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With Brexit, so much has changed when it comes to performing business in the UK. Many companies have found it advantageous to move to the continent in order to have to suffer less red tape, tariffs, and paperwork. If you are one of those UK companies that wants to move to the EU in order to make your business thrive and become more lucrative, here are a few things to keep in mind as you are planning that big move.
Check Immigration Laws
Now that Britain is no longer part of the EU, many immigration laws have changed. The first thing to look up is what you or your employees are going to need to enter the EU and what kinds of visas they may need in order to work in the EU. Once you iron out those details, you will have a better idea of what it will entail to move the business.
Knowing these laws works in the other direction as well. If you hire EU workers to work in your new location, there may come times when they are going to have to come to the UK to work. You are going to have to know what EU workers will need to enter the UK to do business or simply what they are going to need to enter the country.
Learn Tax Laws
There are so many life events that fall under tax laws. The most important is how taxes will affect the amount of money an employee will make so that you can make sure your employees are being paid well enough to live comfortably. Tax laws also affect if your employees will be able to buy a new home or rent an apartment due to cost and the ability to be approved to own property and if they have the proper paperwork to start the land buying process.
Knowing tax laws will give you the knowledge your employees and associates will need to know, and you can pass that information on to them when they need it so they can prepare for their future.
Go Over Your Finances
You may need to pay out a large sum of money, or be worth a large sum of money in order to be approved to open your business in the EU. Open a Euro bank account. You may need a certain amount of capital to start, and you may need to apply for certain documents to open up. Processing all of this information and paperwork not only takes time, but it also takes money as well. Make sure your savings are all stocked up so that you can start the process of setting up in the EU without any hurdles or pauses for money that may make it harder to get the process completed.
Contracts may change when you move business into the EU. Certain laws may prohibit certain aspects of your business, or the laws may allow you to practice business in another way.