Create your business in the canary islands: pros and cons

Do you think it is absolutely impossible to find a new ideal place to develop your business? The Canary Islands can be an excellent solution, no visas and close to Italy, just do not get caught up in briskness and approximation! In fact, there are several favorable conditions but you should understand how to catch them and make them productive, that isn’t so simple: lifestyle isn’t particularly expensive so a couple could live in a good way with 1,000 € per month (for example, fuel cost is reduced by 50%) even if the purchasing power of people is quite reduced (GDP: € 19,500 compared to € 35,600 in Italy). Of course, you have to learn Spanish very well and to begin with being humble and getting many experiences.

An advantage for Italians is the absence of the need to apply for a residence permit, it’s sufficient to request NIE (Number of Identificacion de Extranjero), a sort of a National Insurance Number that allows registering any kind of contract. To obtain it, you have to present, in addition to an identity document, a certified health coverage and a document witnessing your financial means (such as a bank certificate with the average balance of the last six months). In addition, for those who create an independent activity, the NIE can be requested after the first payment of taxes, usually fixed after three months of work.

The stable political context allows the government to generate a considerable current economy, to undertake an activity of investment policy to avoid the emergence of financial strains from banks. Moreover, the positive situation of public finances is supported by international financial entities.

Even the infrastructure of services and communications are excellent and the budget for research and development is very high, especially by universities and public research organizations.

However, one of the most favorable aspects that attracts a lot of investment is the tax system, independent from Spain: the profit tax is 20% and it is reduced to 15% for the first two years of activity with corporate form similar to Italian Srl; Social Security for employees paid by the company is € 280 per month (with facilitations for Srl); local VAT is 7%.

Even bureaucracy is clearly easier: documentation comparable to HCCP that in Italy costs € 700, there costs € 30 and you can get it in an hour! There are also benefits to invest substantial amounts of money with a tax of 4% and there is also a free zone in the port of Tenerife where you can take tax benefits receiving half-finished and completing production from abroad on-site for export without paying output tax.

So, what are the recommended sectors for investment? Information technology (the Canaries are the convergence point of the largest worldwide network of submarine cable systems); healthcare and financial services; agriculture with medicinal plants, organic farming, the production of wine and everything that would be more expensive to import; tourism and real estate.

The last two sectors constitute 50% of GDP: the crisis, in 2008, has been overtaken. In fact, the GDP has grown up of 3.4% in 2015 and it’s expected to keep raising of + 3% in 2016. In addition, the current negative events in many countries have moved to this quieter area flow of foreign visitors. In fact, the 32% of the local GDP is due to tourism. Increases of 6% over the previous year are also registered on the property market, mainly in Las Palmas, a sort of small Milan.

Therefore, the Canaries have what it is required to rise a first sight love which, as always, will have to be tested with calm and objectivity because it could not be the El Dorado!

 

                                                                                                  Valentina Mallamaci

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