Helping Irish Companies Grow Post-Brexit

London Skyline

At Ecovis Wingrave Yeats, we have been helping overseas-owned businesses get established in the UK for close to 40 years now. We have a very international focus to our practice with clients from the US, all parts of Europe and extending to the Far East and Australia / New Zealand. I have personally assisted a large number of Irish companies set up here in the UK.

The Ecovis business hub

We are based in Soho, one of the most vibrant communities right in the heart of London. This accessible central location makes us ideally placed to meet all clients at our offices on their trips to the capital.

Global expertise with local faces

For any Irish company with multi-jurisdiction expansion plans, we are the UK member firm of the global network Ecovis International. Ecovis have associate firms in over 80 countries now and will have an expansion solution for the vast majority of your expansion plans.

As a multi-service accounting practice, we have a cross section of clients from many diverse sectors. Our international clients tend to come from retail including the food sector and, online-only platforms, technology, and financial services. We deal with a very wide range of technology clients from SAAS to apps and other platforms.

Helping overseas businesses set-up in the UK

My role, for any overseas company looking to expand into the UK, is to act as an initial sounding board, so they can understand the legal, tax, accounting, and general commercial implications of having a more formal UK presence. With over 20 years’ experience in assisting all types on entity set up here in the UK, I can, consequently, bring this wide-ranging knowledge to bear during expansion planning.

Discussions invariably include a review of market research to date to ensure  “market readiness”, discussions on legal entity types and the implications of choosing different legal setups, tax guidance around set-up, including discussions on the cross-border tax issues that may arise. These conversations aim to de-mystify the tax and accounting / audit filing obligations to allay concerns about setting up in a foreign country. The greatest service we can offer is to take away the burden of tax and finance function compliance, to allow new clients to concentrate on the operational aspects of a newco i.e., the profit-making elements of the start-up.

Post-Brexit opportunities for Irish business

Whilst Brexit has posed great challenges to Irish companies, I would argue that any major change also brings opportunities for the fleet of foot to expand. Over the last year, we have assisted close to 100 Irish businesses. Those conversations in the late months of 2020 concentrated around the imminent 1/1/21 deadline for the new VAT and Customs obligations for moving goods into the UK from Ireland. We have assisted many Irish companies with VAT registrations and provided Customs advice to ensure, where possible, there was no disruption to the free movements of their goods into the UK post 1/1/21.

Demonstrating commitment to the UK market

More recently, as their initial Brexit concerns have been resolved, Irish companies are taking more mid to long term decisions about the nature of their presence here in the UK. They are looking at how they can best protect their UK customer base from UK competitors, incentivise employees, and fund their international growth. A growing number of Irish companies, over the last 6 months, have decided to set up legal entities here and put staff on the ground. This demonstrates to their UK customers a real commitment to the UK market. Whilst this may be just an evolution of a company’s presence here in the UK, it can, at times, be very important for the perception of the UK-side client i.e., that you are really here and can meet me face to face if I need such a meeting. This demonstration of presence can, at times, make the difference in tendering to both the public and private sector here in the UK. This is the, at times unappreciated, marketing benefit of having a tangible presence here in the UK, the largest export market for many Irish companies.

Get in touch

We are always happy to speak with any Irish company, on a no obligation basis, looking to formalise their UK presence as a result of UK client pressures or where they see the opportunities afforded by the 6th largest economy in the world.

To discuss how we may help your business set up in the UK, please get in touch with me.

 

Gerry Collins, Managing Partner

E. gerry.collins@ecovis.co.uk

T. +44 (0) 207 317 6675