Discover the advantages of operating from Gran Canaria for ICT companies
The Economic Promotion Society of Gran Canaria (SPEGC), through the ‘Best In Gran Canaria' initiative, launches a document aimed at promoting the attraction of companies in the Information and Communication Technologies field (ICT) to Gran Canaria, which includes all the advantages of operating from the island and focuses on information related to the talent recruitment and training.
Among the main benefits of the island are tax incentives, connectivity, technological infrastructures, public co-investment instruments, digital transition in strategic sectors, quality and cost of living.
In addition, it specifies the support offered by the SPEGC to facilitate entrepreneurship and development business, which consists of the Business Support Service (SAE), softlanding support, financing possibilities, access to talent and tailored training programs, as well as work offices.
The 'ICT Talent Document' manages to show the competitive profile of the island on two pages, through four blocks:
Where to look for the right talent. Access to free search tools is provided, such as the 'Talento Gran Canaria' network, which has more than 1,100 professionals working abroad willing to return to the island. You may also consult the 'Best in Gran Canaria' talent platform, which analyzes more than 11,500 professional profiles; online search engines or Human Resources agencies specialized in the local market.
Attracting international talent. The SPEGC also has a 'Moving to Gran Canaria. The complete relocation guide', which emphasizes the quality of life on the island and provides all the information required for each stage of the landing process, with the objective of attracting future employees.
AD-HOC training. Customized training is another of the advantages that companies can benefit from when starting to operate from Gran Canaria, as the SPEGC has flexible training programmes on demand, with the possibility of internships and with no-hire commitment, fully financed.
How to finance your talent development. There are both national and regional tax incentives, as well as a higher deduction than in the rest of Spain for job creation and finally, the SPEGC's own tools such as the 'Tecnova2' internship programme.
With this type of strategic documentation, the SPEGC continues with its strong commitment to keep companies and entrepreneurs constantly updated on the advantages of setting up in Gran Canaria, and the most convenient operational formulas to enjoy a unique environment, which is becoming the ideal place to invest in Europe.
This document can be consulted on the 'Best In Gran Canaria' website or by clicking here.
More than 100 participants meet to develop a video game in the first edition of Gran Canaria Game Island
The Society for the Economic Promotion of Gran Canaria (SPEGC) organizes the first edition of Gran Canaria Game Island, the game jam in which more than 100 participants will try to develop the best video game in less than 48 hours.
The event aims to promote digital creativity and bets on the growth of the video game industry, a booming sector that contributes to the diversification of the economy in Gran Canaria and the creation of qualified employment.
The event will be attended by five speakers and fifteen expert mentors in the field, who will provide the contestants with their knowledge and will guide them in the process of developing the video game.
Gran Canaria Game Island provides the participants with an intense and immersive experience, in one of the fastest growing sectors on the Island.
Spain’s Start-ups Law meta-explained: How to benefit from the new regulatory framework
Spain's recent enactment of the Startups Law is set to create a positive regulatory environment for new and emerging companies, with innovative measures that encourage their growth and expansion.
The Startups Law is a regulation contained in Law 28/2022, of 21 December, on the promotion of the startup ecosystem and in Law 18/2022, of 28 September, on the creation and growth of companies. Both of them are intended to promote entrepreneurial development by reducing administrative pain points typically faced by start-ups and emerging companies. The new law also deploys advances and improvements in tax and migration matters, making it easier for investors to finance startups and support their growth. With a focus on creating a favorable legislative framework, the Startups Law is expected to have a major impact in the coming years.
Naturally and automatically, the Canary Islands benefit doubly as a territory of proven attractiveness for international investors. The improvements described below are compatible with the other fiscal instruments and advantages of the Canary Islands Economic and Fiscal Regime. More specifically, this regulation allows Gran Canaria to continue to consolidate its position as a magnet for business and talent.
One of the key beneficiaries of the new law is the Canary Islands, a territory that has long been attractive to international investors. The improvements described in the law are compatible with other fiscal instruments and advantages of the Canary Islands Economic and Fiscal Regime, making it an even more appealing location for businesses and investors.
Gran Canaria, in particular, stands to benefit greatly from the new law, as it continues to consolidate its position as a magnet for business and talent.
Some of the key aspects of the Start-ups Law::
- Spain's new Start-ups Law has ushered in the ‘start-up’ concept
These are newly created companies or existing companies that are maximum 5 years old (7 in the case of biotechnology, energy or industrial companies). the company must have its registered office or permanent establishment in Spain and have at least 60% of its workforce with employment contracts in Spain. Additionally, the company must not have arisen from mergers, spin-offs, or acquisitions, nor be listed, nor have distributed dividends. Finally, the company's business model must be innovative and scalable.
It's important to note that these requirements must be accredited and maintained, and will be verified by ENISA, the Spanish government's national innovation agency.
- Dwindling incorporation deadlines and costs
The deadline for the registration of start-ups and all their corporate acts will be five working days and notary fees will also be reduced.
It should also be recalled that the previous Law 18/2022 on the creation and growth of companies (the so-called "Crea y Crece Law") had already modified the minimum amount of capital for the incorporation of limited liability companies to 1 euro (until October 2022 it was 3,000 euros).
- Reducing the initial taxation of start-ups
Application of a reduced corporate income tax rate of 15%, as opposed to the general rate of 25%, for a maximum of four tax periods from the first one with a positive tax base. Effective nationwide, it is worthwhile mentioning that newly established companies in the Canary Islands might benefit from a much advantageous 4% corporate tax rate and 0% withholding tax, provided that some requirements are met, mostly employment-creation (this regime is called ‘Canary Islands Special Zone’, ZEC in its Spanish acronym). There is no temporary limitation to benefit from the ZEC-regime. More info here
- Tax treatment of stock options to remunerate start-up employees
Workers who receive income from work in kind through stock options will benefit from an extension of this exemption, from 12,000 euros to 50,000 euros per year.
- Improvement of the IPRF deduction for the subscription of shares or participations in start-ups
Applicable not only to private investors, but also to the founding partners of a start-up company. From a deduction of €60,000 to €100,000 per year, increasing from a deduction rate of 30% to 50% under the new law.
- Rebate on the Special Self-Employment Scheme contribution for the self-employed in companies
100% discount on the self-employed contribution, during the first three years, for entrepreneurs who simultaneously work as employees.
- ‘Impatriates regime’
Workers, highly qualified professionals, entrepreneurs and investors, and their family unit, may pay non-resident income tax (IRNR) during the tax period of change of residence and the five subsequent periods, at the single rate of 24% up to 600,000 euros. This ruling was previously allowed for highly qualified professionals only.
- Reducing bureaucratic requirements for foreign investors
The requirement for investors wishing to invest in a start-up company to have a Foreigners' Identification Number (NIE) is abolished. Instead, they must have a Tax Identification Number (NIF), which can be obtained by electronic application.
- Extension of residence authorisations and new visa for digital nomads
The validity of initial residence permits for entrepreneurs wishing to start a business activity in Spain is extended from one to three years, as well as for foreign investors.
Creation of the "visa for digital nomads", known as a visa for international teleworking, with a duration of one year for foreigners not resident in Spain who work remotely for companies based in third countries.
This authorisation will be valid for a maximum of three years, renewable for two-year periods.
Overall, the Startups Law represents a significant opportunity for startups and investors looking to tap into the potential of Spain's entrepreneurial ecosystem. With a focus on facilitating investment and growth, this new regulatory framework is set to create a thriving startup ecosystem that benefits all involved
To expand the information and facilitate its understanding, as well as its applications, the SPEGC developed a training day, in collaboration with the international law firm Cuatrecasas, to explain all the details of the regulations, which can be seen here.
Also, 'Best in Gran Canaria' has different instruments to facilitate entrepreneurship in Gran Canaria, such as the Business Support Service (SAE), and financing tools, such as Inverpyme, designed to enhance the growth and development of companies that promote economic diversification and strengthen the productive fabric of the island.
Discover the benefits of investing in Gran Canaria
The Economic Promotion Society of Gran Canaria (SPEGC), through the "Best in Gran Canaria" initiative, encourages investment in the island by promoting the unique advantages of Gran Canaria for the development of business and commercial activities. Gran Canaria is a winner when it comes to combining full digital & transport connectivity, tax advantages and life quality in one single territory.
All these benefits are included in an informative brochure aimed at making it easier for companies and entrepreneurs to set up or move their businesses to the island. Among them, the highlighted benefits are the tax advantages and support for investment, as the Canary Islands have the best tax regime in Europe. In addition, the geostrategic location and the port and airport infrastructures make it an island perfectly connected to national, European and African territories.
Furthermore, the climate and natural conditions of Gran Canaria, as well as the cultural and sports offer and the historical heritage, make the territory stand out for the high quality of life enjoyed both by its inhabitants and newcomers.
These characteristics, added to the offer of infrastructures and specific services for the development of business activities, allow the island to be a true global hub for business and talent.
In the updated "Best in Gran Canaria" brochure, you can consult all the tax advantages of Gran Canaria, as well as the benefits of the Island for business and remote work. This brochure can be consulted on the “Best In Gran Canaria” website or by clicking here.
Gran Canaria is promoted as an R&D destination at Transfiere
The Economic Promotion Agency of Gran Canaria (SPEGC), through its initiative ‘Best In Gran Canaria’, attends Transfiere 2023, the largest event for R&D professionals which main objective is promoting innovation, connecting science and business and sharing scientific and technological knowledge.
Gran Canaria is present during this forum at ‘Best in Gran Canaria’ stand, where SPEGC is participating, alongside University of Las Palmas de Gran Canaria, PLOCAN and Instituto Tecnológico de Canarias (ITC). In addition to this meeting point, SPEGC team will participate in several panels to raise awareness of the potential of Gran Canaria as an R&D investment destination.
The high impact of the ‘Economic and Fiscal Regime of the Canary Islands’ (REF, in its Spanish acronym) is one of the most attractive advantages for carrying out R&D activities in Gran Canaria, through its increased deduction percentages over the rest of the national territory. For example, the deduction on eligible expenses for investments in R&D is increased from 42% (in mainland Spain) to up to 75% (in the Canaries) and from 12% to 45% in and Technological Innovation.
Additionally, other instruments as Canary Islands Especial Zone (ZEC) where companies established under this regime benefit from a reduced Corporate Income Tax rate of 4%; the Canary Islands Investment Reserve (RIC) that allows to reduce the tax burden by up to 90% of the business profit, provided that this deduction is invested into the growth of the company; or different funds at national, regional and island level aimed to financing these projects, complete this unique offer that make Gran Canaria the place to be.
Finally, to ease the development of this projects on the island, ‘Best in Gran Canaria’ provides technical support and consultancy services on taxes, legislation or financing to R&D companies interested in setting up in Gran Canaria.
‘Best in Gran Canaria’ launches streamlined website
‘Best in Gran Canaria' is the island’s investment promotion initiative, a joint project of the Economic Promotion Agency of Gran Canaria (SPEGC) and 14 other national and regional entities with interests in consolidating investment influx to the island. The project is up and running since 2016 with the aim of harmonising the message and promotional activities in which the entities participate.
In general terms, Gran Canaria seeks to present a thoughtful unified message, #TheGranCanariaMessage: Gran Canaria is far from just being a trip through incredible natural spaces, it is a fundamentally dynamic business hub where opportunities arise in various strategic sectors. Thanks to the combination of tax breaks, reduced corporate tax rate, ecosystem and institutional support.
In order to improve the information flows and accessibility, we have conducted a critical analysis of our previous website, allowing the introduction of modified functionalities and new information.
These improvements are focused on two main lines: on one hand, the user experience has been improved throughout the website, where contact points and links are more accessible and streamlining the available documentation; on the other hand, and maybe the most remarkable change, a new tab that groups services has been included, to ease investors access to all the referenced information. Finally, data and information of interest for potential investors has been updated, including connectivity, tax benefits and investment.
‘Best in Gran Canaria’, together with SPEGC, contributes to diversify the economy of Gran Canaria, create quality employment and promote the innovation, leading the island’s initiatives to attract investments. By different methods, ‘Best in Gran Canaria’ activates the interest on the island and competes in both, international and national processes for relocating companies, being its competitors other destinations and islands. With a public vocation to provide professional and up-to-date information about Gran Canaria and investment opportunities on the island, to offer quality services to companies and entrepreneurs, and to support business growth, 'Best in Gran Canaria' is an initiative of the SPEGC and the Gran Canaria Island Council.
Gran Canaria proposes its very own response to port and maritime innovation by launching Spain’s first Data&AI Innovation Centre for the Maritime (IAT Marino-marítima)
Officially named ‘High Tech Incubator for Data Analytics and AI applied to marine & maritime environments’, and preferably known by its shortened Spanish branding ‘IAT Marino-marítima’, the Innovation Centre is aimed at (a) supporting national data-based projects within the Blue Economy, (b) raising visibility for the sound advantages of testing tech solutions in the Canary Islands and (c) fostering port, shipping and energy digital transition based on AI-algorithms.
As from yesterday, the SPEGC-led project is officially open and receiving applications. The different services are available for any company or entrepreneur based within the European Economic Space.
The Marine-Maritime IAT is conceived as a fundamental driving force for the digital transition in ports, shipping companies and offshore energies (developers and service-providers), while also accepting requests from other Blue Economy subsectors (tourism, coastal activities, desalination, water treatment, biotech & aquaculture, etc.). It has a national scope and is designed to provide services to companies and entrepreneurs with data projects and technologies connected to data. It is open to any project that seeks to improve productive efficiency and sustainability thanks to the exploitation of data, as well as projects that can benefit from introducing artificial intelligence and machine learning elements in their business model.
The range of services includes:
- Two incubation programmes for 30 ‘Early Stage’ projects (up and until TRL 7)
- One acceleration programme for 15 ‘Growth’ projects (TRL 8 to 9)
- Up to 2,880 hours of dedicated consultancy by experts in Business and Scaling up, R&D-funding, Legal Advisory and Technology. The latter refers to projects with needs in Data, AI and any of the commonly related technologies (Deep Learning, Sensorics, IoT, Blockchain, Automated vehicles, AR/VR, digital twins, 3D printing, etc), totalling 47% of the available consultancy hours.
- Workshops and group training
- Promotion events
- Cloud computing services & support
But above all of the hard offer, the ‘IAT Marino-marítima’ is intended to serve as a networking playground where entrepreneurs and companies will be linked with Spain’s maritime powerhouses to build on potential collaborative schemes. Expect the largest shipping companies, shipyards, energy companies, Unviersities and Academics, as well as public tech centres to join the initiative.
A SPEGC & INCYDE project
Finally, it should be noted that this IAT is part of the 'High Technology Incubators for the promotion of innovation and technology transfer to micro-SMEs' initiative and it is a 2-million-euro project, 85% co-financed by ERDF funds, which allows the Economic Promotion Society of Gran Canaria (SPEGC) to launch and develop an ambitious programme of actions. The IAT Marino-Maritime is physically located in the 'Marine-Maritime Innovation Centre', in the spaces recently renovated by the SPEGC and which will receive both entrepreneurs linked to the IAT Marine-Maritime and companies that will occupy offices and workspaces. Apply here
Why Gran Canaria?
Las Palmas Port is established as a global shipping hub and Gran Canaria is currently at the forefront of Spain’s floating energy revolution (thanks to, PLOCAN, among other test banks). The shared regional Blue Economy strategy is now focused on facilitating the development and testing of technological solutions. The opportunities linked to the port activity, maritime navigation, ocean and offshore energies are amplified by the island's conditions for testing, scaling and commercialising advanced technological solutions in industries that prioritise growth based on innovation. Besides the strength and diversity of the industrial business network in the port-logistics value chain and the new opportunities in the development of marine renewable energies, Gran Canaria has an advantageous tax system and specific financing tools, a large community of software, data and ICT companies and developers, as well as research groups and innovation teams that are already actively operating within the main companies of the Blue Economy.
Some of the reasons why companies find the island as ‘The Right Place to Be’:
- Ecosystem and talent: Besided the highly skilled talent pool, when training and technification is required, ‘Best in Gran Canaria’ makes available to companies dedicated training design& funding services. We had a recent experience with a Commodity-trading house, where SPEGC trained 15 traders, 7 of which are now inserted in the day-to-day business activity of the company.
- Reduced taxation: tech companies may profit from an outrageous 75.6% tax credit on all R&D-related expenses (45% when the expenses are related to Technological Innovation) and a reduced rate of 4% Corporate Income Tax.
- Access to financing tools: public fundings are available to finance innovative projects. ‘Best in Gran Canaria’ offers (through its parent company SPEGC) up to €200,000 soft loans to support technological and innovative companies in the maritime sector.
- Test environment: as mentioned, the number and diversity of companies makes Gran Canaria and its port the perfect test-bed for designing, testing and scaling new solutions for the sector.
Feel free to enquire more information under www.iatmarinomaritima.com
'FIWARE Global Summit' puts Gran Canaria in the international focus of innovation and digital transformation
The international congress on digital transformation Fiware Global Summit was successfully held in Gran Canaria between september 13th and 16th, hosted by the island’s governing body via two of its core companies/initiatives, the Economic Development Agency of Gran Canaria (SPEGC) and ‘Best in Gran Canaria’, and externally supported by other regional stakeholders such as CidiHub, FIIHub and Innovalia.
This meet-up represents a unique opportunity to showcase Gran Canaria’s efforts to become a smart island in fields such as tourism (eg. SITGRAN, the island’s public-private tourism data partnership), water management (Aquagran), automated fire alerts control (Alertagran), virtual powerplants management tools via IA, smart ports, etc. The island has consistently evolved to improve the efficiency of public services by means of increased digitalization at various levels, thanks to the ‘Gran Canaria Inteligente’ initiative. This public collection of projects, financed by Cabildo de Gran Canaria, comprises more than 20 projects and eur 20 million of investment that has already been exhausted or is currently at the planning or tendering stage.
The ’Best in Gran Canaria’ team, which had a unique corner in the business & exhibition area, surrounded by other 15 global companies, held more than 30 meetings with participants and companies. The latter showed great interest in the potential digital testing & scaling up options on the island, given that Gran Canaria represents a sizeable market (850,000 inhabitants and 4.5 million tourists per year) with a reasonable talent pool (eg. 6,200 students are currently enrolled in STEM studies). As a matter of fact, the island offers, on top of low taxation and dedicated funding for smart solutions, a cost-controlled sandbox to develop, test & deliver digital solutions that can be sold to the world from the operating facilities on the island.
More than 120 speakers participated in the congress and in the complementary events. They shared their expertise with the audiences, a total of 375 digital agents and members of the FIWARE ecosystem, including companies, public administrations, professionals, developers and end-users.
The event consisted on business conferences, presentation of case studies and training and plug sessions, which are some of the activities that were included in the industrial connection and networking sessions of the Global Fiware Summit 2022. Fiware Global Summit also served as a driving force for other related initiatives linked to the use of open source. On the one hand, through the holding of several training sessions on Fiware technology, meetings of European projects based on Fiware and, finally, an open day organized by the Spanish Government's Data Office and the Spanish Gaia-X hub.
The Canary Islands Special Zone (ZEC) removes the minimum investment requirement for companies focusing on knowledge and innovation
The "Official State Gazette" (BOE) has published the 1/2022 circular, in which the Governing Council of the Canary Islands Special Zone established the guiding criteria for the minimum investment exemption in ZEC.
The Canary Islands Special Zone (ZEC) is a low tax zone created within the framework of the Canary Islands Economic and Tax Regime (REF) to promote the economic and social development of the Islands and diversify their production structure.
Many companies have launched or evolved in Gran Canarias due to the advantages associated with ZEC, such as the reduced rate of 4% for entities subject to the Corporate Income Tax.
This regime was approved by the European Commission in 2000 and has been improving and relaxing the requirements ever since. However, the minimum investment of 100.000 euros in fixed assets within the activity was still active until last week.
With this change already introduced, several companies attending to several unique characteristics could be exempted from the minimal investment requirement.
Small and medium-sized companies with the seal of 'Innovative PYME" by the Minister of Science and Innovation or the ones whose activities focus on obtaining it, as well as R+D companies and those in the audiovisual, video games, IT, and telecommunications fields, could ask for an exemption of minimal investment requirement. To receive this exemption, companies must have six or more employees.
A new rating system for reducing investment requirements is also established if companies employ more than the set minimum. Companies in Tenerife and Gran Canaria that use more than 20 people could reduce investment to 20.000 euros, 40.000 for those who employ at least 15 people, and 60.000 for those who employ 10 people. Companies that generate more than 25 jobs are not required to make a minimal investment.
This new measure seeks to promote the Canary Islands as an ideal destination for investments in sustainability, creative and innovative industries and to encourage the effective development of the entrepreneurial ecosystem of the islands.
This measure eases the creation and relocation to Gran Canaria of emerging companies in innovation, knowledge, and R+D fields. In recent years, Gran Canaria has had the largest share of investment in the Canary Islands due to the tax incentives and economic advantages for companies on the island. SPEGC aims to inform and guide innovative projects seeking to relocate to the island and to encourage local employment. If you have questions, our experts will help you through the 'Business Support Service' of SPEGC.
projects seeking to relocate to the island and to encourage local employment. If you have questions, our experts will help you through the 'Business Support Service' of SPEGC.
The second edition of the series ‘Moving to Gran Canaria: The complete relocation Guide’ published by Best in Gran Canaria is now readily available
The island’s collaborative investment attraction initiative has updated its trademark guide, including new services, advantages, shortcuts and admin procedures that soften the relocation process to the preferred investment destination in Southern Europe, Gran Canaria.
This much-awaiting free-to-use guide provides all the information required to help relocated professionals, expatriates, remote workers, entrepreneurs and families, and it indeed facilitates their arrival on the island by minimising the natural uncertainties that come along any relocation process.
Published in digital format and available in English and Spanish, the Softlanding Guide was initially launched in 2021 and it is the first comprehensive approach to including all the technical, legal and administrative matters that professionals and their families encounter during the relocation process to the Canary Island. The steb by step approach is simplified by adding a dynamic reading guide, valuable links, checklists and listings of tasks/formalities to be completed before, during and after setting foot on the island. Application for visas and work permits, identification documents (NIE, social security, municipal registration), personal tax info, constitute the core content of the guide, along with advice and solutions for all the typical matters that must be dealt with by families planning to relocate in Gran Canaria.
The 2022 edition incorporates new links and detailed information on public and private infrastructures recently launched in Gran Canaria and keep the centrality of the ‘Reading Guide’, as a tool to help readers navigate through the document. The technical information is grouped according to different profiles, both for workers moving for a short period of time or indefinite/long-term relocations.
The release of the updated version for the ‘Moving to Gran Canaria: The complete relocation Guide’ is a joint effort of the Economic Promotion Society of Gran Canaria (SPEGC)‘ and the island’s economic ecosystem, including local and international companies, coworking/colivings, business associations, consulates, other public entities, entrepreneurs and professionals, that have duly contributed to improving the guide’s content and usability.
‘Best in Gran Canaria’ remains as the single-entry point for enquiries about how to best develop business ventures and R&D project in Gran Canaria, offering highly-regarded services via SPEGC, including: tax information, tailor-made training courses, offices and spaces within the Gran Canaria Technology Park, financing instruments, recruitment tools, etc.
The guide can be downloaded on the 'Best In Gran Canaria' website or by clicking here.