What would a no-deal mean for companies? And for you?

Brexit is approaching, and there is not much time left until March 2019. Until March 2019 there not many days left and Theresa May’s Suggestion for an exit plan has just been declined. More over, even though the British Prime Minister is preparing a “plan b” at this very moment, the Brexit consequences are still uncertain. For now, all indicators are pointing in the direction of a no-deal. What would a no-deal mean for companies? Adapt to the situation!

So what would happened if we wake up on the 30th of March and have no deal? What consequences will that Brexit decision have for you and your business with the EU? Will try to give you some answers and clear the no deal Brexit fog a little bit. We also highlight that you should take measurements for you and business now, as a no deal decision would affect trade and movement in the EU.

What Exactly is a “No-Deal” Brexit?

As the word states, a no deal Brexit means, that the UK and the EU would not reach a withdrawal agreement. That would lead to the UK leaving the EU without a 21-month transition period. The Brexit consequence of that would mean that businesses, individuals and public identities would need to respond immediately to the changes. In that case, they will have to adapt instantly to new rules and challenges.

[A no deal] doesn’t stop the UK leaving but it means there is absolutely no clarity about what happens” states Dr. Simon Usherwood, from the University of Surrey.
Also, although we assume that neither the UK nor the EU would like to have to deal with the consequences of a no deal Brexit, all signs at the moment are pointing in that direction.

What are the Brexit Consequences for you and your Business?
Brexit o not?

What would a no-deal mean for companies?

Trade and business between the EU and the UK would be affected strongly. With the UK being no longer a part of the EU and no individual agreements made, it would revert to the World Trade Organisation rules. That means it would face external tariffs and that could mean price rises in the UK and some British products could be rejected by the EU. New authorization processes and certifications could be one of the Brexit consequences.

Also, other services and even virtual businesses could be affected. If you have many clients from the EU, we recommend to either move your business or think about opening a second location in the EU. The paperwork should be processed before the actual due date. EU countries like Malta and Ireland offer great options for settling your business there as a consequence of Brexit. Check our article here.

What would a no-deal mean for companies? And for you?
Brexit

What would a no deal Brexit mean for individuals?

A no deal would mean that there are consequences for UK nationals living in EU countries and vice versa.
Professionals working in the EU might find their qualifications are no longer recognized, meaning they are no longer able to practice.“ Writes iNews.

So it is highly recommended to get all your permissions in order and validate necessary titles and certificate. You might even want to prepare if you are thinking about working or living in the EU sometime in the future. With the right help and assistance that can be done quite quickly and you will not have to worry too much about the process. Feel free to reach out to get more information on relocation to the EU as a consequence of Brexit.

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For now, a no deal seems likely. We but we still have to keep an eye on the latest developments in the UK. Later today Theresa May will present her alternative plan and will take it to a vote on January 25th. There are still many possible outcomes and consequences of the Brexit situation, and we will keep you updated.

In the meantime is an overview of the Brexit consequence of a “no deal”:

 

In case you are looking for more information and individual solutions for you and your business, feel free to reach out. We will assist you with any doubts or fears.

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Sources

  1. https://inews.co.uk/news/brexit/no-deal-brexit-what-meaning-uk-leave-uk-consequences-178800
  2. https://www.blueconsulting.eu/en/malta-2/
  3. https://www.blueconsulting.eu/en/irlanda/
  4. https://www.gov.uk/government/publications/providing-services-including-those-of-a-qualified-professional-if-theres-no-brexit-deal/providing-services-including-those-of-a-qualified-professional-if-theres-no-brexit-deal
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