It’s no great secret Britain’s two principal political parties are in heated discussions over the nation’s withdrawal from the European Union, known as Brexit. The divided government is in crisis, unable to reach an agreement on the country’s most significant peacetime decision in decades.
On May 24, Prime Minister Theresa May announced she would resign after failing to come up with a Brexit plan that satisfied her party. The likelihood of a no-deal Brexit remains strong, as current PM Johnson is committed to leaving the European Union (EU) on October 31, despite a recent law extending the Brexit deadline into the new year.
In a no-deal scenario, if the UK reaches the October 31st Brexit deadline without having a withdrawal agreement in place, they would immediately leave the EU without an agreement for the separation process. Overnight, the country would lose its access to the EU’s single market and customs union and return to the World Trade Organization (WTO) rules. Additionally, Brexit would allow the UK to establish its own immigration laws, as they will no longer be held to the European Union’s “freedom of movement” commitments.
Essentially, a no-deal Brexit would place the UK, its businesses, and citizens in uncharted waters. Immediate delays to business operations could potentially result in delayed contract signing, delayed patents, immediate delay of imported and exported goods, and cross-border financial disruptions.
Longer forecasts associated with no-deal Brexit concerns include:
There has never been a better time for company formation in Dubai. Dubai has risen up the ranks of the Global Financial Centres Index (GFCI) to the eighths ranked position, representing its highest ever ranking. As the only financial centre within MEASA to appear within the top 10 rankings, Dubai is now among globally ranked leaders such as London, New York, Hong Kong, and Singapore. In fact, the UAE is expected to lead the economic growth in the Middle East and North Africa with upwards of 3.0% growth expected by 2020. These figures, along with impressive growth in previous years, point to the UAE as a country with great potential to minimize negative impacts of Brexit.
We know it can feel daunting to move your business to a new country. And by now, you’ve probably done your initial research and have heard about the requirements for Dubai mainland company setups and free zone company setups. Therefore, getting the correct company structure is vital to your business operations and success.
Creation Business Consultants helps UK businesses reduce all of the risks associated with Brexit and moving to the UAE by making sure you maintain control of your company. Our professional corporate nominee service offers UK companies a safe answer to mainland local ownership requirements in the UAE. Additionally, our team can help your company navigate the various local laws and regulations associated with moving your company to one of the 50 free zones throughout the UAE.
Regardless of whether you are setting up your company in a free zone or on the mainland, the professionals at Creation can help you set up your business in as little as 3 days. Our team can have your company setup, operational and earning you profits in the shortest amount of time. We can also take care of setting up your corporate bank account which at times can be a little challenging.
Creation Business Consultants will ensure your business experiences:
Whether you’re a UK business thinking of minimizing the risk involved with a ‘deal’ or ‘no-deal’ Brexit, or you simply want to expand your global footprint, Dubai offers a relatively simple and speedy process with strong incentives. Contact a member of our team today to schedule your free consultation.
Creation ensures clients receive a seamless, cost effective and proficient entry to the GCC market. We provide clients with the foundations and best practices empowering them to build and control a successful business.
We continuously strive to exceed client’s expectations whilst making certain they are protected from undue risk at all times. Creation Business Consultants is the preferred and truly trusted business partners for the GCC.