From its impact on recruiting young and diverse multinational talent, to the barriers it has created to cross-border data flows, Brexit has had a huge negative impact on the UK gaming industry. Gaming businesses may need a presence within the EU to help meet the standards of EU gaming regulations.
If you are a gaming service, just some of the post-Brexit implications that you may be currently facing, include:
- Many UK digital gaming businesses will need to register for VAT in each EU member state where they supply digital services to consumers.
- The UK gaming industry can expect scrutiny by the EU when it comes to processing its data.
- UK gaming manufacturers may need to identify authorized representatives based within the EU to act on behalf of the manufacturer to ensure products comply with the EU’s CE (Conformitè Europëenne) markings.
UK online gaming businesses may need to obtain new copyright contracts to continue offering licensed content within the EU.
Benefits Of Establishing A Branch In Cyprus
Having a gaming service branch within Cyprus can be hugely beneficial in supporting your business and circumventing difficulties posed by the above changes. This is because it will enable you to keep all of your VAT under one roof, and so you can avoid registering for VAT in multiple jurisdictions across the EU. This ensures smooth-running of operations, and makes it easier to resolve issues surrounding licensing and security standards. It also requires you to stay up to date with EU legislation and regulation, which can only benefit your business practices.
For more information on the sector-specific benefits of a business presence in Cyprus, get in touch today.
EQ:IQ And The UK Gaming Sector
At EQ:IQ we are both experienced and proficient in offering professional financial and administrative services to businesses within the gaming sector. With strong footholds in both Cyprus and the UK, we offer an unmatched service in the following areas:
- Company and trust formation
- Regulatory support
- Managed office space
- Banking services
- Audit, accounting and payroll
- Tax advice and structuring
- Serviced offices and commercial substance
- Access to experienced professionals