The Canary Islands offers a deduction of 45% in corporate tax for investments in R&D and in Technological Innovation activities.
During December take place the Scientific Christmas, that is a public event organized by the Canarian Government and which goal is to show the importance of Science in all fields and share the latest technological trends.(1)
The Canary Islands are seeking to increase opportunities for R&D activities. One of the most relevant strengths of its regional innovation system is, according to the Canary Islands Regional Government, the University of La Laguna (ULL), and the University of Las Palmas de Gran Canaria (ULPGC) is the concentration of a significant number of scientific and technological centres in the Canary Islands in different fields. These fields include astrophysics, electronics, information technology, renewable energy, water, geology, biology, agricultural sciences, medicine and aerospace technology. Among these centres, we highlight the Canary Islands Technological Institute (ITC) for its regional character, and the Canary Islands Astrophysics Institute (IAC) for the international reach of its research activity. In this regard, it should be stressed that Spain is the 8th in the world for scientific production in astrophysics. (2)
Government scientific and technological centres located in the Canary Islands are:
In Tenerife:
❏ Canary Islands Technological Institute(ITC)
❏ Canary Islands Astrophysics Institute(IAC)
❏ Institute of Natural Products and Agrobiology(IPNA-CSIC)
❏ Canarian Institute of Agricultural Research(ICIA)
❏ Oceanographic Institute of the Canary Islands
❏ Research Unit of the University Hospital of Canary Islands(HUC)
❏ Research Unit of the Residence La Candelaria
❏ Institute of Technology and Renewable Energies(ITER)
❏ Vegetable Crops in Vitro of Tenerife, SA(CULTESA)
La Palma:
❏ Great Telescope of Canary Islands(GRANTECAN)
❏ Canary Islands Technological Institute(ITC)
❏ National Institute for Aerospace of Maspalomas(INTA)
❏ Geomining Technological Institute of Spain(IGME)
Gran Canaria:
❏ Canarian Institute of Marine Sciences(ICCM)
❏ Canarian Institute for Cancer Research(ICIC)
❏ Research Unit of the Dr. Negrin Gran Canaria Hospital
❏ Experimental Agricultural Farm of Arucas
Lanzarote:
❏ Experimental Agricultural Farm of Lanzarote
The Islands also have the Canarian Agency for Research, Innovation and Information Society is in charge of the competences relating to public policies and public programs in research, technological development and innovation.The most important innovation activities are:
● The implementation of activities to support business innovation and technology-based entrepreneurship, through innovation centres;
● The management of grants and subsidy programmes for the development of R&D projects, both technology and process and product, by the agents of the Canary system of science, technology and business, as well as the creation and consolidation of technology- based companies;
● The promotion of the Technology Park Network of the Canary Islands as well as the management of the programmes to stimulate this network;
● To provide assistance to the canary enterprises about the programmes to incorporate scientific staff, innovation agents, etc.;
● The management of intellectual property related to research and innovative technology-based activities; and
● The evaluation of the innovative activity and the penetration of knowledge-based economy in the Canary Islands. (3)
About higher education, there are a wide educational offer by the two Canarian universities, the University of La Laguna and the University of Las Palmas de Gran Canaria. In recent years in both universities there has been a rebalancing of studies. Although traditionally the University of La Laguna has offered a greater variety of studies in pure and experimental science and humanities compared to the University of Las Palmas de Gran Canaria,where studies on engineering and technology have had a greater presence,today. Worth mentioning that both universities have an offer that includes studies in pure and experimental science, health sciences, engineering and technology studies, social sciences and humanities.
If you are looking to invest in R&D or you are planning to open/relocate an R&D Center, the Canary Islands offers wide opportunities for this sector. For example, The Centro Atlántico del Medicamento (Medical Center from the Atlantic) is working on the development of a drug to treat breast cancer. This antitumor would work for triple negative and for other cancer types resistant to current drugs.The islands are virtuous to experiment and try with new and relevant test markets. (4)
If you need further information or if you want to know more about the benefits of investing in the Canary Islands, including ZEC Tax Incentive, please don´t hesitate in contacting us. Our expert's consultants will be glad to guide you.
Novara Capital Group is an international tax & capital investment consulting firm. We specialise in Corporate Structuring, European Union Tax Incentives, IP Positioning, and Transactions / M&A. We provide intelligent corporate structures, advice, and an integrated service which cross delivers in businesses. We advise companies globally to accelerate international growth, optimise net profits, and enhance equity value leveraging Intellectual Property and Licences. Our in-house experts specialise in International Tax Law, Company Law & Cross Border Jurisdiction, Investment & Asset Management, Mergers & Acquisitions, and Operational Management.
Get in touch today to arrange an introductory conversation for more information.
Email: welcome@novara.group
London Tel: +44 207 129 7086
Spain Tel: +34 910 085 807