Robert Bron
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
Trading companies that use a British import number to import into the EU shall replace it by a number from another EU country.
Check your commercial terms, like Incoterms, that are used for trade. Which party will be responsible for the import and import duties?
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.
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.
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.
