Wales' first freeport is expected to be revealed this spring, as both Welsh and UK governments currently judge the three bids put forward. The winner will benefit from £26m in funding from Westminster, the same level of funding secured by freeports in England and Scotland.
Currently England has eight freeports and Scotland was awarded two green freeports last month. In Wales, a freeport will be a special zone which benefits from simplified customs procedures, relief on customs duties, tax and rates relief, and wider government support for trade, investment and innovation.
Goods entering freeports would not have to pay tariffs, import VAT or excise duty until they leave the freeport and enter the domestic UK market. While businesses within the zone would receive 100% business-rate relief for five years and forego National Insurance contributions on salaries up to £25,000 for new hires in the first three years.
