Enterprise Zones

Enterprise Zones are designated areas established to promote business growth in specialist target sectors by providing tax breaks and Government support.

They help to attract foreign investment, businesses and jobs, particularly appealing to new and expanding firms. Businesses are clustering around centres of excellence in key sectors and for Cornwall this means supporting its growing assets within Marine Technology, Aerospace and Space sectors.

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Enterprise Zones are establishing themselves as a driving force of local economies as they can unlock key development sites, consolidate infrastructure, attract business and create jobs. All business rates growth generated by an Enterprise Zone across 25 years is kept as a ring-fenced fund managed by the Local Enterprise Partnership to be reinvested back into further developing these areas.

Cornwall has three Enterprise Zones:

Cornwall Marine Enterprise Zone

A key component of Marine Hub Cornwall, the Cornwall Marine Enterprise Zone is a world class base for marine businesses, comprising of over 15 hectares in three primary locations: Hayle Harbour, Falmouth Docks and Tolvaddon.

Aerohub Enterprise Zone

The Aerohub Enterprise Zone at Cornwall Airport Newquay covers both airside and landside development sites. This includes the state-of-the-art airport facilities for aerospace and space businesses, as well as a 50 acre serviced Business Park for related activities. Both sites are investment ready and have access to exceptional connectivity. Aerohub is also home to the Spaceport Cornwall project and will be the first horizontal satellite launch location in the UK.

Goonhilly Enterprise Zone

Goonhilly Enterprise zone is home to a world class space asset with a long history of world firsts and is increasingly making its presence felt in the rapidly growing commercial space sector. Recent investment from private and public sources have created an exciting investment opportunity in satellite technology and launch capabilities.

 Key benefits for businesses

  • Up to 100% business rate discount worth up to £275,000 per business over a 5-year period (at Marine Site and GES).
  • Up to 4 years rate relief support at the Aerohub for qualifying businesses.
  • Access to bespoke incentive packages to support relocation and business growth.
  • Simplified local authority planning, for example, through Local Development Orders that grant automatic planning permission for certain development (such as new industrial buildings or changing how existing buildings are used) within specified areas.
  • Government support to ensure that superfast broadband is rolled out throughout the zone, and, if necessary, public funding.
  • 100% enhanced capital allowances (tax relief) to businesses making large investments in plant and machinery on 8 Zones in Assisted Areas.

For further general information on Enterprise Zones visit the UK Government's website