Brexit – Are you ready?
Whatever the shape of the future trading relationship with the UK post transition, trading conditions with the UK will change and small businesses need to prepare for that change now.
A new EU Document “Getting ready for changes” sets out a sector-by-sector overview of the main areas where there will be changes regardless of the outcome of the ongoing EU-UK negotiations, and sets out measures that national authorities, businesses and citizens should take in order to be ready for these.
In order to prepare for Brexit the SFA recommends the following:
- Visit Getting Business Brexit Ready, the Department of Business, Enterprise and Innovation website on business Brexit preparedness.
- Get your EORI number. If you are trading in goods to or from the UK, an Economic Operators Registration Identification (EORI) is required to be entered on a customs declaration. In the post-Brexit environment, all goods movements involving the UK will require a customs declaration. To register for an EORI number visit the Revenue Online Service.
- The Brexit Loan Scheme provides affordable financing to businesses that are either currently impacted by Brexit or will be in the future. The Scheme, which is delivered by the Strategic Banking Corporation of Ireland through commercial lenders will make €300 million available to eligible businesses with up to 499 employees at an interest rate of 4% or less.
- Start to Plan Voucher Scheme (through InterTradeIreland) offers SMEs advice and guidance to help navigate their way through Brexit. The vouchers offer 100% financial supports of up to £2,000/€2, 250 (inclusive of VAT), towards professional advice in relation to Brexit matters. This support can help businesses get advice on specific issues, such as the movement of labour, goods, services, customs, logistics and financial issues such as VAT and currency management.
- The Trading Online Voucher Scheme offers financial assistance of up to €2,500 along with training and advice to help your business trade online.
- The Technical Assistance for Micro-Exporters (TAME) grant supports LEO clients to explore and develop new export market opportunities. This scheme is a matched funding opportunity with up to €2,500 available to eligible businesses. Under the scheme costs incurred when investigating, researching and accessing export markets can be part funded.
- The Credit Review Office provides a simple and effective review process for small and medium-sized enterprises (SMEs), sole traders and farm enterprises refused credit from Allied Irish Bank, Bank of Ireland, PTSB and Ulster Bank.
- Microfinance Ireland offers loans to established business.
- Contact your Local Enterprise Office for information on supports and initiatives available to small firms.
- Read the Currency Risk Management guide to learn more about assessing and managing your firms exposure to foreign currency risk.
- Visit the Supporting SME tool at supportingsmes.ie which sets out the full range of Government financial and other supports.