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Brexit: What does it mean for your business in practice?

Brexit Impact

KPMG in Cyprus is closely following developments pursuant to the application by the UK (under Article 50 of the Treaty of Lisbon) to withdraw from the EU, which is expected on March 29th, 2019. As a result, the level of business investment is estimated by the Bank of England to be around 25% lower by 2019 relative to its pre-referendum forecasts.

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Businesses with offices in the UK need to start planning for March 2019 as soon as possible in order to be Brexit-ready.

Experts at KPMG in Cyprus do not perceive Brexit as a matter of uncertainty and instability.

Conversely, Brexit opens up an opportunity window which can become a catalyst for change.

Brexit: What does it mean for your business in practice? 

Businesses serving the British market in all likelihood will no longer be able to passport into the UK.

Besides, importing into and exporting out of the UK will become complex and less efficient.

Regardless of a hard or soft Brexit, businesses in the UK as well as businesses outside the UK with British suppliers and clients need to evaluate the forthcoming risks and identify the challenges.

Some UK-based organizations have already started establishing a presence in the remainder of the EU while others are in the process of exploring alternative locations within the EU.

How can KPMG in Cyprus help you reset your future?At KPMG in Cyprus we know your challenges and we grasp your concerns. First, you need to understand your options and alternatives and be aware of your exposure, in order to be able to identify opportunities.

Regardless of your industry of operation, we have created a suite of assets to help you undertake the appropriate measures in order to be 100% prepared.

Our analysts are readily available to assist you to:

• Calculate your risk, providing risk management
• Undertake viable and sustainable decisions adopting a ‘no-regrets’ position
• Review location strategy
• Reconsider supply chain
• Navigate regulatory change
• Secure talent
• Continue offering high-quality solutions and services to your clientele.

 

© 2020 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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