Brexit may be discouraging for foreign companies attempting or planning to expand into the UK, but you can set up successfully Ultra Bait with the right approach. Here’s how to beat Brexit and build your business in the UK.
Britain will almost certainly be out of the European Union by the end of March 2019, but there’s still a lot of uncertainty surrounding the finer details and various deadlines. For any global business, uncertainty is never taken lightly, and foreign direct investment has fallen sharply since the Brexit vote, as companies are fearful of how the looming Brexit might affect trade.
If your international business is growing, and expansion of the company is likely to involve the UK sometime soon, it’s likely you’ve had concerns about how best to navigate the fallout of Brexit and the changes affecting how businesses will operate. It’s safe to assume there will be some changes to how businesses operating out of the UK conduct business in other EU countries, so here’s a breakdown of what to expect, and ultimately, how to beat Brexit.
Get in quick
In the early post-Brexit years, expansion should be relatively easy for businesses because the UK’s regulatory environment should still be similar to the EU’s, according to experts. It might not stay this way, because the UK will no longer have a say in future EU regulations and might not copy them, especially if they want to do more bilateral trade deals. Therefore, to get a good return on your investment, expand to the UK sooner rather than later, while regulations are known.
Get an extra-big bang for your marketing buck
Any foreign business investing in the UK is sure to get a big publicity boost. The UK government and Brexiteers make a big splash about any signs of overseas confidence in Britain these days. And it is still much easier and cheaper to setup in the UK than most European countries, so you could get a lot of great publicity for relatively little outlay.
Far from reducing red-tape, companies that are active across European borders will potentially face the need to comply not only with EU regulations but also with newly created UK domestic regulations following Brexit. Other potential problem areas include a range of tax questions, from VAT on cross-border transactions, to double taxation and customs duties, which will all require careful consideration, so preparing well for these will avoid any surprises further down the line.
Start early with a local strategy
There’s a lot of advice on how to start a business overseas, but when you add Brexit into the mix, it becomes especially important to plan ahead and seek advice. It’s best to have a thorough international business plan, and if possible, tease the launch of your brand or product in advance, and connect with relevant UK influencers who can help launch your brand and get you on the right radars.
In the long-term, the UK will remain one of the leading European economies, and an attractive place to do business. The most effective step you can take before expanding into the UK is to seek professional advice tailored to your specific circumstances, such as international expansion agency Galvin International, who will make every step of the transition easier.