The Spanish Ley 27/1992, on the 24th November, an Act on State Ports and the merchant navy, in its 15ª additional order creates a Register of Ship and Shipping Companies based in the Canary Islands. If the shipping companies wish to be part of it, they must base the management control of the ships exploitation in the Canary Islands. Also, they must be carried out with other requirements like being set aside for the foreign navigation. The companies registered have the following tax incentives:

» 90% bonus over the installment (after deductions for double deposit) that corresponds to the taxable base of the exploitation of the registered ships (transfer is not included).

» Exemption of the Wealth Tax and Documented Legal Acts for the agreements made by the registered ships.

» Exemption for the crew members in the payroll tax or in the non resident tax of the 50% of the total yield for the individual work accrued due to the navigation in the above mentioned ships.