Nestled on the east coast of England, Norfolk is quietly one of the country’s international powerhouses. With the agriculture, forestry and fishing industries particularly strong in this area, along with construction and technical work, there are many opportunities for startups to grow and flourish.
With a business survival rate that consistently outperforms the rest of the country, and local grants available for support, there’s no better place in the UK to consider setting up your own company.
Here’s what you need to know if you’re considering Norfolk as an option.
International Trade
Despite Brexit now being over the finishing line, the interaction with buyers abroad continues unabated. In the Norfolk area, more than half of all businesses export overseas, both to the EU and further afield. Although there are more checks in place now, international trade is just as important as ever, especially for small businesses. Around 80% of companies from Norfolk who trade with countries abroad have less than 50 employees.
This reliance on international customers underlines the importance of learning exactly how Forex trading works. Smaller companies typically don’t have the large balance sheets to easily absorb unexpected losses, so it’s essential to plan for currency movement. It’s possible to use CFDs and forex trading tools to be able to do this, fixing pricing in advance to remove the uncertainty of large swings.
Strong Transport Links
Norfolk lies in a convenient position in the UK, making it easy to access the capital and the South East, with direct links to other parts of the country.The coastal location means that it’s much more cost-effective to organize exports and imports. When combined with neighboring Suffolk, Norfolk contributes significantly to the national £2.9 billion export business.
The biggest export destination for Norfolk business is The Netherlands, with exports worth approximately £392 million annually.
Having these established transport links and lines of export to European countries means that it’s easier for startups to get up and running.
Local Help and Support
Although there are many factors already in Norfolk’s favour, there are also local help and support schemes that can further boost your chances. These are in addition to the national schemes offered by the government to all startups and businesses in the UK.
Go Digital is a relatively new initiative, launched in December 2020. Aimed at micro, small and medium-sized business, Go Digital is available from Norfolk County Council. The idea is for companies to be able to identify digital opportunities and claim this grant to help with the implementation. In addition to the money, Norfolk Council is also making expert consultancy available on a 1:1 basis.
Other schemes which could help startups include the Small Grant Scheme. Exclusive to Norfolk and Suffolk, the Small Grant Scheme can provide up to 30% of the total costs of your plans, enabling expansion or new services to be provided.
It’s hoped that these grants and support will continue to attract new residents to the area, making Norfolk one of the best destinations for UK Tax.