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Checklist for businesses to prepare for Brexit

Checklist for businesses to prepare for Brexit

Hungary
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Every single business that trades with the UK, both in goods and services, will be affected by a “no-deal Brexit” scenario, i.e. the withdrawal of the UK from the EU without an agreement. On 4 September 2019 the Commission published a “Brexit preparedness checklist”, to provide information and to help enterprises conducting business in the EU and/or in the UK to double-check their state of preparedness.

The Commission highlights in its communication that it is the responsibility of all stakeholders to prepare for all scenarios of Brexit, i.e. the withdrawal of the UK from the EU with or without a withdrawal agreement. Given that a “no-deal” scenario remains a possible outcome, the Commission strongly encourages all stakeholders to use the extra time provided to ensure that they have taken all necessary measures to prepare for Brexit.

The checklist contains the most common issues and relevant aspects that may arise as a consequence of a withdrawal without an agreement. It deals with three main topics, including (i) Placing goods on the EU market / exports, (ii) Provision of services in the EU and (iii) Other relevant aspects, in particular: VAT, trademarks & designs, contracts and personal data matters.

The above checklist is non-exhaustive, additional guidance may be found from the ‘Brexit preparedness notices’ published by the Commission Services and information by national authorities.

By Adrienn Megyesi, Attorney at law, KCG Partners Law Firm

Hungary Knowledge Partner

Established in 1957, Wolf Theiss is one of the leading European law firms in Central, Eastern and South-Eastern Europe with a focus on international business law. With 300 lawyers in 13 offices located in Albania, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine, Wolf Theiss represents local and international industrial, trade and service companies, as well as banks and insurance companies. Combining law and business, Wolf Theiss develops comprehensive and constructive solutions on the basis of legal, fiscal and business know-how.

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