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Updated by Robert Bron on Jan 11, 2019
Headline for 5 practical tips to have your business ready for the Brexit
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Robert Bron Robert Bron
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5 practical tips to have your business ready for the Brexit

Companies with activities in the UK should prepare for the Brexit. The trade, labor and legal implications of a Brexit for businesses can be numerous. Here is a practical list of five action points.

Source: https://www.abilitiestrust.nl/Blog

1

British import number

Trading companies that use a British import number to import into the EU shall replace it by a number from another EU country.

2

Commercial terms

Check your commercial terms, like Incoterms, that are used for trade. Which party will be responsible for the import and import duties?

3

Export documents

For businesses involved in UK import and export it is important to make sure they will have the capacity and knowledge to prepare export documents in case of a hard Brexit.

4

Applicable law

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 state of the European Union. Monitor the developments on this issue and record the applicable law in your legal agreements and conditions.

5

Set up a business within the EU

For British businesses with EU related licenses or funding, like REACH for chemical products or EU passporting for financial, banking and insurance business, it is now the last call to set up a company within the EU.