How will Brexit affect business in the UK?

I think we can all agree that it has been a shocking week in Parliament. With Theresa May losing the vote for her proposed Brexit deal for a second time, this has caused continued uncertainty and distress for many of us. You might be fed up hearing about Brexit, and we’re no further forward due to this week’s events. We are all still wondering, how will Brexit affect business in the UK?

There are many parts of business and trade that will need to be adapted once the UK leaves the EU. This will include import and export of goods, copyright, trademarks, and employment of EU citizens in the UK.

We understand you, or your EU staff may have some concerns. In addition, the uncertainty isn’t good for business. You might be worried about your EU employees and what happens after Brexit.

Guidance for EU Employees

How will Brexit affect business in the UK for our EU staff? The current guidance confirms that your EU employees will be eligible to stay in the UK after “Brexit”. Furthermore, their employment with you will not be affected. There are certain steps they need to take to ensure their eligibility is unaffected, and these are shown below.

Under the proposed arrangements of the British Exit from the European Union, EU nationals will be permitted to remain. However, they will have to make an application to evidence their right to live and work in the UK. Please see the table below for details:

EU nationals who already hold a certificate evidencing permanent residence (issued under the current EU regulations on the basis they have already resided in the UK for five years) will have to submit an application for settled status. However, they will complete a simplified application process and will not be subject to an application fee.

This application process will be launched on a phased basis and is intended to be fully operational by March of this year. There will be a grace period lasting until June of 2021 to apply for either status.

According to government documents, the application for settled status will be granted subject to criminality and security checks and for pre-settled status, the application will consider the same background checks. However, additional evidence of your continuous residence will be required.

Start Planning Now

If you need any further guidance on this please get in touch. As a starting point, you should be assessing who in your business will be affected. In addition, take a proactive approach to meeting with them to listen to any concerns they may have. We also encourage you to gather as much information as possible to give correct advice.

Even though there won’t be instant changes, it is crucial you start planning now to protect the success of your business. If you are still thinking, how will Brexit affect business in the UK?, feel free to contact us now. We are more than happy to answer any questions you have.