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Tax Relief
• Fifteen percent tax relief on investment in fixed assets.
• 500,000 pesetas for the creation of each full-time job.
• In R&D programs, up to 30 percent tax relief on intangibles and up to 45 percent on equipment.
• Fifteen percent tax relief on costs of training new employees.
• Twenty percent tax relief on investment and expenditure overseas in setting up a subsidiary, acquisition of shares, advertising or participation in international trade fairs.
• Flexible depreciation schedules.
• In addition, a company can reduce its tax base by up to 40 percent if part of the company's profits are spent on fixed assets investments.
Economic Development Assistance
Foreign investors will be channeled to the Society for the Development of Navarre (SODENA). It is a public company, with 80 percent of its shares owned by the government of Navarre and the remaining shares owned by the Navarre Savings Bank, which the region's leading financial institution. SODENA can provide:
• Detailed information on possible locations in Navarre.
• Sites available in the industrial estates.
• Help obtaining customized grants and subsidies for each investment project.
• Information on setting up a business and practical support to simplify the process.
• Contacts with local engineering, construction and finance companies and with employment agencies.
The Business Culture
The Navarrese are honest and straightforward in business relations. And in any business meeting they come to the point quickly. Be prepared to forego the chit-chat and get down to business immediately.
Steel yourself for the dining schedule: Like the rest of Spain, the Navarrese have lunch at 2 or 3 in the afternoon and dinner at 10 or 11 at night. They are back at work by 8 the next morning or before.
This investment guide to Navarre was prepared by the staff of Conway Data under the sponsorship of SODENA, the Navarre development agency.
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