The Basque Country has capacity for self-government thanks to its own financial system
Euskadi, the Basque Country, enjoys a high level of self-government in issues as important as healthcare, education, safety, housing and taxation, autonomy derived from the Gernika Statute, one of the fundamental pillars of self-government.
Another fundamental pillar of Basque self-government is the ‘Economic Agreement’, the financial foundation of the Autonomous Community, which gives the Basque institutions autonomy to collect and manage citizens’ taxes depending on its own budgets and on agreements signed with the Spanish central administration. All these circumstances have enabled the creation of local organisations, such as EITB – Basque Radio and Television; the Ertzaintza, the autonomous police force, with more than 7,000 agents, and full authority over road and hydraulic infrastructure, economic and industrial promotion, territorial planning and training.
Institutions supporting business development
Business development and promoting the creation of new enterprises and ventures are two of the most important commitments of the Basque institutions. These commitments have given rise to instruments that the Basque public administrations make available to people to create, develop and consolidate businesses.
The Basque Country has capacity for self-government thanks to its own financial system.
Specific public funds for each stage of the company life cycle
- Refundable advances
- Low interest loans
- Tax incentives
- Occupational training
- Subsidies for R&D projects
- Installation in Technology Parks
Private funds proactive to investing in businesses
- Reciprocal guarantee companies
- Financial institutions
- Social entities
- Specific funds
- Business Angels network
- Seed funds
Tax incentives and deductions *General taxation: 28% – 24% for SMEs
- Research, development and innovation
- Investments in environment and sustainability
- Start-ups: Reduction in the tax base and share purchasing as investment
- Job creation
- New non-current assets
- Financing-related incentives