If you want your business to grow, Science Vale can help make it happen. By moving to one of our enterprise parks you qualify for hefty discounts on your business rates – and you get plenty of support. In Science Vale, we’re as keen to generate wealth and jobs as you are.
Huge discounts on business rates
Enterprise zones are a government scheme to help businesses move into the growth fast-lane. The rules are straightforward: businesses that relocate to a designated enterprise zone can qualify for a 100% discount (up to a maximum of £55,000 a year) on their business rates for a period of five years. That’s a saving of up to £275,000 across your first five years. The discounts are fully funded by central government.
Your business can qualify if you move into an enterprise zone before the relevant cut-off date:
· Science Vale Oxford: you must move in before 31st March 2018.
· Didcot Growth Accelerator: you must move in before 31st March 2021.
In addition, you will need to fulfil the following criteria:
· You have received less than the maximum of €200,000 in state aid within the past three years.
· You currently operate from a location that’s more than eight miles from the enterprise zones.
You are inside the eight-mile radius, but meet one of the following conditions:
· relocation to larger premises
· substantial increase in workforce
· substantial increase in turnover
· there’s a clear benefit to the enterprise zone or another business within it
Speed your way through the planning process
In some cases, planning applications in enterprise zones can be simplified by Local Development Orders (LDOs). An LDO specifies a range of permitted uses for a piece of land and what can be built on it. For incoming businesses, an LDO:
· simplifies planning controls to ensure a quicker response to market demands
· encourages growth by speeding up the construction of new accommodation
· increases confidence and certainty among investors
All the benefits of Science Vale industry clusters and expertise
Most businesses choose Science Vale because it gives them something they can’t get elsewhere: knowledge, expertise, skills and big-science research facilities. You can’t put a value on being part of our culture of innovation, having research facilities on your doorstep and working with neighbours who think like you.
In Science Vale, a discount on your business rates is the icing on the cake.