STARTING A BUSINESS IN WALES: Detail Guide

If you have a great concept and the drive to make it a reality, this article on starting a business in Wales, in collaboration with Business Wales, can provide you with vital and confidential help and guidance. Starting a business in Wales is a significant step that many people would never contemplate, but it’s also a lot of fun, and if you have a good concept, you should go for it! Join me as we explore starting business grants in Wales and so much more.

Starting a Business in Wales grants

There will be a slew of questions running through your mind. How am I going to find customers? What should I charge for this service? Will I be able to make ends meet without a regular paycheck? Is there anyone that could assist me in developing a business plan?

The Welsh Assembly Government runs a free initiative to assist those who intend to apply for Starting a Business in Wales grants. The programme consists of a mix of courses and one-on-one business assistance. Also, the one-on-one meetings give you the opportunity to chat exclusively about your company concept with a Business Adviser who will listen to you and walk you through the steps you need to take to determine whether self-employment is suited for you and whether your business idea is viable.

The sessions are informal and offer an excellent opportunity to meet other individuals who are thinking about establishing a business, as well as cover all components of a business plan.

Starting a Business in Wales Grants

There’s never been a better time to Starting a Business in Wales grants. Not only can you make use of all the lifestyle perks that come with living in such a beautiful location, but you can also take advantage of a variety of business funding choices to help your company start, develop, and prosper.

Business grants in Wales and the United Kingdom (such as those from InnovateUK or the BBSRC) are announced on a regular basis, and research goals can change. Since the pandemic, there has been a noticeable shift in focus in terms of research and development funds; depending on your company’s sector, it’s always worth keeping an eye on the research councils’ major portals. If you’re on our email list, we’ll do our best to keep you up to date on the most recent calls that we think would be of interest to you and your company.

Research and Innovation Funding

#1. SMART Cymru

SMART Cymru assists Welsh companies in the development, implementation, and commercialization of new products, processes, and services.

They have so far sponsored over 400 projects, enhancing and expanding Welsh enterprises’ ability to innovate.

Moreso, if you have an idea for a new product, method, or service that will help your business grow, SMART Innovation’s team of Innovation Specialists can help.

#2. UK Research and Innovation

Individuals and groups can apply for a variety of funding options from UK Research and Innovation to pursue world-class research and innovation.

Therefore, if you’re thinking about applying for a UKRI funding call, don’t hesitate to contact the AberInnovation team to see how we can help you.

#3. Expertise Wales

Expertise Wales can assist you in identifying and promoting partnership opportunities, as well as learning about the spectrum of support available from the Welsh Government to aid you with your innovative projects.

#4. Knowledge Transfer Partnerships (KTPs)

A Knowledge Transfer Partnership (KTP) is a three-way collaboration between your company, a graduate, and a university. The scheme, which is partially sponsored by the government, gives businesses access to academic skills and experience in order to innovate, expand, or enhance their performance.

Any company is eligible to apply. Your initiative must be strategic and have the ability to transform your company in order to succeed. Your academic collaborator will provide the necessary experience and knowledge to complete the research.

#5. Innovate UK

National research goals and financing are constantly shifting, and new funding opportunities arise frequently. We try to keep our subscribers (join our mailing list) informed about relevant funding opportunities, however, the most up-to-date information is always available on the Innovate UK website.

#6. European Research Council

Horizon 2020, the Cohesion Fund, LIFE, ERDF, ESIF, and the RFCs are among the innovation funding programmes administered by the European Research Council.

The open calls are updated on a regular basis, so check back often. We will make every effort to market appropriate opportunities through our newsletter.

Equity Investment and Loans

#1. Development Bank of Wales

The Development Bank of Wales offers customised funding packages to meet your company’s specific requirements. Small business loans (microloans), substantial business loans (£50,000+), equity investment, startup funding, and/or property development loans are some of the options.

#2. Angels Invest Wales

Angels Invest Wales is a high-net-worth investment platform that connects high-net-worth individuals when it comes to starting a Business in Wales and investors with innovative prospects and scalable business proposals.

They also run the £8 million Wales Angel Co-Investment Fund, which allows syndicates of investors to invest in SMEs in Wales.

#3. Seed Enterprise Investment Fund

The SEIS system, which is run by the UK government, permits firms to raise up to £150,000 from individual investors.

This is accomplished by selling shares to investors who are eligible for tax benefits as a result of their investment.

#4. Deepbridge Capital

Deepbridge is a technology, life sciences, and renewable energy growth, expert.

This aims to engage with investee firms throughout their funding path, from seed stage to commercialization and growth investment, to ensure that they have the highest chance of success.

Reasons for Considering Wales as a Location for Your Business

#1. The talent of Wales

Over a third of the Welsh population, aged 21 to 64, holds a college diploma. Over a third of the Welsh population, aged 21 to 64, holds a college diploma. Wales has 226,375 full- and part-time students enrolled in its eight universities and 13 colleges of higher education. Investors in Wales can also tap into a pool of half a million graduates every year from around the UK: Young graduates are eager to migrate to Wales in search of good jobs and to take advantage of the high quality of life and plenty of outdoor activities and sports. In today’s Wales, people from other countries account for 27% of the population. (According to the 2011 Census)

#2. Wales has great links

• Wales is at the centre of the UK. Cardiff is just two hours from London by high-speed train.
• Wales is linked by road, rail, and air to the major UK and European cities, airports, ports, and markets.
• Wales is linked to the world via high-speed fibre broadband, provided to businesses and homes in Wales by a joint investment by BT and the Welsh Government.

#3. Wales has all the benefits of UK investment

According to the World Bank, the United Kingdom is the number one destination in Europe for US FDI and one of the finest major places for ease of doing business. There are a number of compelling reasons to invest in Wales:

• English-speaking.
• Grants and incentives.
• Generous R&D tax credit scheme.
• Half a million graduates per year.
• Stability of government.

#4. Wales has added incentives

• Non-repayable financing is available from the Welsh Government of between 10% and 45% of costs for capital expenditure on inward investment projects.
• Availability of commercial investments from the Development Bank of Wales – one of the UK’s largest regional investment companies, who can make commercial investments in small and medium-sized businesses (SMEs) based in Wales or willing to relocate.
• The Wales Tourism Investment Fund (WTIF).
• Skills Growth Wales training grants and Go Wales graduate support.

#5. Wales is highly competitive on cost

Commercial rents and property prices are great values in Wales. There are Enterprise Zones in Wales for a range of industries, including:

• Financial and Professional Services, Cardiff.
• Aerospace, Cardiff Airport, and Bro Tathan.
• Energy and Environment, Anglesey.
• Energy, Environment, and ICT—Snowdonia.
• Advanced Materials and Manufacturing: Deeside and Ebbw Vale.
• Energy and Marine Energy—Haven Waterway.
• Advanced Materials and Manufacturing, Port Talbot Waterfront.

#6. Wales is at the forefront of precision engineering and cutting-edge technology

Some of the things made in Wales include:

• Airbus A380 wings.
• Toyota Auris Hybrid engine.
• Thales Satellite cover glass and cover slides.
• Raytheon’s Shadow R MKI aircraft
• Flexicare Hall Lock System.
• The Raspberry Pi.
• Faun Trackway Heavy Ground Mobility System
• GE Healthcare’s Whatman 903 Specimen Collection Device

#7. Wales is investing in R&D and innovation

Benefits include:

• Access to world-renowned academic support through our SMARTExpertise programme.
• One of Europe’s most comprehensive support systems for industrial research, experimental development, and feasibility studies for transforming innovative ideas into new products or processes via our £115 million SMART Cymru research fund.
• Ongoing investment into Europe’s first eco-system dedicated to compound semiconductor applications, growing and integrating this clever high spec material into innovative new products.
• Join up with like minded innovators in Wales’ premier Life Science Hub to gain access to funds, ideas, and collaborators.
• Wales has a free quarterly publication called ‘Advances Wales’ showcasing the latest news, research and developments in science, technology and engineering in Wales

#8. The people of Wales

Wales has a highly skilled workforce. The Welsh are a Celtic people that arrived in Britain approximately 500 BC and named it after themselves. They are kind, friendly, and passionate about everything in life, as are most Celts.

#9. The Welsh Government helps businesses to grow in Wales

Most worldwide corporations reinvest in starting a Business in Wales once they have made an initial investment. Wales is represented in the UK Parliament in London and has its own Welsh Government. From the beginning to the end of the investment project, dedicated staff in the Welsh Government look after foreign investors.

#10. Wales is a great place for work and play

Wales, according to Rough Guides, is “the most fascinating part of the British Isles.” Rhossili Bay in Gower, Wales, was awarded the best beach in the United Kingdom and the ninth-best beach in the world by Trip Advisor. The best area on earth to visit, according to the Lonely Planet guide, is Wales’ shoreline, which is surrounded by an 870-mile trekking circuit. Wales contains 180 golf courses, including Celtic Manor, which hosted the 2010 Ryder Cup.

Here, you can participate in almost every water sport. Coasteering is a sport that originated on the Pembrokeshire coast. Wales is home to a Welsh National Opera, a Welsh National Dance Company, and a Welsh National Theatre, as well as a slew of cultural events and festivals throughout the year.

FAQs