Thinking of relocating, but not sure where? The COVID-19 pandemic has accelerated the move to remote working and driven an increase in those looking to relocate away from large cities. For businesses looking to relocate, Waterford offers a thriving hub of business activity for international and home-grown companies. Whether your company’s relocation depends on financial, operational or recreational reasons – Waterford has the solution for you.
Living in Waterford
Waterford is located in the South East of Ireland and is one of the sunniest counties in the country, it has reasonably priced housing, is one of most scenic counties and inhabitants have access to the facilities of Waterford City.
In fact, County Waterford is the best place to live in Ireland according to a recent liveability index. The index scores the Republic of Ireland’s 26 counties out of 100 according to natural amenity and scenery, proximity to a city, sunshine and cost of housing.
Both lower housing and childcare costs mean a higher quality of life for people living in Waterford as highlighted by Ireland South East. In fact, Waterford is the most affordable city to rent or buy a house, with the lowest average rents and house prices of all Irish cities. According to research from Numbeo.com rent in Waterford is, on average, 53.04% lower than in Dublin. In addition, research from Business Waterford shows that Waterford City house prices (on average) are 51% lower when compared to Dublin City and childcare costs in Waterford are 22% lower than in Dublin and Cork.
Overall, with shorter commute times and a better quality of life there is more time to soak up the culture in Ireland’s oldest City, enjoy the rugged mountains and countless beaches.
What can Waterford offer my company?
Waterford is a City going through a period of growth and redevelopment. There are a number of reasons why basing your business in Waterford makes sense as shown in this piece from Business Waterford.
Multinational companies such as Sanofi, Teva and Bausch + Lomb already have a presence in Waterford. This is in addition to a cluster of indigenous businesses and complementary services such as Kinetic Labs. Companies are attracted to Waterford due to the highly educated and skilled workforce, the reduced cost of operations, better access to national and international markets as well as the quality of life it offers to staff relocating.
Relocating to Waterford makes financial sense
Information from Business Waterford highlights how being in Waterford is financially beneficial:
- Companies in Waterford can avail of Ireland’s low Corporate Tax rate of 12.5%, combined with favourable Double-Tax agreements
- Ireland also has a 25% R&D Tax Credit available to companies
- Zero-rated Sales Tax (Value-Added Tax, or VAT) to all exports outside of the EU
- Zero-rated Sales Tax to all Intra-EU countries, where the buyer is also VAT registered
Waterford offers excellent infrastructure services
Waterford offers an attractive mix of skills, infrastructure and support services for any company joining Kinetic Labs and establishing operations here:
- Waterford is easily accessible from other cities by road, such as Dublin and Cork (90 minutes travel time) and is well served by public transport networks such as bus and rail
- The Port of Waterford is Ireland’s closest multi-modal port to continental Europe and is connected to global shipping hubs providing access to the European, American and Asian markets
- Waterford has ample available office-space, industrial premises and warehousing solutions
- Retail is thriving in Waterford, and is set to grow exponentially with the North Quays development
A research and development hub for companies relocating to Waterford
Waterford has internationally recognised centres of excellence for research, such as The Pharmaceutical and Molecular Biotechnology Research Centre (PMBRC) and the South Eastern Applied Materials Research Centre (SEAM), both located at the Waterford Institute of Technology (WIT).
The PMBRC has a strong track record in engaging with life science companies over the last decade. PMBRC is an applied research centre that commenced operations in 2009, consolidating research in the chemical, pharmaceutical and biotechnological sciences at WIT into one institutionally prioritised centre. Situated on the main WIT campus in Waterford City, the centre seeks to support R&D activities within the pharmaceutical and healthcare industries, thereby stimulating research and innovation and allowing companies to embed R&D directly into their activities.
Being located right next to WIT and PMBRC, companies relocating to Waterford and joining Kinetic Labs can benefit from their entrepreneurial spirit, together with an eco-system packed with experienced advisers in the life sciences space who have a track record in delivering successful research projects.
In addition to R&D expertise, PMBRC have a range of specialist equipment and instrumentation available for projects such as:
- Materials Characterisation
- Chromatography & Mass Spectrometry
- Formulation / Pre-formulation
- Molecular Biotechnology
Working together with Kinetic Labs and PMBRC, companies can deliver everything from large-scale research projects to short term feasibility studies and contract analysis. Companies have the option to work with Kinetic Labs and PMBRC on a directly funded basis or through a funding scheme as outlined in our earlier post on accessing funding.
SEAM is an industry focussed applied research centre, providing innovative materials engineering solutions for companies from a wide range of sectors, including bio-medical devices, pharmaceuticals, micro-electronics, precision engineering and industrial technologies. SEAM offers direct consultancy, characterisation, failure analysis and strategic research partnership programs (short, medium and long term) to support industries throughout Ireland.
As one of Ireland’s leading Technology Gateways, SEAM offers the following key supports for industry:
- X-Ray Micro-tomography (XMT): 3D non destructive characterisation
- Finite Element Analysis: 3D software modelling
- 3D metal additive manufacturing
- Materials & Precision Engineering: Engineering design and characterisation
- Bio Medical Engineering: Development of novel materials
SEAM has a proven track record of delivering for industry, having executed over 2000 direct funded industry projects spanning across over 180 companies since its launch in 2009. This includes work with companies such as Bausch + Lomb, Boston Scientific, Teva Pharmaceuticals and Nypro Healthcare.
Being located next to Kinetic Labs, companies renting lab space can seek assistance from SEAM on materials related issues that cannot be resolved by utilising their own on-site resources.
Technological University for the South East project (TUSE)
A formal process for establishing a long-awaited Technological University of the South East has started. The South East Institutes of Technology in Waterford and Carlow are committed to the creation of an engaged, ambitious and proactive multi-campus Technological University of international standing which will be a key component of the infrastructure required to drive sustainable regional economic and social development.
The initiative effectively combines the research arms of WIT and IT Carlow, reflecting the future scope and opportunities the new technological university will bring to the South East. Companies joining Kinetic Labs will be located right next to the main WIT campus and will benefit from the expanded research expertise and capabilities of TUSE.
How can Kinetic Labs help companies relocating to Waterford?
Finding affordable and flexible lab space can be challenging for many science-based companies. Kinetic Labs addresses this issue and provides a space where companies relocating to Waterford can rent co-working and individual lab space and facilities to develop their products and processes.
Through renting lab space at Kinetic Labs, companies relocating can access:
- Over 400 m2 of high-quality wet lab space with shared lab space for companies starting out and individual furnished/unfurnished facilities for more established companies
- The excellent facilities at WorkLAB including offices, meeting rooms, café and a community of established companies and start-ups
- Business and technical support centres – the Waterford Institute of Technology, PMBRC, local IDA, Enterprise Ireland and South East Business & Innovation Centre (SEBIC) offices are all located nearby
Kinetic Labs is in a unique position in Ireland and Europe surrounded by a cluster of operations with knowledge and experience in the science sector. Companies renting lab space at Kinetic Labs can benefit from local contacts and a quality workforce pool.
Contact us to arrange a tour and see how we can help with relocating your business to Waterford.