Welcome back dear readers of Money Beng, today being an entrepreneur is certainly not easy, but this does not mean that it is impossible, you just need to have the right (original) ideas in mind to put to work to undertake an activity that can create a change of life, we are talking about opening a bar in the Canary Islands, a very interesting topic that we will cover in today’s article.
Why is there so much talk about investing in the Canary Islands?
When I tell you about the Canary Islands what is the first thing you think of? By the sea, the sun, the holidays, lots of tourists, right? Perfect!
It’s time to take advantage of all this in order to have earnings and profits in a place where the tax regime is less burdensome. Your new motto? Starting a restaurant business, for example, opening a bar in the Canary Islands, let’s find out how.
Why should you invest in the Canary Islands?
The Canaries, an archipelago made up of seven islands in the Atlantic Ocean:
- Gran Canaria
- The Palm
Beautiful islands bathed in sunshine and warm and pleasant temperatures throughout the season, each year it receives a boom in tourists.
So, this means that opening a bar in the Canary Islands is the perfect opportunity to be an entrepreneur without feeling the tax burden that exists in Italy.
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Canary tax regime
Consequently, opening a business in the Canary Islands means benefiting from a favorable tax regime which undoubtedly attracts foreign investment. Eg:
What we know in Italy as VAT, rather high, a rate of 22%; in the Canaries, it is known as IGIC (Impuesto General Indirecto Canario) and is equivalent to 7%.
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Incentives in the Canaries
Among other things, there are a number of incentives supported by the Spanish government to encourage investment in the Canary Islands as long as you meet certain requirements, such as:
- The initial investment must be 100,000 euros within two years
- The company created, in this case, to open a bar in the Canaries, must have its registered office in the islands
- Hire at least five employees within six months of opening the business
- The managing director must have residence in the Canary Islands
- It is necessary to enter one of the specific categories for opening a business in the Canary Islands
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Inquire with an industry professional
Therefore, before deciding to change your life and move to the other side of Italy driven by these factors, you need to get well informed.
Therefore, you must never improvise, on the contrary, you must contact a professional in the sector who can support you in setting up your business in the Canaries, for example, a lawyer and an accountant who lives in the islands.
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Opening a bar in the Canary Islands, ideas
It’s not about opening yet another bar in the Canary Islands, much less thinking like you would in Italy, because the habits and lifestyle in those parts are completely different from the Italian one.
Just as many businesses open every year in the Canary Islands, they close after some time, do you know why?
Because you have to keep in mind that in starting a business, specifically in the restaurant sector, you need originality.
It’s not just a question of opening a chiringuito on the beach, or a bar by the sea like all those that are already present in the area; but instead, to open a bar in the Canaries outside the box:
- That it is original and knows how to take advantage of the nightlife
- It has an attractive design
- That counts with an attractive offer for tourists
- With a local menu that knows how to mix the goodness of Italian ingredients with the Spanish ones
Finally, don’t forget the importance of being able to speak a decent level of Spanish and also of English in order to be able to welcome all the tourists from the area who will arrive at your establishment in the Canaries.
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Just let your imagination go and come up with all those original ideas that can materialize to open a bar in the Canary Islands.
Money Beng, The Editor
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