Unlocking Audiovisual Funding in the Canary Islands
The Canary Islands Audiovisual Cluster and the Gran Canaria Economic Promotion Society (Spegc) are hosting an ‘Audiovisual Funding Forum’ on Wednesday, November 5th. This pivotal event will bring together tax experts, the Spanish Tax Agency (AEAT), the Official Credit Institute (ICO), banking entities, and specialized mutual guarantee societies like CreaSGR and AvalCanariasSGR.
A deep dive into production financing
The forum, taking place at the CDTIC – Spegc headquarters in Las Palmas de Gran Canaria, aims to delve into the full spectrum of public and private financing available to production companies. A key objective is to provide legal security for investment in both national and international productions, boost investor confidence to attract funding to Canarian projects, and welcome new professionals to the sector. This full-day event will cover various avenues to benefit from tax deductions for audiovisual projects, including insights directly from the Tax Agency, the application of incentives for national and international productions under the Canary Islands Special Zone (RIC) framework, public and bank financing, regional and state aid, guarantees, credit lines, and support for internationalization and co-production.
Who should attend
The forum is primarily aimed at tax advisors, audiovisual production companies, private investors, and investment fund entities. However, it is also open to other players in the audiovisual sector, as well as individuals and companies interested in learning about the attractive investment opportunities and their associated advantages. Interested parties can register for free on the Canary Islands Audiovisual Cluster website. Registration includes lunch, but please note that seating is limited.
Forum programme at a glance
The day begins at 09:00 with an institutional welcome from Rubén Zarauza, President of the Canary Islands Audiovisual Cluster, and Cosme García, Director of the Gran Canaria Economic Promotion Society (Spegc).
At 09:15, Roque Florido, Deputy Regional Inspector at the Santa Cruz de Tenerife office of the AEAT in the Canaries, will provide an overview of tax incentives for the audiovisual sector.
Fernando Toledo, a partner at the law firm Montero Aramburu & Gómez-Villares Atencia, will speak at 09:45 on ‘Formulas for Applying Tax Deductions for Investments in Spanish Cinematographic and Audiovisual Series’ (referencing articles 36.1 and 39.7 of the Corporate Tax Law).
At 11:15, Carmen Aguado, a partner at ÉCIJA Canarias, will explain the ‘Application of the RIC to Audiovisual Projects and Infrastructures’.
An hour later, at 12:15, Jaime Sanz, a partner at KPMG, will discuss ‘Commissioned Productions for Third Countries’, in relation to article 36.2 of the Corporate Tax Law, which regulates deductions for foreign film productions in Spain.
Afternoon session: public and banking finance
The afternoon session starts at 14:30, following lunch, with a roundtable on ‘Public and Banking Finance for the Canarian Audiovisual Sector’. This session will feature contributions from Natacha Mora, Director of the Audiovisual Department of the Government of the Canary Islands; Antonio Benjumea, Director of Triodos Bank Canarias; Fernando V. Rodríguez Sanso, International Business Director of Bankinter; David Nin, General Manager of Aval Canarias SGR; Santiago Novoa, National Corporate Finance Director for Midcaps and SMEs at the Official Credit Institute (ICO); and Pedro Martín, Director of Audiovisual and Sports at Crea SGR.
The forum will conclude at 16:30 with closing remarks from Genoveva Ayala, Manager of the Canary Islands Audiovisual Cluster.
About the organizers
The Canary Islands Audiovisual Cluster is the representative association for the audiovisual sector, bringing together the entire industry value chain. It currently represents over 120 associated companies and entities across the Islands. Its mission is to drive the sustainable, innovative, and competitive development of the audiovisual sector in the Canaries by strengthening its constituent companies and professionals, promoting creative and technical talent, fostering public-private collaboration, and acting as a unifying agent for the Canarian audiovisual ecosystem at a regional, national, and international level.
The Spegc is a commercial entity wholly owned by the Gran Canaria Island Council and is currently attached to the Ministry of Economic Development, Industry, Commerce and Crafts. Its fundamental purpose is to promote the economic development of Gran Canaria by encouraging investment for business creation. Its mission is to promote economic and business activities that contribute to the development and expansion of Gran Canaria.
