Double deal
Port of Las Palmas, where expansion plans include extending the existing free zone area
Free zone benefits can sometimes be combined with advantages offered by parallel tax regimes.
In the Canary Islands, for example, companies can base their operations in the free zone and also seek authorisation to work within the islands’ low-tax zone, the Zona Especial Canaria (ZEC).
Figures for 2009 show that 663 companies had received authorisation for their business projects within the ZEC since its creation in 2000.
Of these, 25% were involved in industrial activities, 25% in commercial activities and 8% in transport and communications, with the remaining 42% within the “other services” bracket. ZEC statistics show that companies setting up new operations within this regime have created 9,783 jobs since 2001.
The expansion of the existing Gran Canaria Free Zone is an essential part of the Port of Las Palmas’ growth plans. The port’s extension to the north will include an additional free zone area with a dedicated quay for related activities.
Plans for the zone include a new tank farm for Addax & Oryx, and a biodiesel plant which would import soya feedstock from Argentina – some of the fuel produced would be for local use but most would be exported.
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