Enterprise Ireland has 12 ‘Brexit Essential’ questions to help exporters further prepare and take action ahead of the UK’s impending withdrawal from the EU. After discussions with Irish business, The Brexit Essentials campaign highlights key questions and documentation that businesses need to address to trade successfully with the UK after October 31st.
Since the UK referendum in 2016, Enterprise Ireland has been in consultation with over 1,000 Brexit-exposed client companies, three common areas of concern arise – customs, strategic sourcing and financial and currency management. As the possibility of a no deal Brexit looms, they are asking businesses to focus on the everyday operating issues.
To deliver a response programme, Enterprise Ireland’s supports include Brexit clinics, Brexit specific capability initiatives, the Brexit: Act On Initiative and online customs training. Financial supports in the form of specific funds include the Be Prepared grant, clear customs, market discovery fund, agile innovation offer and operational excellence offer.
The 12 Brexit Essential questions posed by Enterprise Ireland:
|1.||What is your EORI number?|
|2.||What is the commodity code for your products?|
|3.||What is the country of origin for your products?|
|4.||How will you manage customs procedures i.e. inhouse or via a broker/ agent?|
|1.||What % of your goods are sourced from or through the UK?|
|2.||What alternative supplier(s) have you identified for your contingency plans?|
|3.||Which UK supplier will have the greatest Brexit impact on you?|
|4.||What steps have you taken to enhance your UK supplier relationships?|
|Financial & Currency Management|
|1.||What is your break even €/£ exchange rate for your UK business?|
|2.||How much extra funding will be required to support your Brexit action plan?|
|3.||Which steps have you taken to reduce the risks of adverse FX movements?|
|4.||What is the impact of Brexit on your company’s cash flow?|