With 100 days until the end of the Brexit transition period, Tánaiste Leo Varadkar (Department of Business,
Enterprise and Innovation) has urged businesses to be ready for inevitable changes that Brexit will mean for Irish businesses.
From 1st January 2021 the UK will not longer be a member of the Single Market and Customs Union. Even if a Free Trade Agreement is concluded between the EU and UK, there will be significant and enduring change.
There are a number of areas in which businesses can prepare now including:
One of areas where businesses will experience enormous change is customs. The Ready for Customs Grant from Enterprise Ireland offers up to €9,000 for each new full-time employee engaged in customs work. Practical customs training is also available through Enterprise Ireland, Local Enterprise Offices and Skillnet Ireland.
Business buying or selling into the UK should examine their supply chain and identify any possible implications due to Brexit.
Businesses need to ensure they have adequate cashflow as it could be impacted for a number of reasons including currency fluctuations, tariffs or potential delays.
Ensure you use an EU-based notified body, e.g., for product certification purposes.
The full report along with recommendation is available here.