore corporation tax rate in Europe. 4% VAT 7%
  3. Qualified and competitive multilingual human resources
  4. Excellent infrastructures of services and communications
  5. Leading-edge technological research

Tenerife is the largest of the Canary Islands and has the highest population of 908,555. The main activity in the south of Tenerife is tourism and lags behind the business capital of Santa Cruz in terms of Infrastructure, Communications and Commercial Functionality, with Santa Cruz being the main headquarters for, Politics, Banking, Insurance and Shipping.

Total area                                                       7.447 km² 1.114 Km. of coastline 257 Km. of beach

Average annual temperature                        15ºC to 24ºC

Official language                                           Spanish – English widely spoken

Local time                                                      GMT winter BST Summer

Currency                                                        Euro

GDP 2009                                                       41.411,271 millones _

Per capita GDP 2009                                     19.867 _

Population 2009                                              2.103.992

Population density                                          282,5 hab./km2

Tourist arrivals 2009                                      13.356.325

Working week                                                40 hours/week

Average Minimum wage                               €800 per/ month

Infrastructure:                                                Airports 8 (6 of them international)

Commercial ports 27 – Marinas 19 – Road network 4.467 km2To discover is the Canaries advantages could benefit your business request to speak to one of our specialists about our Suitability Study by contact us and find out why more companies are choosing to set up their businesses in Santa Cruz de Tenerife and Las Palmas de Gran Canaria over Spain.