Prepare for the Brexit

by Robert Bron ABiLiTieS Trust enables you to act

The Brexit negotiations seem to be going into the direction of a hard Brexit as per end October 2019. It is expected that if the Brexit will be postponed, it shall only be for a few months.

Companies shall prepare for the Brexit. Some countries already put “Brexit impact scan” applications online where the possible impact in respect of UK related import, export, services and transport can be checked. Also do not forget to assess a possible impact on less obvious issues as privacy regulations and intellectual property.

Unfortunately, there is a lot of uncertainty. It is wise to keep informed on the progress of the Brexit negotiations. For businesses involved in UK import and export it is already wise to make sure you will have sufficient stock and the capacity and knowledge to prepare export documents. In case you use a British import number to import into the EU, have it replaced by a number from another EU country. It is also very important to check your commercial terms, like Incoterms, that you use for your trade. Which party will be responsible for the import?

Also the applicable law will in absence of Rome I and Rome II (directives which regulate the applicable law for both contractual and non-contractual obligations) become uncertain in case the UK will no longer be a member of the European Union. There will be no free movement of judgments anymore between the UK and the member states of the EU by means of rulings from the ECJ. Arbitration makes things easier, but there might need to be specified mandatory laws envisaged in choice of law regulations, or the equivalent British legal rules will apply.

For British companies with EU related licenses or funding, like REACH for chemical products or EU passporting for financial, banking and insurance business, it is now time to act by setting up a company within the EU. The Netherlands can be good alternative to locate your company. In the Netherlands BV formation is easy, the VAT regime for import is excellent, it is close to the UK and everyone speaks proper English.

Contact us for information on Dutch business set up. We can not only assist with incorporation of a company in the Netherlands. We also can assist with a Dutch registered address, accounting, tax, work and residence permits and labour issues.

Sources:

Holland Corporate Services

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