Brexit: how will it affect my business relationships?

 

The UK left the European Union on 31st January 2020. At present it is in a “Transition Period” where the relationship remains as it was prior to Brexit for all practical purposes. Complete withdrawal is expected by the end of 2020, and the nature of the 2021 relationship is to be negotiated.

I’ve spoken to a few clients who are concerned about the post-Brexit future and working with me while I’m based in the UK. To deal with this, I’ve taken steps to ensure part of my business can be available from the EU.

First, I’ve obtained Estonian E-Residency.

Second, I’ve completed the groundwork to create an Estonian based business should the need arise.

Third, I’ve identified all necessary suppliers to maintain compliance with GDPR from within the EU. I am watching the situation with Google particularly closely as they do provide some services.

Fourth, contracts with my company Dalmeny Close already permit exchange of data in and out of the EU and place GDPR protections on that data.

Finally, contracts with Dalmeny Close also allow for a transfer of ownership. In the event the Estonian Company is created, it will take ownership of all contracts. From a client perspective this means everything continues as before, other than a change to the bank account where invoices are paid.

Should the need arise, I can create the Estonian business in a few hours and have it operational within a week.

Page updated on 20th February 2020

About Ross A Hall

Business researcher and writer. I help people form and deliver competitive strategies.

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