Brexit

From 1 January 2021, the UK will no longer be an EU Member State, which means that different rules will apply to the relationship between the European Union (EU) and the United Kingdom (UK). These are partly laid down in the Trade and Cooperation Agreement. One of the most important consequences of Brexit is that fundamental EU rights of freedom of establishment, free movement of workers and freedom to provide services will no longer apply in full to parties from the UK.

What does Brexit mean for your business operations, contracts, annual reporting, employees - and your international trade? We would be delighted to advise you on this.

Rutger Evers

Attorney at law, Partner

English companies in the Netherlands, post-Brexit

In principle, an English company may do business in the Netherlands, post-Brexit. However, certain special rules apply in the Netherlands for non-EU companies – a category that now includes English companies.
Directors of an English limited company registered in the Netherlands must check whether the company formally qualifies as a foreign company. If it does, its directors should immediately register this information in the Trade Register. It is also advisable for directors to have the directors’ and officers’ liability insurance cover checked and adjusted for this situation.

 

 

 

Brexit: end of Dutch annual account exemptions for English company groups

As a result of Brexit, a new annual accounts regime applies to groups with an English parent company and Dutch subsidiaries. This applies to use of group exemptions and consolidation exemptions, and also when a Dutch subsidiary company applies its group’s English accounting standards.

 

The amended rules apply to financial years starting on 1 January 2021 or later. The amended regime will have to be considered when drawing up the annual accounts of an English/Dutch group, and in any compulsory audit at the Dutch level, as well as, for example, in the amended decision-making process.
The most urgent action required is withdrawal of filed 403 declarations.

 

 

More information on Brexit

Our specialists would be happy to answer your questions on the impact of Brexit on your business, and provide legal advice on any specific issues:

 

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