guide to investing in wales

A guide to investingin Wales

March 2011

1. General information 2

1.1 Location and people 21.1.1 Key facts 21.1.2 The people 31.1.3 Currency 4

1.2 Infrastructure 41.2.1 Road 41.2.2 Rail 51.2.3 Air 61.2.4 Ports 61.2.5 Travel to work 6

1.3 Telecommunications 61.3.1 Mobile network 71.3.2 Broadband 71.3.3 Data Centres 7

1.4 Quality of life 81.4.1 Climate 81.4.2 Residential property costs 91.4.3 National holidays and 9

important dates1.4.4 Sporting events 9

1.5 Education system 111.5.1 Universities 12

1.6 Health system 12

1.7 Macroeconomic indicators 12

1.8 Key sector 13

1.9 Exports 14

1.10 Foreign direct investment 14

2. Pre-investment considerations 15

2.1 Labour market and skills 152.1.1 The existing workforce 152.1.2 Qualifications 162.1.3 Average earnings 16

2.2 Commercial property 17

2.3 Utility costs 182.3.1 Gas and electricity 182.3.2 Water 192.3.3 Telephones 192.3.4 Mobile phones 192.3.5 Internet 19

2.4 Taxation 192.4.1 Company taxation 192.4.2 Employee taxation 202.4.3 Benefits in kind 212.4.4 Short term business travellers 21

2.5 Raising finance 21

2.6 Government Support and 21Incentives for Business2.6.1 Specific sector support 212.6.2 Financial support 222.6.3 Research and development 22

2.7 Setting up a company 23

2.8 Investment checklist 23

2.9 Business etiquette 23

3. Post-investment ongoing support 24

3.1 Academic collaboration 24

3.2 Incentives and ongoing support 24

3.3 Initiative 24

3.4 Trade support 24

3.5 SMEs 24

4. Further information 25

For additional information the followingdocuments can be downloaded fromwww.ibwales.com

Appendix 1 – Key sectors

Appendix 2 – Creating a workforce

Appendix 3 – Commercial property

Appendix 4 – Business taxation

Appendix 5 – Personal taxation

Appendix 6 – Raising finance

Appendix 7 – Support and incentives

Appendix 8 – Business regulations

Appendix 9 – Choice of business entity

Appendix 10 – Protecting your business– intellectual property rights

Appendix 11 – Checklist of items to consider when planning a project

Appendix 12 – Business etiquette

Contents

Cover image Wales Millennium Centre, Cardiff

http://www.ibwales.com/upload/pdf/10084A_Wales_App_1_i












Purpose of this documentThis document has been prepared as a guide to investing in Wales. It includes background information on the region, informationon taxation, costs and finance together with contact points for further information.

This document provides an overview to Wales and additional information on key topics is available as down-loadable documents.It also includes a summary of useful websites for further information.

WalesWales is a self-governing constituent country of the United Kingdom (Wales, England, Scotland and Northern Ireland). The UK isone of 27 member states of the European Union and is also a member of many other international organisations such as, forexample, the United Nations. In 1997 the people of Wales voted in favour of establishing a National Assembly and it came intoforce in 1999. The National Assembly for Wales meets in Cardiff, Wales’ capital city, and takes decisions affecting Wales.

Welsh Assembly GovernmentThis document has been prepared in conjunction with the Welsh Assembly Government which iscommitted to delivering the support necessary to help companies succeed in Wales – before, duringand after the set-up process. Once established in Wales, companies are allocated a dedicatedRelationship Manager with the aftercare skills to help grow the business over time; and offering apersonal relocation service that helps busy executives build their new lives in Wales.

Wales is a small country and every business and every job is vital. Companies appreciate that beingsmall enables the government to be more responsive to their unique needs, providing fasterdecision-making with less red tape.

DeloitteDeloitte is delighted to be associated with this guide to investing in Wales which we hope you will find interesting and informative.

The origins of Deloitte in Wales go back by more than 100 years to a time when Wales was a major international producer of coaland steel and home to the largest shipping line in the world. Many new entrepreneurial businesses were established and many ofthose continue to this day. The last thirty years in particular has witnessed a change in the economy of both the UK and Wales.Coal extraction and some manufacturing have declined but what has emerged is a service sector and value-added driven economy.In the 21st century Wales is proud of its history and looks forward with hope to its future.

Deloitte has more than 165,000 people worldwide and a presence in more than 140 countries. In the UK Deloitte has more than11,000 staff and 21 offices. In Wales Deloitte delivers services in Audit, Tax, Consulting and Corporate Finance from our new officein Callaghan Square based in the heart of the capital city, Cardiff.

Deloitte is proud to have supported many of Wales’ leading businesses during this time and we will continue to play our part inthe evolution of this vibrant economy, providing thought leadership and commercial guidance. Our aim is to drive excellence inWales by connecting, engaging and informing.

Wayne HarveySenior PartnerDeloitte LLP

Introduction

1A guide to investing in Wales – March 2011Next Previous Back to contents

1. General information

1.1.1 Key facts

A guide to investing in Wales – March 2011 2Next Previous Back to contents

This section provides background information on the economy of Wales.

1.1 Location and peopleWales is located within the United Kingdom and covers a surface area of 20,732 km2 (8,005 miles2). It is an integral part of theUnited Kingdom although it has a number of devolved powers that give it a degree of autonomy.

The National Assembly for Wales meets in Cardiff which is based in the South East of Wales.

Population 2,999,3001

Population growth 0.31% per annum (2008-2009)1

Currency £ sterling

Language English and Welsh

Time zone GMT (Summer Time +1 GMT)

1: The Office for National Statistics


1.1.2 The peopleThe population in Wales is approximately three million and is growing byabout 0.3% per annum compared to a UK average of 0.6%. The majority ofthe population lives in South Wales and Cardiff has the highest populationdensity with 2,397 people per square kilometre (2009).

Source: The Office for National Statistics

Population density of Wales: by unitary authority, 2009

Wales male Wales female UK male UK female

2009 population pyramid – Wales

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

90 andover

85-8980-8475-7970-7465-6960-6455-5950-5445-4940-4435-3930-3425-2920-2415-1910-145-90-4

Source: The Office for National Statistics

4

The 2001 census showed that 98% of the population base in Wales was White British and 2% non-white (mainly of Asian origin).Most non-white groups were concentrated in the southern port cities of Cardiff, Newport and Swansea.

Christianity is the largest religion in Wales, with 72% of the population describing themselves as Christian in the 2001 census.

The official languages are English and Welsh. English is universally used across Wales and Welsh is spoken fluently by about one infive of the population.

1.1.3 CurrencyThe currency is the pound (£) sterling which is used throughout the United Kingdom.

1.2 InfrastructureThe infrastructure in Wales provides easy access to its major industrial and commercial centres via expressways (dual-carriageways),motorways, and rail links.

1.2.1 RoadThe M4 is the main road artery linking cities in South Wales toSouthern England and London. The A55 expressway links thenorthern coast of Wales to Northern England. The main north-south road link in Wales is the A470.

The maximum speed limit on a motorway and a dual-carriagewayis 113kmph (70mph). On other roads the speed limit is 97kmph(60mph) and in towns and cities the speed limit is 48kmph(30mph).

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1.2.2 RailPassenger trains serve all of Wales, with Cardiff having a direct twice-hourly two hour journey time to the heart of London.

There are rail freight depots in Cardiff, Swansea and Holyhead which provide containerised delivery facilities. Cardiff also has aEurofreight terminal and is the main rail depot in Wales for European and world markets.

Source: The AA Route Planner

London Manchester Birmingham Channel Tunnel(Ashford International)

From

Cardiff 1h59m 3h25m 2h0m 3h41m

Swansea 2h56m 4h20m 2h58m 4h39m

Newport 1h45m 3h10m 1h43m 3h26m

Wrexham 2h35m 1h47m 1h40m 3h32m

Bangor 3h13m 2h28m 2h55m 4h12m

NB: Times are for the fastest service between 7am and 7pm on a weekday

London Manchester Birmingham Channel Tunnel

From Time Dist. Time Dist. Time Dist. Time Dist.

Cardiff 2h57m245km

(152 miles)3h34m

304km(189 miles)

2h7m180km

(112 miles)3h46m

364km(226 miles)

Swansea 3h33m303km

(188 miles)4h10m

361km(224 miles)

2h43m238km

(148 miles)4h22m

421km(262 miles)

Newport 2h43m224km

(139 miles)3h19m

281km(174 miles)

1h52m157km

(98 miles)3h32m

343km(213 miles)

Wrexham 3h55m317km

(197 miles)1h13m

85km(53 miles)

1h44m127km

(79 miles)4h46m

439km(273 miles)

Bangor 4h52m432km

(268 miles)1h54m

159km(99 miles)

2h46m247km

(153 miles)5h43m

554km(344 miles)


Sample journey times include:

Main cargo ports

South East Wales Barry, Cardiff and Newport

West Wales Port Talbot, Swansea and Milford Haven

North Wales Penrhyn and Holyhead

1.2.3 AirCardiff International Airport is the major international airport in Wales and has a number of European and domestic connections.There are freqent flights to Amsterdam (3-5 daily flights), Paris (1-2 daily flights) and Dublin (1-3 daily flights) which allowconnecting flights to the rest of the world. Cardiff airport serves approximately 2 million passengers annually.

The largest UK airport, London Heathrow, is accessible by car or train from South Wales in approximately two hours. The largestairport accessible to North Wales is Manchester, which has direct scheduled flights to more than 220 destinations and serves25 million passengers annually.

Amsterdam Dublin Paris

From South Wales:Cardiff

1h25m 1h10m 1h35m

From North Wales:Manchester*

1h25m 0h55m 1h35m

Note: Daily scheduled flights*Wrexham is 1 hour by car from Manchester airport (74km/46 miles)

1.2.5 Travel to workThe car is the predominant mode of transport for people travelling to work in Wales with 70% of the workforce either driving acar or travelling as a passenger. In cities such as Cardiff, where there is a good local rail and bus network, the uses of publictransport (trains and buses) is 15% and the usage of cars is reduced to 66%.

1.3 TelecommunicationsThe Welsh Assembly Government recognises the importance of telecommunications for economic growth. All telephoneexchanges in Wales are DSL-enabled, meaning that most homes in Wales have access to a broadband service via the telephoneline. The main alternative to DSL broadband is cable broadband, which is available to homes and businesses in Wales primarilyalong the M4 corridor.

Ofcom’s Communications Market Report for 2010 paints the following picture about telecommunications in Wales:

• All telephone exchanges are capable of delivering a broadband service;

• 89% of the Welsh population can receive 2G mobile services;

• 69% of the Welsh population can receive 3G mobile services.

Wales needs modern, sustainable telecommunications infrastructure to underpin economic growth. This is why the WelshAssembly Government has invested heavily in broadband infrastructure over the past 5 years and will continue to do so over thecoming decade.

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1.2.4 PortsThere are a number of ports in Wales of which the largest is Milford Haven (South West Wales). Two major oil refineries and twoLNG projects are also based within the port. For further information see: www.mhpa.co.uk

There are also multiple-daily ferry sailings to Ireland from both Fishguard (to Rosslaire) and Holyhead (to Dublin).

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The FibreSpeed project has delivered a fibre optic network to 14 business parks in North Wales enabling Internet Service Providers(ISPs) to retail high-speed symmetrical services to businesses located on the parks. FibreSpeed was devised to address affordabilityissues relating to advanced broadband services in north Wales. As a direct result of this investment, end user pricing for businessesat the parks in north Wales is as competitive as London and the south east of England.

The Regional Innovative Broadband Support Scheme (RIBS) contract, which was awarded to BT, has ensured that almost allpremises in Wales are connected to an ADSL-enabled exchange. The RIBS contract has already delivered current-generationbroadband connectivity to around 8,500 premises in notspot areas across Wales.

In July 2010, the Welsh Assembly Government launched its Broadband Support Scheme providing financial assistance to businessesand households located in broadband not spots to purchase equipment that will enable them to get a broadband service.

1.3.1 Mobile networkMobile phone coverage is Wales is good. 89% of the Welsh population can access 2G services from at least one mobile operatorand 69% of the population can access mobile data (3G) services1. The Welsh Assembly Government recognises the opportunitiesafforded by the mobile telephony infrastructure in Wales and will work with the mobile industry, Ofcom and businesses acrossWales to improve mobile coverage where it is needed most.

1.3.2 BroadbandThe past 12 months have seen considerable activity in the development of broadband services in Wales. ADSL2+ is now availablein 41 exchange areas across Wales, offering speeds of up to 20Mbps.

BT has set out the areas where it will roll out fibre-to-the-cabinet (FTTC) broadband services in Wales. FTTC next generationbroadband services can also be delivered by other providers using this network, with TalkTalk being the first Internet ServiceProvider to announce that it will be offering an up to 40Mbps service using BT’s network from the beginning of 2011. By the endof 2010, 13 exchange areas in Wales will have the capability to deliver up to 40Mbps to customers. A further four exchange areasare scheduled to be upgraded by the end of 2011, with more expected to be announced during 2011.

Virgin Media offers speeds of up to 50Mbps broadband with 100Mbps expected during 2011. Virgin Media is working with SurfTelecoms trialling the delivery of next generation broadband in the Welsh village of Crumlin. Using Radio Frequency over Glass(RFoG) technology, the Crumlin trial delivers Virgin Media 50Mbps broadband and Virgin’s next generation on demand televisionplatform across a single fibre, whilst leaving frequencies available for alternate technology providers to provide services on thesame fibre. Virgin Media’s network is currently available to 24% of households in South East Wales.

The commercial roll-out of high speed wireless broadband, next generation mobile broadband and faster satellite services are alsoat various stages of development and will together offer businesses and consumers in Wales a diverse range of broadbandsolutions to suit different needs.

The Welsh Assembly Government will be investing in next generation broadband infrastructure. The next generation broadbandwill ensure that every business (by 2016) and every home (by 2020) has access to a minimum 30 Mbps with 50% of homes andbusinesses having access speeds of 100Mbps or more – and a major improvement on mobile phone coverage.

1.3.3 Data CentresWales has benefitted, in recent years, from high profile investment in data storage sites over recent years, including state-of-the-artfacilities at BT’s data centre in Cardiff Bay and in Next Generation Data’s 70,000 sq ft facility at Newport.

This investment reflects widespread recognition that there is a shortage of secure, resilient and energy efficient data centre storageand hosting facilities across the UK and Europe. This presents an opportunity to stimulate a competitive market for the full range ofdata centre services in Wales through private sector investment.

Opportunities exist in Wales for commercial data centre operators as a result of existing infrastructure such as suitable, WelshAssembly Government owned, power rich property, accessible by several carrier networks.

1 These figures are lower than 2009. However, Ofcom has changed the way in which it gathers data to make it more accurate so the figure are not comparable.


1.4 Quality of lifewww.visitwales.comWherever you live in Wales you are never far fromthe countryside. Wales has over 400 castles, threeNational Parks and five Areas of OutstandingNatural Beauty.

The capital city, Cardiff, is a popular destinationfor visitors, whether to experience its history, thewaterfront, a major event at the MillenniumStadium (www.millenniumstadium.com) or totrace the locations used in filming internationallypopular television programmes such as Dr Who.

In 2009, Wales received 8.95 million UK overnightvisitors; these visitors spent around £1,413 million.Holidays are by far the main reason for a visit(78%) whilst business travel accounts for around8% of UK overnight trips. Visit Wales is the WelshAssembly Government’s tourism team, within theDepartment for Heritage, and is responsible forthe promotion and development of tourism inWales.

1.4.1 ClimateWales has four distinct seasons and a moderateclimate, with no major seasonal peaks or troughsin temperature.

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Sunshine (hours) Rainfall (mm)

Average sunshine and rainfall

0

20

40

60

80

100

120

140

160

180

200

Source: Wales 1971-2000 averages, Met Office

Average Temperatures

0

5

10

15

20

25

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Deg C

Max Temp Min Temp

Weather forecasts can be viewed at: www.bbc.co.uk/weather/ukweather/wales

A guide to investing in Wales – March 2011 9

1.4.2 Residential property costsThe average cost of residential properties in Wales is £124,290 compared to a UK average of £166,297 (a saving of 25%).The average property prices in some of the major cities in Wales are as follows:

Source: Land Registry of England and Wales. May to July 2010

1.4.3 National holidays and important datesThe UK has a total of eight annual public holidays.

2011 2012

New Year’s Day * 3 January1 2 January1

St David’s Day 1 March 1 March

British Summer Time Begins 27 March 25 March

Good Friday * 22 April 6 April

Easter Monday * 25 April 9 April

May Day Holiday * 2 May 7 May

Spring Holiday * 30 May 4 – 5 June4

Summer Bank Holiday * 29 August 27 August

British Summer Time Ends 30 October 28 October

Christmas Day * 26 December2 25 December

Boxing Day * 27 December3 26 December

* Bank Holiday1: Substitute Bank Holiday in lieu of 1 January as it falls at the weekend2: Substitute Bank Holiday in lieu of 25 December as it falls at the weekend3: Substitute Bank Holiday in lieu of 26 December as it falls at the weekend4: Replaced Spring Holiday with Queen’s Diamond Jubilee

1.4.4 Sporting eventsRugbywww.wru.co.ukRugby is the national game of Wales and home games are played at the Millennium Stadium in Cardiff. There is an annualprogramme of “Home Nations” rugby games that are held in the first quarter of each year. Further information on games can befound at the Millennium Stadium website www.millenniumstadium.com

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All properties Flats Terraced Semi-detached Detached

Cardiff 148,530 109,116 126,718 153,593 256,057

Newport 122,788 75,475 83,690 119,883 226,507

Swansea 117,648 108,248 86,511 108,574 185,969

Wrexham 125,505 71,728 81,095 108,429 195,045

Bangor (Gwynedd) 142,364 79,044 101,984 141,232 205,449


The 2012 Olympic GamesThe Olympic and Paralympic Games are the world’s greatest sporting event but London 2012 is about more than London andmore than sport. It is a Games for London, the UK and the rest of the world, for sport and culture, for volunteers and business.

14,700 athletes are expected to arrive and take part in 771 sporting events over the six week period. 10.8 million tickets will besold for events across 34 Olympic and 21 Paralympic venues.

Not all those venues are in London, and attracting international teams to Wales is an opportunity for Wales to engage with theLondon 2012 Olympic and Paralympic Games.

Across Wales, there are 32 international standard sporting facilities that have been included in the London 2012 pre Gamestraining guide.

To date, Wales has attracted four countries to train in Wales. Multi-sport Paralympic teams from Australia, New Zealand and SouthAfrica have decided to carry out their immediate pre Games training in Wales with Australia and South Africa basing its athletes inCardiff and Newport whilst New Zealand will be based in Swansea. The Trinidad and Tobago Olympic team including the hugelysuccessful sprint squad has also committed to basing its team in Cardiff, along with the Amateur International Boxing Association‘Road to London’ training camp.

Wales will host part of the Olympic Football tournament at Cardiff’s Millennium Stadium, with eleven matches over eight days,with teams preparing for Games at Cardiff University’s Llanrhymney pitches. In total, close to 1000 athletes, coaches and supportstaff will be based in Wales generating a boost to the economy worth millions of pounds.

London 2012’s ambition is to create a Games for everyone, where everyone is invited to take part, join in and enjoy the mostexciting event in the world. www.london2012.com

Wales successfully hosted The 2010 Ryder Cup. Crown copyright (2011) Visit Wales


1.5 Education systemWales has an extensive educational network from pre-school to postgraduate level:

Attendance at state schools from age 4 to 18 is available free of charge. Private schools are available as a state opt-out and feeswill be charged per term.

• Pre-school education. Three and four-year-old children have state funded pre-school education in state nursery schools or classesattached to primary schools.

• Primary school education. This is for children aged four to eleven. Most children attend co-educational state schools that arefinanced by the government.

• Secondary education. This is for children aged 11 to 16 and schools may be single sex or co-educational. All secondary schoolsteach pupils to age 16 and prepare them for taking appropriate qualifications, either GCSEs or vocational qualifications. At least75% of school leavers choose to continue their studies in further education.

• Further education. Most students decide to continue post-16 education by studying “sixth-form” in a school, sixth-form collegeor college of further education. This will result in formal “A-level” examinations by year 18 or other vocational qualifications.

• Higher education. This refers to education and training that takes place at universities, colleges and institutes offering studies atdegree level and higher. Students will typically enter higher education at age 18 and most courses last three years. Beyonddegree level, students can enrol for postgraduate qualifications or MBAs.

Higher education will involve the cost of annual tuition fees which is currently a maximum of £3,290 per annum for the academicyear 2010/11. The Welsh Assembly Government is keen to encourage additional study. As a result, Welsh students who choose toattend Welsh universities currently receive a 50% discount on tuition fees.


Wales United Kingdom1

Employment rate2, May – July 2010 (percentages) 67.0 70.7

Unemployment rate2, May – July 2010 (percentages) 8.4 7.8

Median gross weekly earnings: males in full-time employment, 2009 (£) 543 643

Median gross weekly earnings: females in full-time employment, 2009 (£) 455 501

Recorded crime rate1, 2008/09 (recorded offences per 100,000 population) 7,905 8,640

1: Figures relate to the UK except for recorded crime rate (England and Wales)2: Seasonally adjusted data for people of working age, men aged 16 to 64 and women aged 16 to 593: Workplace-basedSource: The Office for National Statistics

1.6 Health systemwww.wales.nhs.ukThe majority of healthcare in Wales is provided by the National Health Service Wales (NHS Wales) which is funded by centralgovernment. NHS Wales provides free medical treatment for all individuals who are ordinarily resident in the UK. Patients mustgenerally contribute towards dental treatments and the provision of eye glasses. Prescriptions for patients resident in Wales are free.

Foreign visitors to the UK are not charged for emergency NHS treatment to stabilise a health problem that has started in the UKduring their visit, but cannot receive any other NHS services.

Individuals can choose to use private facilities for medical treatment outside the NHS Wales, which will be charged for. Privatetreatments anywhere in the UK can be expensive and several private medical insurance schemes are available to help with the cost.

1.7 Macroeconomic indicators

1.5.1 UniversitiesWales has eight key Universities and a total student population of more than 130,000. The universities are spread through North(Bangor and Wrexham), Mid (Aberystwyth) and South Wales (Cardiff, Swansea, Newport and Pontypridd).

The universities are actively involved in industry relevant research. Further information is included within the Key Sector section.

1: The Complete University Guide 20112: Higher Education Statistics Agency 2008/2009

Overall UK UniversityRanking1

UK University Rankingfor Research1

Total number ofundergraduates2

Total number ofpostgraduates2

Aberystwyth University 47 42 8,385 1,825

Bangor University 63 48 8,800 2,395

Cardiff University 42 20 20,330 7,610

Glyndwr University 92 104 6,815 915

University of Wales Institute, Cardiff 59 94 8,040 3,005

University of Glamorgan 86 82 17,635 3,265

The University of Wales, Newport 89 50 7,360 1,705

Swansea University 60 47 11,890 2,125


1.8 Key sectorsThe Department for Economy & Transport has identified six key sectors that make a significant impact on the Welsh economy now,and are set to grow in the future:

• Advanced Materials & Manufacturing

• Creative Industries

• Energy & Environment

• Financial & Professional Services

• ICT

• Life Sciences

The Welsh Assembly Government offers tailored support to companies in these sectors – whatever their size. This includesrepayable finance, relationship management, skills development, support for research and development and much more.The evolution of sector support will be guided by six sector panels made up of industry experts from outside government.

Further information is available on each of these sectors, including information about recent investors and research linkages.

Link to Appendix 1 – Key sectors

Many of the country’s top employers are within these sectors, and are highlighted below:

Courtesy of the Welsh Assembly Government

Some of the Key companies and Universities in Wales



1.10 Foreign direct investmentForeign-based companies setting up in Wales during the year ended 31 March 2010 involved:

Projects New jobs

Number of projects: 64

New jobs to be created: 3,446

Origin of investor: 1. USA 23 (36%) 783 (23%)

2. France 7 (11%) 778 (23%)

3. Japan 7 (11%) 678 (20%)

4. Ireland 3 (5%) 281 (8%)

5. Canada 3 (5%) 41 (1%)

Source: UKTI

2009£ millions

Machinery & transport 2,674

Mineral fuels 2,125

Manufactured goods 1,868

Total (% of exports from top three categories) 6,667 (74%)

Wales exports a broad range of products and services, with the top three categories as follows:

Source: Trade Statistics, HMRC

2009£ millions

EU 4,794

North America 2,121

Asia & Oceania 974

Total (% from top three country groups) 7,889 (88%)

88% of exports from Wales are made to the following country groups:

2009£ millions

UK exports 225,256

Of which: Exports from Wales (% of UK exports) 9,009 (4.0%)

1.9 ExportsCompanies operating in Wales trade actively with companies around the world.

2. Pre-investment considerations

A guide to investing in Wales – March 2011 15

This section provides information on the investment environment in Wales.

2.1 Labour market and skills2.1.1 The existing workforceAfter the public sector, the three largest sectors by employment are: Distribution, hotels and restaurants; banking, finance andinsurance; and manufacturing.

Employment by sector1 Wales United Kingdom

Agriculture and fishing 1.5% 1.0%

Energy and water 0.5% 0.6%

Manufacturing 13.7% 10.2%

Construction 5.2% 4.8%

Distribution, hotels and restaurants 23.0% 23.4%

Transport and communications 4.3% 5.8%

Banking, finance and insurance, etc. 14.1% 22.0%

Public administration, education & health 32.9% 27.0%

Other services 4.8% 5.3%

1: December 2008% is a proportion of total employee jobsSource: Office of National Statistics

The cities of Cardiff, Newport and Swansea are located in the South whilst Wrexham and Bangor are in the north. The largest citiesby population are Cardiff and Swansea. A number of these and other locations have a large working age population and aboveaverage unemployment.

Cardiff

NewportSwansea

WrexhamBangor

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2.1.2 QualificationsThe qualifications of the workforce are important for any employer and these are identified for the working age population atGCSE, A-level and degree level. At all levels Cardiff and Swansea exceed both the Welsh and the Great Britain averages. At degreelevel Cardiff has one of the highest percentages of graduate calibre personnel in the UK.

1: % is a proportion of total population2: January – December 20093: Comparative information is included for Great Britain which includes Wales, Scotland and England but excludes Northern IrelandSource: Office of National Statistics

2.1.3 Average earningsThroughout the UK there is a minimum wage which is currently £5.93 for adults, £4.92 for those aged 18-21 and £3.64 for thoseaged 16-17.

Average earnings in Wales are 10% below the UK average – with average earnings in Swansea being almost 22% below the UKaverage. The saving on earnings between Wales and the South East of England (the London area) will be higher still.

1: 2009 ONS annual survey of hours and earnings – workplace analysisSource: Office of National Statistics

Cardiff Newport Swansea Wrexham Bangor (Gwynedd) Wales Great Britain

Total Population 336,200 140,400 231,300 133,200 118,800 2,999,300 60,003,100

Working Age Population (as a %)1 66.6% 60.0% 61.3% 61.0% 58.7% 60.3% 61.9%

Working Age Population 223,909 84,240 141,787 81,252 69,736 1,808,578 37,141,900

Unemployment2 8.6% 10.4% 8.7% 7.2% 6.0% 8.3% 7.1%

Qualifications Cardiff Newport Swansea Wrexham Bangor (Gwynedd) Wales Great Britain

Degree or equivalent – NVQ4 and aboveas a % of working age population

85,00038.4%

24,30027.5%

38,10026.0%

20,10023.3%

21,90030.0% 27.3% 29.9%

A Level equivalent – NVQ3 and above as a % of working age population

129,70058.6%

40,70046.1%

69,20047.2%

37,60043.7%

37,30051.5% 47.4% 49.3%

GCSE level equivalent – NVQ2 and above as a % of working age population

155,50070.3%

55,80063.2%

91,80062.6%

54,50063.3%

50,40068.9% 64.7% 65.4%

Average earnings1 Cardiff Newport Swansea Wrexham Bangor (Gwynedd) Wales UK

Gross weekly pay 459.3 451.7 422.0 448.6 398.1 440.8 488.7

Hourly pay 11.61 11.32 10.82 11.16 10.10 11.13 12.43

Link to Appendix 2 – Creating a workforce



2.2 Commercial property

There are a number of property options available for companies wishing to establish a base in Wales, ranging from serviced officesto industrial properties. With very few exceptions, there are no limitations on foreign ownership of real estate. Property may beacquired or occupied in a number of ways, including the acquisition of a freehold interest in the land, a long lease, a short lease,or a licence. Individuals, trustees and companies can all acquire interests in real estate.

Office costs in Wales are amongst the lowest in the UK and office occupancy costs in Cardiff are about 40% of those in London.

Source: BNP Paribas Real EstateNovember 2010

2010 office occupancy costs

Prime rent Rates Service charge Total

£/sq.m £/sq.ft £/sq.m £/sq.ft £/sq.m £/sq.ft £/sq.m £/sq.ft

London (City) 565 52.50 205 19.00 97 9.00 867 80.50

Edinburgh 301 28.00 108 10.00 65 6.00 474 44.00

Manchester 301 28.00 97 9.00 65 6.00 463 43.00

Glasgow 280 26.00 118 11.00 65 6.00 463 43.00

Birmingham (City) 291 27.00 97 9.00 65 6.00 452 42.00

Bristol 296 27.50 86 8.00 54 5.00 436 40.50

Cardiff 226 21.00 86 8.00 54 5.00 366 34.00

Nottingham 194 18.00 75 7.00 54 5.00 323 30.00

Liverpool 194 18.00 75 7.00 48 4.50 318 29.50


Cardiff is featured in the latest 2008 Cushman & Wakefield UK Cities Monitor as the 9th best city to locate a business today (up from10th in 2007). Within the same survey Cardiff features as 3rd for companies considering future expansions, 2nd (2007:9th) best cityfor value for money office space and 2nd (2007:5th) for quality of life for employee. Link to Appendix 3 – Commercial property

2.3 Utility costsUtilities in the UK are run by the private sector with official regulators reviewing performance. Companies in Wales can choosewhich supplier to use from any part of the UK. There is significant rivalry between suppliers in the market and prices in the UK arevery competitive compared to other European countries.

2.3.1 Gas and electricityThe UK has a liberalised gas and electricity market with a large number of competing suppliers. When you move into newpremises, the gas and electricity are likely to be connected already. As soon as you move in, you should read the meters andinform the current suppliers of the gas and electricity reading and of your details.

The UK electricity supply uses three-pin square plugs and electricity is 220/240 volts – this will blow some non-UK plugs(e.g. American ones).

The graphs below show that the costs of electricity in the UK are competitive when compared to other European Union countries.

Within the profiled cities of Wales, the typical rental paid for existing buildings constructed within the past 10 years is as follows:

Industrial1

£/sq.m(sq.ft)Office2

£/sq.m(sq.ft)

Cardiff 65 (6.00) 225 (21.00)

Newport 38 (3.50) 150 (14.00)

Swansea 46 (4.00) 120 (11.00)

Wrexham 48 (4.00) 120 (11.00)

Bangor 35 (3.00) 110 (10.00)

1: Industrial/warehouse units, circa 1,000sq.m (10-15% office content)2: Town centre location over circa 1,000sq.m in office block erected in last 10 yearsSource: Valuation Office Agency (VOA) – values at 1 July 2010

European electricity prices 2010

Electricity prices in Europe and the UK are subject to fluctuationSource: Eurostat Industrial Users

Euro per kWh

European gas prices 2010

Gas prices in Europe and the UK are subject to fluctuationSource: Eurostat Industrial Users

Euro per Gj

0.00 0.02 0.04 0.06 0.08 0.10 0.12

France

Sweden

Netherlands

EU (27 countries)

Germany

Poland

Croatia

UK

Czech Republic

Spain

Ireland

0 2 4 6 8 10 12

UK

Netherlands

Ireland

Spain

EU (27 countries)

Czech Republic

Poland

France

Germany

Croatia

Sweden

Typical 2008 rental values


2.3.2 WaterIn England and Wales water is supplied by over 20 private companies who issue their own bills. You can find details of the watercompany serving your area at www.ofwat.gov.uk. Businesses that consume more than 50 megalitres of water per annum have theoption of selecting suppliers of water other than their local supplier.

The majority of businesses pay for water according to usage, incorporating a fixed standing charge and a volume charge per cubicmetre. The provision of sewerage and effluent services is charged in a similar manner to the provision of water; however, chargesfor large businesses also take into account the strength of the effluent.Some landlords take responsibility for water bills; however, if not you will need to contact your local water company when youmove into a property and let them know you are responsible for paying the water bills. For more information on water supply, visitwww.water-guide.org.uk

2.3.3 TelephonesThe UK has a highly competitive telecommunications market and you will find a choice of phone suppliers wherever you live in theUK. BT (www.bt.com) is the main telephone company and is available everywhere in the country. For general advice on choosing aphone supplier, visit www.ofcom.org.uk

2.3.4 Mobile phonesThe UK mobile phone market is also highly competitive and technologically sophisticated. In general, two types of product areavailable:

• Pre-pay (also known as pay as you go) is the most common way to pay for mobile phone calls and is the cheapest if you do notuse the phone frequently. You buy a pre-pay phone for the network you have chosen, and then buy voucher cards online, orfrom shops and supermarkets.

• A contract phone is an alternative to a pre-pay phone, especially if you are staying in the UK for more than a year, use a mobilephone a lot, and have a UK bank account. You sign a 12 or 18 month contract and receive a cheap (or free) handset. You maypay a fixed monthly bill (a line rental charge) and are likely to receive a free call allowance. Bills are automatically paid from yourbank account (you will have to sign a direct debit mandate).

The main UK mobile phone networks are www.orange.co.uk, www.three.co.uk, www.vodafone.co.uk, www.t-mobile.co.uk and www.O2.co.uk

2.3.5 InternetThere are a large number of broadband suppliers in the UK offering a range of competitive packages. Visit www.broadband.co.ukto find current details on the best value packages.

2.4 TaxationThe taxation system in Wales is the same as the rest of UK. For many years, the UK has sought to ensure that its tax regime forforeign investors is amongst the most attractive in Europe and this is now a particular priority of the current government.

2.4.1 Company taxationThe UK corporation tax rate at a maximum of 28% is the lowest of any of the major economies in Europe. Value Added Tax (VAT)at 20% is also at the lower end of the European scale and a wider range of transactions are not chargeable to VAT than is thecase in most other European countries. Executives and employees in the UK also enjoy favourable rates of income tax and socialsecurity contributions.

There are no local income taxes in the UK. The only local taxation on businesses is a property based levy known as the “businessrate” (see property section).



Key headline business tax rates are as follows:

Corporation tax Year ended 31 March 2010

Profits of up to £300,00 21%1

Profits of £300,000 up to £1,500,000 Scale between 21% and 28%

Profits over £1.5 million 28%2

Corporation tax is payable on the profit made by a UK registered company.

VAT Rate

Zero rate (newspapers, children’s clothes etc.) 0%

Certain fuel and power, some energy saving materials and some residential property works

5%

Standard rate 20%

1: The small profits rate will reduce to 20% from 1 April 2011 and is set to remain at that level2: The main tax rate will reduce to 27% from 1 April 2011 with further cuts of 1% p.a., planned

until a rate of 24% is reached in 2014

VAT is the largest single source of indirect taxation revenue in the UK. VAT applies to most sales of goods and services.

Employer National Insurance Rate

Weekly earnings up to £136.00 0%

Weekly earnings between £136.01 and above 13.8%

Personal tax Rate

Up to £35,000 20%

Between £35,000 and £150,000 40%

Over £150,000 50%

Each employee will also be subject to National Insurance contributions based on earnings. These are in addition to the costs paidby employers:

2.4.2 Employee taxationEach person from birth up to the age of 65 has a tax free personal allowance which is £7,475 for the year ended 5 April 2011.Personal allowances are higher for those above 65 years of age, but this is reduced by £1 for every £2 of income above £24,000,to a minimum of the basic personal allowance. The personal allowance is restricted when total taxed income exceeds £100,000 sothat no personal allowance is available at all once income exceeds £114,950.

Earnings are subject to the following tax rates, after deduction of the personal allowance.

Employee National Insurance contributions Rate

Weekly earnings of up to £139 Nil

Weekly earnings between £139.01 and £817 (‘main rate’) 12%

Weekly earnings over £817 (‘higher earnings rate’) 2% of earnings over£817 per week


Other taxes and rates

Capital gains tax 18%1 / 28%2

General insurance premium tax 5%

Annual road fund tax for cars Based on CO2 emissions and currently range from£0 for emissions up to 100 g/km to £400 for thoseemitting more than 226 g/km

Employee national insurance contributions count towards entitlement to certain state benefits such as retirement pension.

2.4.3 Benefits in kindEmployees may also receive other benefits from employment, such as use of a company car, private health or dental cover anddiscounted travel or other insurance. The value of these benefits will be taxed at the employee’s highest tax rate and will besubject to employer’s national insurance.

1: An annual allowance of £10,100 is deductible from this amount2: For gains arising where total taxable income and gains exceed £35,000 the rate payable is 28%

2.4.4 Short term business travellersEmployers are required to track the number of days that overseas individuals spend in the UK for PAYE and NIC withholdingpurposes. Currently PAYE obligations are triggered once an individual has spent 30 days in the UK over the course of a tax year.However, this can be extended to 183 days in certain circumstances.

Any changes to tax rates are typically confirmed in the month of March prior to the commencement of the new tax year, in theannual Budget.

Link to Appendix 4 – Business taxation

Link to Appendix 5 – Personal taxation

2.5 Raising financeWales benefits greatly from the prominence of the UK in the global economy. The UK has the best developed financial servicessector in Europe, offering businesses various options for obtaining finance that range from small, specialist seed funds through to afull listing on the London Stock Exchange. The UK also has Europe’s largest venture capital and private equity market and is hometo the City of London, one of the world’s leading international financial centres.

Link to Appendix 6 – Raising finance

2.6 Government support and incentives for businessThe Welsh Assembly Government has recently developed a new approach to Business Support, focusing on investing ininfrastructure, research & development (R&D) and improving the conditions within which businesses operate.

Economic Renewal includes a commitment for every business in Wales to have access to next generation broadband by the middleof 2016, with all households enabled by 2020 – and a major improvement in mobile phone coverage. It will also see educationand training that’s more geared towards meeting business needs.

2.6.1 Specific sector supportThe Welsh Assembly Government’s Department for the Economy & Transport (“DE&T”) will focus on six key sectors that make asignificant impact on the Welsh economy now, and are set to grow in the future:

• Advanced Materials & Manufacturing.

• Creative Industries.

• Energy & Environment





• Financial & Professional Services.

• ICT.

• Life Sciences.

The Welsh Assembly Government offers tailored support to companies in these sectors – whatever their size. This includesrepayable finance, relationship management, skills development, support for research and development and much more.The evolution of sector support will be guided by six sector panels made up of industry experts from outside government.

2.6.2 Financial supportDE&T finance is now repayable, so investment can be recycled and continue to benefit more businesses in the long term. Financialsupport available includes:

• DE&T Business Finance offers interest free finance, repayable over up to seven years.

• R&D business finance is also available.

• Finance Wales, a wholly owned subsidiary of the Welsh Assembly Government, offers a range of business finance products.

• Mobile projects can access funding to achieve specific objectives.

• Trade Support is available to access new markets, increase sales and drive competitiveness.

• The Local Investment Fund, available through Local Authorities, offers up to £10,000 for businesses in Convergence assistedareas. This is twice the amount previously offered, and is not repayable.

• Bursaries for graduates planning a start-up business with growth potential.

• Regional Funding supports businesses in line with regional strengths and needs.

• Welsh Assembly Government grants remain available for the food industry, tourism businesses and resource efficiency projects.

UK Government also offers a range of support and we can help you access this.

2.6.3 Research and developmentAll UK companies are entitled to research and development tax relief on qualifying expenditure.

Spending by small and medium sized companies attracts a tax deduction of 175% of the qualifying R&D expenditure incurred.There is a special relief for non-tax paying SME companies, which makes it possible to surrender the enhanced tax relief to obtainan immediate cash refund of up to 24% of the qualifying expenditure, subject to a limit of their PAYE and National Insuranceliabilities for the period.

For large companies, R&D tax relief takes the form of a non-repayable super-deduction equal to 130% of the qualifyingexpenditure incurred, which can either reduce the company’s tax liability or, if there are no taxable profits, increase tax lossesbrought forward.

In addition, the Research & Development Allowance (RDA) is an equivalent incentive which provides an immediate 100%deduction for any qualifying Capital Expenditure incurred for undertaking eligible R&D or providing facilities for the undertaking ofeligible R&D.

An advantage of this scheme is that R&D tax relief, and the repayable credit for SMEs and RDAs,may be claimed in arrears (withindefined time limits) whereas grants have to be awarded before a project proceeds.

Link to Appendix 7 – Support and incentives



2.7 Setting up a companyBusiness organisations in the UK usually take one of five forms: partnership, limited liability partnership, branch, private limitedcompany or public limited company. Private limited companies may not invite the public to subscribe for shares or bonds; publiclimited companies may. Public companies may choose to be quoted on the stock exchange or to be unlisted. A listing on anexchange in the EU entitles a company to be listed on any other EU exchange.

Most foreign-owned companies organise their affiliates as private limited companies; or, they establish branches. Particular taxconsiderations can influence the choice. For example, operating as a subsidiary in the UK may mean that the profits of thesubsidiary are subject only to UK corporation tax; operating as a branch of a non-UK company may mean that these profits(or losses) may also be taxable (or deductible) where the company resides. The tax treatment for a non-UK company varies fromcountry to country.

Link to Appendix 8 – Business regulations

Link to Appendix 9 – Choice of business entity

Link to Appendix 10 – Protecting your business

2.8 Investment checklistThere are many points to consider when planning a new investment project. A checklist has been prepared to assist this process.

Link to Appendix 11 – Checklist of items to consider when planning a project

2.9 Business etiquetteIt is important for you to be aware that business etiquette and ways of getting things done in the UK may be different from whatyou are used to. Just as elsewhere, behaviour, etiquette and approach may need to be modified depending on whom you areaddressing and the context in which they are being addressed.

Link to Appendix 12 – Business etiquette







3.1 Academic collaborationWales’ academic institutions are commercially focused, and are keen to work with private sector companies to perform researchand also to encourage undergraduates and postgraduates to spend time working with private sector companies. The universitiesand colleges in Wales provide access to facilities, skills and research crucial to innovating and making technologies a commercialsuccess. Information on sector specific research is available within Key sector information.

3.2 Incentives and ongoing supportOnce a company has committed to invest in Wales, this will not represent an end to support – this is the beginning. Companieswithin the key sectors are still able to make applications for repayable business finance to drive their business growth and will bepositively encouraged to join key sector groups and work with colleges and universities to support the development of theirbusiness.

There are a number of related ways in which support is available, including:

3.3 Initiativewww.sell2wales.comThis is an initiative from the Welsh Assembly Government helping SMEs work successfully with public sector clients. Sinceinception, Sell2Wales has advertised over £5 billion of notices and with a growing number of public sector bodies advertisingthrough it, tenders are more accessible.

3.4 Trade supportThe trade support network is global and can unearth new opportunities and help convert these into real business. Internationaltrade collaborations offer the opportunity to extend global networks and offset the difficulties faced from increased internationalcompetition. The process of locating new overseas markets can reveal complex issues. Politics, historical allegiances, governmentallaws, business regulations and geographical location can help or hinder business aspirations. A key factor in reducing speculativerisk in the international trading arena is the formation of a partnership, joint venture or strategic trading alliance with a foreigncompany.

Collaboration could involve shared research and development, technology transfer, new manufacturing capabilities and marketingskills as well as invaluable distribution networks. Joint initiatives can result in faster routes to market penetration as companies buildon each other’s core strengths. Profitable links with organisations worldwide also reduce dependence on domestic markets.

3.5 SMEsFor SMEs in the six priority sectors there is a one-stop service, but for other businesses there is also a wealth of services andresource available on line including:

• Diagnostics of skills training needs to encourage business growth.

• Business skills workshops and basic skills training to develop the workforce.

• Help to prepare tender proposals to win public sector contracts.

• Pan-Wales workshops to help tackle challenges such as accessing finance and the planning process.

• Property services to help find a base that meets company needs.

• Regional support for significant businesses outside of the six key sectors.

• A wide range of practical resources available online and over the phone.

• Guidance to find wider support from the third sector, private bodies elsewhere.

3. Post-investment ongoing support


4. Further information

Some useful websites

Universities

Aberystwyth www.aber.ac.uk

Bangor www.bangor.ac.uk

Cardiff www.cardiff.ac.uk

University of Wales Institute, Cardiff www.uwic.ac.uk

University of Glamorgan www.glam.ac.uk

University of Wales, Newport www.newport.ac.uk

Swansea University www.swan.ac.uk

Glyndŵr University www.newi.ac.uk

Employer organisations

Confederation of British Industry (CBI) www.cbi.org.uk

Government departments

Welsh Assembly Government www.wales.gov.uk

International Business Wales www.ibwales.com

Corporate and personal taxation (HMRC) www.hmrc.gov.uk

Driving licence applications (DVLA) www.dvla.gov.uk

City profile

Cardiff www.cardiff.gov.uk

Newport www.newport.gov.uk

Swansea www.swansea.gov.uk

Wrexham www.wrexham.gov.uk

Bangor www.gwynedd.gov.uk

Transport and logistics

British International Freight Association www.bifa.org

Freight Transport Association www.fta.co.uk

Highways Agency www.highways.gov.uk

Road Haulage Association www.rha.net

Welsh ports

Milford Haven www.mhpa.co.uk

Barry, Cardiff, Newport, Port Talbot and Swansea www.abports.co.uk

Workforce

Chartered Institute of Personnel and Development www.cipd.co.uk

Department for Work and Pensions www.dwp.gov.uk

Institute of Directors www.iod.com

Telecommunications

Ofcom www.ofcom.org.uk

British Telecom www.bt.com

Premises

The Valuation Office Agency www.voa.gov.uk

British Council for Offices www.bco.org.uk

Business formation

Companies House www.companieshouse.gov.uk


For additional information contact:

Deloitte LLP5 Callaghan Square, Cardiff CF10 5BTTel: +44 (0) 29 2026 4272

Utility costs

Utility cost information www.energyhelpline.com/business

Utility cost comparison www.uswitch.com

Quality of life

Tourism in Wales www.visitwales.com

Residential property prices www.rightmove.co.uk

Travel

Flight information – South Wales www.cwlfly.com

Flight information – North Wales www.manchesterairport.co.uk

Train information www.nationalrail.co.uk

Road route planner information www.theaa.co.uk or www.rac.co.uk

Name Wayne Harvey Alistair Davies

Role Senior Partner Director

Tel +44 (0) 29 2026 4262 +44 (0) 29 2026 4272

Email [email protected] [email protected]


Sectors Head Office:Treforest – QED CentreMain AvenueTreforest Industrial EstateTreforestPontypriddSouth Wales CF37 5YR

Overseas offices:

The Welsh Assembly GovernmentTel: +44 (0) 3000 603000Email: [email protected]: wales.com/business

Lynne HamiltonDirector, Sectors & Business+44 (0) 29 2082 [email protected]

Country/Region Office Telephone number

Asia and Pacific

Australia Sydney +61 2 9258 1100

Japan Tokyo +81 3 3595 7051

China Beijing +8610 5811 1811

China Shanghai +8621 5111 9080

India Bangalore +91 80 4190 3722

India Mumbai +91 22 3953 7255

Middle East

United Arab Emirates Dubai +971 4 309 4344

North America

USA New York +1 212 745 0392

Europe

England London +44 (0) 20 8282 6422

Ireland Dublin +353 8765 999 06

Name Sector

Wendy Boddington Advanced Materials and Manufacturing

Clare Heat – Creative Creative Industries

Mike Barcroft and Helen Donovon Energy and Environment

Tony Godfrey Financial & Professional Services

Darryn Lewis Information and Communication Technologies

Nigel Northam and Cari Anne Quinn Life Sciences

Duncan Hamer Other

http://www.wales.com/en/content/cms/English/Business/Business.aspx

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Deloitte LLP is the United Kingdom member firm of DTTL.

This publication has been written in general terms and therefore cannot be relied on to cover specific situations; application of theprinciples set out will depend upon the particular circumstances involved and we recommend that you obtain professional advicebefore acting or refraining from acting on any of the contents of this publication. Deloitte LLP would be pleased to advise readerson how to apply the principles set out in this publication to their specific circumstances. Deloitte LLP accepts no duty of care orliability for any loss occasioned to any person acting or refraining from action as a result of any material in this publication.

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guide to investing in wales

Documents

people of wales

government support

business taxationappendix

financial support

trade support

support necessary

additional information

business regulationsappendix