21 Aug 2019 | 10.23 am
Essential Brexit Questions For Irish Companies
Enterprise Ireland’s 12 questions for Brexit-exposed businesses
21 Aug 2019 | 10.23 am
Enterprise Ireland has assembled a list of essential questions it is advising exporting businesses to ask in order to help them prepare for Brexit.
The 12 questions are being published as part of Enterprise Ireland’s ‘Brexit Essential’ campaign. It aims to highlight the key questions and documentation that businesses need to address in order to trade successfully with the UK post October 31.
Through consultations with more than 1,000 Brexit-exposed client companies, EI found three common areas of concern: customs, strategic sourcing, and financial and currency management.
Jonathan McMillan, Enterprise Ireland’s Brexit unit manager, said that the 12 questions relate to each of these three business areas. “As the possibility of a no-deal Brexit looms, we are now asking businesses to focus on the everyday operating issues that these questions highlight to ensure they are ready as can be for whatever the outcome at the end of October. Our message to companies is that it is never too late to take action,” McMillan added.
Information on all the potential issues highlighted within the 12 questions are available on prepareforbrexit.ie.
EI said that there has been substantial uptake to date of its financial and advisory supports for Irish businesses preparing for Brexit. Enterprise Ireland has invested €74m in Brexit-exposed companies, focusing on three key areas:
- Advising clients on enhancing innovation;
- Helping companies diversify into new markets;
- Increasing their competitiveness.
In terms of advisory supports, over 1,000 companies attended Brexit Advisory Clinics across the country, 6,000 companies have completed the Brexit SME Scorecard, and over 1,400 businesses have completed the online customs insights programme since December.
Some 86% of EI clients have now taken Brexit actions, up from 38% in 2017.
The 12 essential questions identified by Enterprise Ireland are:
- What is your EORI number?
- What is the commodity code for your products?
- What is the country of origin for your products?
- How will you manage customs procedures, i.e. in-house or via a broker/agent?
- What percentage of your goods are sourced from or through the UK?
- What alternative supplier(s) have you identified for your contingency plans?
- Which UK supplier will have the greatest Brexit impact on you?
- What steps have you taken to enhance your UK supplier relationships?
Financial & Currency Management
- What is your break-even €/£ exchange rate for your UK business?
- How much extra funding will be required to support your Brexit action plan?
- Which steps have you taken to reduce the risks of adverse FX movements?
- What is the impact of Brexit on your company’s cash flow?