ZEC Consortium, Zona Especial Canaria

ZEC (Canary Islands Special Zone) was founded in the year 2000, it was set up to highlight the benefits of investing in local businesses in the Canary Islands. After a review in 2006 as to why there had been a small take up to form a ZEC company in Lanzarote it was established that the requirements of 5 employees and an investment of 100,000 Euros was beyond the capabilities of most start up businesses on the island. The requirements for Lanzarote were eased in 2007 and now you have to have a minimum of 3 employees and an investment of 50,000 Euros. One of the main benefits of ZEC is the difference of the corporate tax rate, on the mainland of Spain this is 25-30% but in the Canary Islands this is reduced to 4%, More information can be found on www.zec.org and you can change the language to English.