WQ85445 (e) Tabled on 10/06/2022

Will the Minister clarify what incentives have been offered to encourage new start-ups to move to Wales?

Answered by Minister for Economy | Answered on 20/06/2022

Our Business Wales service is available to new start-ups who are planning to relocate to Wales.

Business Wales can provide new start-ups with access to a wide range of start-up support which can be tailored according to client need and the different regions of Wales, dependant on local requirements. Start-up support includes access to workshops, general business advice, information and signposting as well as specialist strands of advice such as equality & diversity; resource efficiency; international trade; skills; procurement; and mentoring. In addition to broadband exploitation and access to the Skills Gateway and Farming Connect.

The Business Online Support Service (BOSS) is available via http://businesswales.gov.wales and offers Welsh Government business courses and provides on-demand access to information to help individuals start a business. BOSS offers a broad range of free courses addressing subject areas such as marketing, finance and managing a business.

The Business Wales Accelerated Growth programme is also available to support and develop start-ups that have high growth aspirations and potential. The programme provides specialist tailored support for businesses with the potential to realise significant growth potential. High growth support is delivered by highly skilled coaches and mentors and is supported with a suite of dynamic online high growth tools.

Across Wales there is a network of five regional Hubs with additional outreach satellite locations providing start-up support. Enterprise Hubs provide individuals and companies with the space to network, innovate, establish their enterprises and access a range of support services, such as advice on pitching, workshops and business surgeries. The Enterprise Hubs provide an innovative and vibrant community for entrepreneurs to start, develop and grow their businesses. Entrepreneurs at the Enterprise Hubs have access to the breadth of support available from Business Wales as well as from partners including colleges, universities, local authorities and the Development Bank of Wales, providing a well-connected, simple and visible support system for entrepreneurs.

For social enterprise start-ups we also have a Social Business Wales New Starts project in Wales, which complements the services provided by Business Wales, and provides specialist advice and guidance to support the development of new social businesses.

Young entrepreneurs and graduates who want to return to Wales to start a business can access our youth entrepreneurship services which help those interested in starting a business take their idea forward. Part of the Business Wales family, Big Ideas Wales offers a tailored programme of events, workshops and one-to-one advice to help young people build confidence in business, develop their ideas and support them to start a business. In addition as part of the Young Person’s Guarantee, young people under 25 returning to Wales to start a business will receive an enhanced package of business support.

In addition to the support we provide to start-ups, our support for inward investors looking to move to Wales goes beyond just financial incentives and we can provide advice on the practical elements of setting up a business including inward visits to identify suitable properties and locations.