Enterprise Zones are areas around the country that support both new and expanding businesses by offering incentives. There are currently 24 Enterprise Zones across England.
Deciding to base your business in an Enterprise Zone gives you a number of benefits:
- Financial benefits
By locating your business in an Enterprise Zone, you can claim up to 100% Business Rates relief (worth up to £275,000) over a 5-year period. In some Enterprise Zones there are also sites available where you can claim Enhanced Capital Allowances for investment in plant and machinery. Many Enterprise Zones provide even more benefits, such as lease payment holidays, low-rent incubator units and development funding. Contact the zone you are interested in for more details of the specific incentives on offer.
The Chancellor announced at Budget 2014 that the deadlines for accessing business rate discounts and enhanced capital allowances on Enterprise Zones would be extended by three years. This means that businesses have until March 2018 to locate on an EZ to be able to access business rate discounts, which could be worth £275k per business over 5 years. On sites where enhanced capital allowances are available, businesses now have until March 2020 to make a qualifying investment, and can then write off up to £100m against corporation tax.
- An on-site customer base
Many of the Enterprise Zones are encouraging businesses in the same sector to cluster together, for mutual benefit. Some focus on automotive – others on energy or pharmaceuticals and healthcare. To view the Enterprise Zones by sector click here. Major businesses are specifically choosing Enterprise Zones that can provide them with the goods and services they need. By choosing an Enterprise Zone based on what you offer, you can increase your sales and reduce distribution costs.
- A straightforward planning process
Enterprise Zones have a can-do attitude to planning through the use of simplified planning procedures – for example, Local Development Orders grant automatic planning permission for specified types of development. If you need a new development to accommodate the needs of your business, locating on an Enterprise Zone could save you time and money.
- Business-ready infrastructure
Enterprise Zones are developed with business in mind – this means you can look forward to features like superfast broadband and easy access to motorways, rail, airports or ports. Not only that, by choosing an Enterprise Zone that’s right for your sector, you can make use of a locally based pool of labour with the skills your business needs.
Local Enterprise Partnerships
Local Enterprise Partnerships are locally owned partnerships between local authorities and businesses. They play a central role in deciding local economic priorities and undertaking activities to drive economic growth and create local jobs.
Enterprise Zones have been awarded to, and are being driven by, Local Enterprise Partnerships.
Scotland and Wales
To find out about Enterprise Zones in the rest of the UK, visit: