Have you been a bit concerned about Brexit regulation and how it could impact your business? Well this guide by UKSGBridge is for you.
Data and Privacy
Whether you are a brick and mortar business, or have a sophisticated digital set-up, GDPR and related data and privacy considerations apply to you. As you may know, from basic customer, business, employee and different types of stakeholder data that you hold, to more complex data created, processed, stored as a result of your daily work is all subject to GDPR. With Brexit, what does it mean for your business?
The good news is the UK typically has had a higher standard of ratification of European Union (EU)’s directives stemming from regulations and standards, and this applies to GDPR and any data, privacy considerations UK has had. Hence, with Brexit this high standard of data protection and privacy considerations would hold. The UK government has got resources to guide you to making that transition, even if getting legal advice is not the top of your priority list currently.
In addition, as a business looking outwards to other markets you will find that there are numerous changes in privacy and data protection laws in other countries including Japan, and India. The impacts high street businesses as well, with requirements for information management for any customer data they may hold. Therefore, you are not alone in navigating the landscape, and would find ample ambit for you to ease your business to the changes.
Import and Export
There are some elements of your business, that you may look to import and export, especially post-Brexit. These can be the trade of goods or services. As you may already have learnt, the import and export requirements with EU has had some significant changes, including businesses now having to apply for an Economic Operator Registration and Identification (EORI) number, before trading. The silver lining in this is, in addition to the support pledged by the government, there are custom agents, and similar processes as to how you would trade with other countries. Therefore, from a process perspective, and an internal cost perspective for these changes and compliance, once you are over the initial hurdle, the rhythm would be similar to your normal trading. Also, now with trade agreements being signed with more countries, including Singapore, post-Brexit, the world is your hinterland.
You may already have overcome the manpower concerns once you have come to this stage, but if you have not there are resources to source for manpower in case your industry had an exodus of exits due to the manpower implications. UKSGBridge is working with some partners on manpower sourcing, and in addition to ensuring settlement visa for manpower from EU is settled, there is also the opportunity to contract out manpower, especially those that can be managed remotely. Several businesses already have this practice with service agreement for manpower in the Republic of Ireland, Cape Town, and parts of Asia, including Singapore and India. In terms of labour standards, the UK appears to be looking at its own set of standards, with an Employment Bill in the horizon.
Overall, we admit that this new landscape is a challenging one, but there are resources and support for you. At UKSGBridge we look forward to easing this process for you. You can also view our Brexit Calendar to keep apprised of key dates, and other Brexit resources in our Blog section.