intraHouse Consultancy Services
The Canary Islands, the jewels in the crown of the Atlantic Ocean, certainly are a gem of a place to live, work and create a business.
With our roots in cutting-edge enterprise mobile technology, during the past 20 years we have established a presence in Norway, the UK, the Benelux, Eastern Europe, Silicon Valley, Asia and now Gran Canaria.
We chose Gran Canaria for a host of reasons and mainly because establishing here is a great way for a company to scale and internationalise more affordably than most other western countries, and all under the safety of familiar EU laws.
Although advancing continuously, there is still more bureaucracy here than in many other parts of Europe and that can be off putting to a foreign company, unless you have all the help you need to help take any hassle out of the process.
Having gone through this procedure ourselves, we’re using our experience and expertise to support other companies through the process and help them take advantage of the wonderful benefits of creating a company on one of the Canary Islands.
Our new specialist consultancy division ensures your experience of establishing here is smooth, swift and successful. We work with a trusted handpicked team of experts spanning legal, financial and HR to bring you the precise expertise required.
Benefits of creating a business on the Canary Islands
A part of the European Union and with a combined population of just more than two million people, the seven islands comprising Tenerife, Gran Canaria, Lanzarote, Fuerteventura, La Palma, La Gomera and El Hierro boast two public universities, two private universities, four technical institutes, four scientific and technology parks and more than 20 incubators and co-working spaces. What’s more, two of Spain’s six super computers can be found on the islands, which benefit from fiber optic connectivity.
The thriving, high-tech start-up scene attracts highly qualified individuals from around the world, creating a rather unique international vibe with English widely spoken.
Drawn by the high standard of living and one of the best climates in the world, the islands offer a rich pool of talent and with unemployment running at approximately 40% there are literally tens of thousands of people, many with master degrees in the fields of engineering, programming and business, hungry to join the work place.
Not only that, but incredibly advantageous fiscal incentives are also attracting many companies to the islands. The Zona Economica Canaria (ZEC) is an EU-approved fiscal regime that offers a four per cent corporation tax rate in return for a company employing a minimum of five full-time employees and making an investment of 100,000 euros in fixed assets during the first two years of trading – in the case of Tenerife and Gran Canaria – and three full-time employees and an investment of 50,00 euros during the first two years of trading for the other islands.
With the cost of living on the islands one of the lowest in Europe and salaries reflecting that, many companies choose the islands as an affordable way to scale. It can be as much as three times cheaper to run a business on one of the islands than in Norway, for example, and 17 per cent lower than the rest of Spain.
In addition to the ZEC fiscal regime, the islands also offer other lucrative incentives including a reduction of up to 90% of non-distributed net profit from a taxable base (RIC), a 50% tax rebate for production of tangible assets and there are even other allowances for investments in strategic sectors, which are more advantageous than the rest of Spain.
As the Spanish economy is starting to slowly recover, the government is keen to attract new companies to the country and those who choose the Canary Islands will find that they get a lot of governmental support.
There are also numerous advantageous grant and loan schemes available to Canary Island companies.
Canary Island governmental institution Proexca, for example, has an intern programme whereby a master degree level, English-speaking graduate is placed with a company that has a presence on one of the islands and elsewhere in the world. From September 2015, Proexca will have 30 highly qualified graduates to offer companies for nine months. In addition there is funding available to companies for research and development projects.
Enjoying a strategically important location off the west coast of Africa, the Canary Islands offer the perfect location for reaching into Europe, Africa and north and south America and with six international airports and 26 ports it’s easy to get to anywhere in the world.
Some people say Gran Canaria has the potential to be the Silicon Valley of Europe and when the island recently appeared on the front cover of The New York Times as a fantastic place for digital nomads and start-ups, more entrepreneurs than ever before are starting to agree that the Canary Islands are indeed a hub of innovation in paradise.
Benefits at a glance
Fiscal benefits offered by schemes such as the EU-approved ZEC with 4% tax
State-of-the-art infrastructure and facilities
Superb transport links with the rest of the world
Strategic bridge between Europe, Africa and North and South America
Pool of qualified personnel
One of the best climates in the world
Affordable living costs
intraHouse Consultancy Services
Company Creation & Incorporation
Advice on the best company structure to suit your business goals
Completion of all associated applications in Spanish
Visits to relevant stakeholders: Notaries, accountants, lawyers, etc.
Applying for grants and loans
Creating a ZEC company
Swift validation check
Creation of application in Spanish
Sourcing of suitable business premises
Sourcing of suitable suppliers
Screening and recruitment of employees
Employment contracts and payroll
Marketing & Communications
Individually tailored marketing & communications support
Introductions to local business community and networking events
Interpreting & translation services. Working languages include Spanish, English, Norwegian, Dutch, German, French, Finnish and Russian
Responsive web design & Apps
We invite you to come and visit the islands and investigate the potential for your business. We regularly organise group trips and individual trips. During your visit we introduce you to the business culture of the islands, other companies who have (sometimes painfully) gone through the process and help you to sample the lifestyle and outstanding infrastructure of transport, housing, education, healthcare and leisure.
How we work
We offer a very personalised, handholding service. We begin by understanding your business and strategy and from there we create a proposal based on your individual needs. No two companies’ requirements are ever exactly the same, and so each proposal and fee structure is different.
Initial consultation and proposal preparation are completely free of charge.