2020 has been a year of transition and change for a lot of people and businesses, Brexit still looms as an uncertain variable. Whether you are running a business inside or outside the UK, it is worth familiarising yourself with the key upcoming dates and changes that will take place.
We have researched the key dates that you ought to look out for:
November 30th 2020 – Trade Deal Confirmed.
With the transition period of brexit coming to an end, the EU have previously stated that a deal needs to be reached by the end of November in order for there to be enough time to see it through. With negotiations continuing, and an agreement not yet made, options are being explored to see what can be done in order to adhere to the timelines set.
December 31st 2020 – Transition Period Ends.
The official end of the transition period. If an agreement between the UK & the EU has not been reached by the end of December this year, then the UK will be forced to rely on WTO (World Trade Organisation) rules & tariffs. An extension to the transition period may also be agreed during December.
1st January 2021- New Relationship Started.
If there is no extension to the transitional period, the UK will start to operate under the new agreement made with the EU. From January the 1st, importers will still be able to import controlled and non-controlled goods from the EU without making an entry summary declaration.
1st July 2021 – Delay of Customs Declarations Ends.
After the 1st July 2021 importers will be required to make entry summary declarations just as is required now for importing goods from non EU countries.
30 July 2021 – Deadline For Residency Applications.
EU citizens living in the UK or UK nationals living in EU countries need to apply for residency within 6 months of the end of the transitional period.
With these key dates set, uncertainty still remains. Brexit brings a lot of opportunity for Singaporean companies looking to move to the UK and a clear understanding of the key dates to look out for helps to plan your expansion. Visit our article about the ‘Common Myths about Setting Up a Business in UK and Moving Your Business there’ to learn more about doing business in the UK. Join our network or contact us to receive more resources about how we can help you do trade between the UK & Singapore.
Learn more about UKSGBridge Limited.
Financial Times – https://www.ft.com/content/723de327-09cb-4f0b-8b79-6ac8a4051aac