Incentives

Investment in Tenerife is attractive not only because of its unique natural conditions and dynamic economic environment, but also because it is a destination that enables the creation and development of companies with aid and structured subsidies in different areas, among which the most outstanding are:

Regional incentives

The Canaries are one of the European regions where the aid intensity for European Union Regional Incentives is highest (35% for large companies, 45% for medium-sized companies, and 55% for small companies).

Deduction of 45% for R+D+i

Tenerife offers a 45% Corporate Tax deduction, both for investments in Research and Development and technological innovation, including the development of video games, compared to 32% in Spain.

Film sector

The Canary REF increases by 20 percentage points the Corporation Tax Law deductions for audiovisual productions, and 80% on the limits.

Subsidies for job creation

in particular the hiring of unemployed people and those with the greatest difficulties in finding work.

Tangible assets

Deduction of up to 50% of the total quota corresponding to the income derived from the sale of tangible assets produced in the Canary Islands.

Patent Box

Spain was one of the first countries to implement a mechanism to promote the sale or commercial exploitation of patents and any form of intangible asset.

SODECAN

The Society for the Economic Development of the Canary Islands is actively involved in the financing of viable and innovative business projects in Tenerife.

Technological Fund: ICEX-Invest In Spain

Encourages the development of new R+D activities by foreign capital companies that are already established or are planning to set up in Spain.

Internationalisation

Beyond the aid and services of ICEX and Proexca, there are special deductions for entities domiciled in the Canary Islands that make investments in West African territories and that spend on promotion and advertising, launching products, opening and prospecting markets abroad, and attending fairs or events of a similar nature.

Tenerife Chamber of Commerce

The Chamber of Commerce, Industry, Services and Navigation of Santa Cruz de Tenerife is a differential instrument when dealing from Tenerife with markets in Latin America and especially in Africa.