Business in Torbay
Low costs. High quality. Torbay offers your business a great opportunity.
Torbay can offer considerable operational savings for thriving, dynamic businesses. Locate to Torbay and benefit from lower industrial property costs and lower salaries, without compromising on quality.
You’ll find a mix of office, studio, industrial, lab and manufacturing spaces competitively priced. Industrial space is 169% cheaper than London and 54% cheaper than Bristol. Office costs in Torbay are 96% cheaper than Bristol. These costs combined with a highly skilled workforce with a lower full time average salary, 20% cheaper than Bristol and 41% cheaper than London can offer considerable operational savings.
Low corporation tax rate, and tax breaks for R&D
The UK has the third lowest corporate tax rate in the G20 (20 major economies), which companies in Torbay benefit from. The current UK corporation tax rate is 19% for 2021. For hi-tech companies the patent box offers a 10% tax rate on any profits earned on patents.
R&D tax relief for SMEs also allow companies to deduct 130% of their qualifying costs from their yearly profit as well as the normal 100% deduction, to make a total 230% deduction.
Modern, varied commercial property
From brand new industrial space to small incubator spaces for hi-tech start-ups, property options in Torbay are easy to find through our commercial property database.
We can offer brand new industrial space at gateway and other key sites, modern offices in serviced business centres, craft studio space within Cockington Court, state of the art research labs & clean rooms at our dedicated Electronics & Photonic Innovation Centre (EPIC) and manufacturing sites on our strategic business parks. All representing great value for money.
Grant funding and commercial loans
We can offer a range of financial incentives and loans to help your grow your business. For foreign owned SMEs we can offer up to £10,000 through our Invest in Torbay soft landings grant and commercial loans of £250,000 at competitive rates from our economic growth fund. Contact the Economic Development team at TDA to find out more about your eligibility.