ZEC, REF BUSINESSES IN SPAIN WANTING TO KNOW THE TAX BENEFITS
Spain has approved with the agreement of the European Union (EU) Commission the new Spanish special tax regime for the Canary Islands (Zona Especial Canaria, or ZEC ), which entered into force on January 1, 2015. ZEC entities are entitled to the benefits of EU directives and double taxation treaties entered into by Spain.
There are many kinds of business entities in Spain. Partnership (Sociedad Civil), Limited Liability (Sociedad Limitada), Public Limited Company (Sociedad Anomina), New Enterprise Limited Company (Sociedad Limitada Nueva Empresa), Co- ownership (Comnidad de Bienes). There are a number of procedures that need to be completed when setting up a business in Spain. The complexity of the procedures will depend on the type of business being created.
This department prepares employee contracts, staff monthly payroll, assists with work inspections and provides your Company with all the advice you need to ensure you comply with Employment legislation in Spain.
The Canary Islands and Spain has become increasingly popular for holiday letting property. EBF Consulting can assist with all the tax and legal obligations for the property owners and property management agencies. In addition, EBF can assist with the preparation of the Modelo 179 for UK and Spanish registered Booking Agents, operating similar to Airbnb, Booking.com etc.
The Canary Islands offer many lucrative tax benefits to business but also offer many incentives to certain industries and business models. Key sectors are ICT, R&D, technological innovation, outsourcing, renewable energy, audiovisual, offshore services and logistics.