In view of Brexit and the continuing uncertainty as to how the new UK/EU trade agreements will be defined, UK companies can use international company and trade law and EU directives to preserve and protect:
- supply chains of goods and materials in the European market;
- trade to and from the UK and the EU;
- markets of European Union countries such as Italy, where UK companies are working.
Since uncertainty about Brexit reigns supreme, it is difficult for UK companies to be able to plan economic, financial and corporate intervention actions to protect their production and commercial activities. The situation appears even more critical if Brexit is accompanied by the disaster caused by Covid 19, in every European and world country.
The solution for UK businesses to deal with the consequences of Brexit: Italy Company Incorporation.
A solution to the problems that could arise with the arrival of Brexit could be that of italy company incorporation. But let’s go in order.
The modalities of the UK’s exit from the EU remain shrouded in uncertainty and it is not yet known what the conclusion of the Brexit agreements will be. In fact, there are still many unknowns:
- it is not known if there will be the Hard Brexit that is, leaving the EU without any agreement;
- the advantages and disadvantages caused by the UK’s exit from the EU are neither known nor predicted, and not even if there will be;
- it is not known if there will be and what the transition will be.
Given the situation so unclear and since the countdown that will lead to the UK’s exit from the EU on 31 December 2020 has already started, a corporate action plan for UK companies has become a necessity that can no longer be postponed.
The entry of people and goods into the EU after Brexit.
We will have to get used to the fact that after Brexit the UK becomes a non-EU country, with all the problems inherent in the entry of people and goods into EU countries from non-EU countries. The rules for ensuring that a non-EU entity Italy company incorporation exist, since the EU has already adapted its market for some time with rules designed and addressed to those who want foreign company in Italy or needs a legal representative in Italy of the foreign company .
Brexit jeopardizes cross-border trade between the UK, Italy, EU countries.
In any case, the impact of Brexit on cross-border trade in and out of the UK to the EU, and from countries such as Italy to the UK, puts at risk sales markets and supplies for the materials needed for UK companies’ business activities.
The first thing to do for UK businesses that will continue to trade with the EU after Brexit is to get in touch with international law firms who are experts in corporate law and international trade, to find out how:
- transfer VAT registrations;
- identify a tax representative in one of the European Union countries such as Italy;
- transfer their financial guarantees and foreign current accounts in the EU;
- gear up to open secondary offices and representative offices in one of the EU countries such as Italy;
Further subjects for in-depth study to properly address the situation that will arise after Brexit are:
- VAT for LTD;
- Goods entering the UK;
- Outgoing goods from UK to EU;
- Interaction between Brexit and the e-commerce directive;
- GDPR compliance and post Brexit protected data protection;
- Change of business transactions;
- Tax representation in one of the EU countries such as Italy.
Transfer a foreign company to Italy.
Italy is thought to be one of the countries where the impact of Brexit will have important consequences. One could be the subtraction of substantial financial resources and taxes from the state, due to the introduction in the United Kingdom of laws capable of facilitating the transfer of large capital without too many controls. This is why it is feared that the reaction of Italy, but also of other large EU countries, is to obstruct the agreements for Britain’s access to the European market.
For UK companies, such a consequence can be fought through the numerous actions that international corporate and commercial law makes available, which makes it possible:
- identify the tax residence of the company;
- open a foreign company in Italy;
- establish a foreign company in Italy;
- open a representative office in Italy;
- open a business office.
Damiani&Damiani International Law Firm provides online legal assistance for the opening or transfer of a foreign company in Italy. Fill out the form and request OnLine assistance