Be Prepared For Brexit

Be Prepared For Brexit

While a lot of uncertainty exists around exactly what Brexit will mean for the European trading landscape, Irish companies need to examine their business strategy now and decide where adjustment, if any, is needed. This is crucial if companies are to be in the strongest position possible in terms of managing the range of challenges expected as well as taking advantage of new opportunities.

One way or another, Irish businesses will have to deal with a new set of circumstances in the years ahead in relation to the UK. This means they need to take stock of their current position, consider the implications of Brexit and plan for every scenario in order to meet growth targets.

An adjustment in business strategy could mean anything from deciding to take a different approach to the supply chain in the UK, to diversifying into new markets altogether or placing an increased emphasis on innovation to improve competitive advantage.

Nearly three thousand businesses in Kildare have been contacted by Revenue over Brexit trade preparations, according to Pascal Donohoe.

The Minister for Finance disclosed the figures from each county following a request by Fianna Fáil TD Billy Kelleher of the number of businesses nationwide contacted to register for a customs identification number

An Economic Operators Registration and Identification number will be required for every business to continue trading with the UK post-Brexit.

Although Brexit has long been one of the most talked-about subjects in Ireland, it hasn’t actually happened yet. However we are now in the final stages of the withdrawal negotiations and on 29 March 2019 the UK will formally leave the EU.

Ireland will be the EU Member State most affected by the UK’s decision to leave the European Union and we need to recognise that this is happening – the UK is leaving the EU and some things are going to change.

We know what some of this change will look like and we are planning accordingly. We must also remember however that negotiations are still ongoing. This means that we don’t yet know exactly what change Brexit will bring in all areas.

The Government is fully aware of the complexity of Brexit – we are planning for the best but preparing for all scenarios.

In parallel to the intensive negotiations in Brussels, detailed work has been well underway at home across Government and its agencies since before the UK even voted to leave the EU. This includes contingency planning for all possible scenarios, including the unlikely case of a ‘no deal’ Brexit.

Of the 84,000 businesses contacted, Revenue contacted 2,721 businesses in Kildare to encourage them to conduct a Brexit Impact Assesment and avail of free customs information seminars.

Mr. Donohoe also said his department would provide a county figures of businesses who applied for an Economic Operators Registration and Identification EORI numbers in 2019, as soon as Revenue can provide the breakdown.