November 8th, 2018
As we get closer to the 29th March 2019 preparations for a 'no-deal' scenario have been accelerated. The UK Government has published a number of technical notes for businesses and consumers with advice on what to expect should the UK leave the European Union without a deal next year.
The most recent batch contained information regarding company structure after Brexit, we have summarised the key points that will impact UK and EU companies.
There will be no change in who can be an owner, senior manager or director of a UK company, as the UK doesn't apply any nationality restrictions to owners or managers of UK companies.
The current EU rules and regulations governing companies will be transposed into UK law under the Withdrawal Act. This means that for the most part the same regulations will apply for businesses that are legal entities operating across the UK-EU border. UK companies operating in the EU will become third country business in relation to the EU on the day of exit.
Our international company formation department is currently assisting many clients prepare for Brexit. We can help by forming companies in alternative EU countries, this will ensure smooth cross border trade and service provision.
We are currently experience particularly high demand for Irish companies, as Ireland not only benefits from cultural and language similarities with the UK but it also has the lowest corporation tax in Europe. See this month's article on the benefits of an Irish company.
We can also help provide resident directors and registered office provisions in these countries, and complete annual secretarial services to ensure that maintenance of the EU company is as easy as possible.
Get in touch with our International Department today to discuss the potential impacts of Brexit on your corporate compliance and get some advice from an expert on structuring your company to ensure a smooth transition.