Canary Islands 'Zero Fee' Grants Approval

Overview

The Canary Islands government has approved the latest round of 'zero fee' grants aimed at supporting self-employed workers. This program, part of a series of measures introduced since March 2024, aims to provide financial aid to entrepreneurs without requiring repayment or competition.

The current resolution confirms the allocation of over 324,000 euros to 348 autonomous workers, facilitating their business startup or development.

Administration and Eligibility

Managed by the public Tech Institute of Canary Islands (ITC), the funds are distributed directly to beneficiaries, with the approval based on compliance checks carried out by the ITC.

Beneficiaries must meet specific eligibility criteria, such as:

• Being current with tax obligations
• Being current with social security obligations

Regulatory Context

The grants are considered 'de minimis' aid under European Union regulations, ensuring that recipients do not exceed certain aid limits.

Significance and Goals

This initiative is significant as it offers vital financial support to small entrepreneurs amid ongoing economic recovery efforts.

By streamlining the process and reducing bureaucracy, the region aims to encourage entrepreneurship, especially in a context of economic uncertainty and COVID-19 recovery measures.

Transparency and Compliance

The resolution also underscores strict compliance and transparency requirements for recipients, ensuring accountability and proper use of public funds.

"This program aims to provide financial aid to entrepreneurs without requiring repayment or competition."