Located at its heart is Teesworks, covering 4,500 acres of land for offshore wind, clean energy, advanced manufacturing and the chemicals and process sectors.

The region’s freeport status means businesses will benefit from a wide package of tax reliefs, simplified customs procedures, streamlined planning processes and government support to promote regeneration and innovation.

Tax incentives for businesses investing within the Teesside Freeport, include: 0% National Insurance contributions for up to the three years per employee on earnings up to £25,000 per annum; up to 100% relief from business rates on certain business premises; enhanced tax relief for companies investing in qualifying new plant, machinery assets and buildings; duty deferral while the goods remain on site, and duty inversion if the finished goods exiting the freeport attract a lower tariff than their component parts.

This special and secure economic zone enables business to be carried out inside a country’s land border, but where different customs rules apply. While located geographically within a country, they essentially exist outside its borders for tax purposes.

Companies operating within the freeport area can benefit from deferring the payment of taxes until their products are moved elsewhere, or can avoid them altogether if they bring in goods to store or manufacture on site before exporting them again.