The Gran Canaria Free Zone is an ideal location for all companies that carry out triangular trade, as well as for those firms that intend to locate their base of operations there to access the European, African and American markets at the same time.
One of the most interesting advantages offered by free trade zones for goods introduced from third countries lies in the bureaucratic simplification of the procedures necessary for movements derived from international trade.
The Canary Islands' unique status within the European Union gives a distinct added value to the aforementioned streamlining of customs procedures. Since the economic conditions in force in other EU free zones do not apply, it is automatic to source goods from third countries for inward processing, without having to first undertake the process of justification and approval by EU Customs for the necessary external supplies.
Similarly, this simplification is twofold in the case of goods storage, since for any company established in the Canary Islands under a regime other than the free trade zone, the settlement of VAT upon entry of goods, due to the application of the IGIC (Canary Islands General Indirect Tax) at reduced rates, requires the submission of documentation to the regional customs authority. This customs procedure is also simplified for companies established in the Gran Canaria Free Trade Zone, for goods whose final destination is not the Canary Islands.
These advantages, combined with the logistical importance of the Canary Islands' location for international trade, make the Gran Canaria Free Trade Zone a strategic enclave for the establishment of international companies.
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