It was during the 1980’s that the first steps toward the creation of Madeira's International Business Centre (MIBC) were taken. Facing a predictable crisis in the traditional economical sectors and an excessive dependence on tourism, Madeira needed a mechanism that could efficiently contribute to modernise and diversify the local economy and which had already been successfully tested in other similar regions.
When Portugal joined the then European Community, the implementation of Madeira's IBC received a decisive push. It was accepted and approved by the Portuguese Government and at the highest instances of the European Union.
A well regulated environment has been of utmost importance for the performance of Madeira's IBC so far. The legislation governing the MIBC was approved and enacted by the Portuguese Government and is fully integrated and totally compliant with the solid foundations of the Portuguese legal system.
