A law firm that helps your
business embrace change
Brexit – the reality of a Hard Brexit?
Without doubt, we are at a crucial turning point in the European story. Ireland sits on the western front of Europe still committed to European ideals. Its greatest ally and trading partner, the United Kingdom has raised its sails and is about to exit port with its route, for the most part, unknown. Above all, the element of the “unknown” for Irish, UK, European and Worldwide countries and their citizens is the greatest challenge ahead. Businesses crucially depend on advanced planning, strategy and tactics for success.
Do you need specialist advice for your business on Brexit? We can identify key issues for international and Irish companies over the coming months? Have you identified what you need to change in order to allow your business to run efficiently once Brexit kicks in?
For instance, what sort of advice are we giving our clients?
- Cross border trading
- Employment contracts
- Changes to general terms and conditions
- Regulatory issues
- Finance and tax
It is acknowledged that many Irish companies employ people in the border counties in sectors such as agriculture, tourism and engineering. Furthermore, it is important that both the Irish Government and the European Union are there to support them in an agile way.
Nobody wants a hard border.
Of course the issue of a hard border has not been resolved with some suggesting the Northern Ireland should remain in the Customs Union.
Because of the uncertainty of how this issue is going to be dealt it, is important that Irish businesses receive advice on commercial, financial, taxation and legal issues, to name but a few critical components to cross border trade and business.
It is a complex challenge. For further insights and advice from a legal perspective contact Adams Law LLP
Planning and Strategy
How is your business going to plan for the future? Without doubt, it is still unclear what direction the United Kingdom is going to take following Brexit? The reality is that if you are a business in the United Kingdom, Ireland or elsewhere, there will be a whole range of legal issues that will arise which will alter your business thinking and the way that you do business.
It is also important to realise that your strategic and commercial thinking will change as the Brexit story unfolds. From a legal perspective, there are matters that you can address now.
For example, here are some key issues:-
BREXIT – CORPORATE ISSUES
- CONTRACT LAW Some contracts may contain conditions that specifically relate to European Laws. Others may have a requirement that a contract is subject to the laws of the United Kingdom or some other European Country. If the laws are going to change then this is going to have an impact on your business. Is your contract invalid, unenforceable or frustrated? It really depends on the type and content of the agreement.
- MERGERS & ACQUISITIONS The United Kingdom may depart from the European code on mergers and acquisitions. Stricter or different criteria for takeovers and mergers may apply.
- COMPETITION LAW Similarly, one of the most used forms of enforcement in the European Union is competition law. Different criteria and rules may apply to anti-competitive agreements, abuses of dominance and State aid.
BREXIT – DOING BUSINESS IN THE UK
- TAXATION the UK could potentially introduce a whole new tax regime. Changes are expected to the rules in relation to withholding tax, corporation tax. In addition, additional duty and Vat may be introduced in respect of goods and services. These all will have a significant impact for Irish companies doing business in the UK.
- GOODS & SERVICES In order to protect their competitive advantage the UK may impose restrictions on the importation of goods, tariffs and change the law. For example, in relation to sales that take place on the internet.
- FINANCIAL SERVICES For example, If your company offers financial services in the UK then you may be subject to a separate licensing regime in the UK.
BREXIT – MOST IMPORTANTLY, YOUR COMPANY
- EMPLOYMENT LAW It will be open to the UK to change their employment laws in relation to matters such as maternity leave, the transfer of undertakings and working times and other important contractual issues.
- DATA PROTECTION The free movement of personal data between EEA countries may likely come to an end if the United Kingdom exits the EU. However, without doubt, it is in the interests of both the EU and the UK to retain as much compatibility in relation to personal data flow as possible.
- INTELLECTUAL PROPERTY It is extremely likely that EU trademarks and EU registered and unregistered community design rights may not have legal effect in the UK after Brexit. Your business will need to respond to these challenges.