The private security sector has thus far faced minimal impact since the passing of Brexit. The industry is actively being promoted to increase talent and employment. Industry leaders have foreseen the challenges ahead and are making plans to support the workforce. Overall, the private security sector will mostly be affected by how CEOs and business leaders respond to new employment legislation.
Two key areas within the private security sector will be influenced by Brexit.
- Immigration: Significant restrictions will be placed on visas for lower-skilled workers. There will be much greater competition amongst retail, hospitality and catering sectors for a decreasing pool of lower-skilled workers, leading to higher wages and rising security costs.
2. Staffing: All citizens belonging to EU-27 countries will need to leave the UK and jobs will be left unfilled. Organizations are expected to face increased difficulty in recruiting senior, skilled and technical workers over the coming years.
Benefits Of Establishing A Branch In Cyprus
Having a branch of your private security operations in Cyprus will allow you to mitigate the impact of Brexit. This is because your staff will be subject to EU law, and so you won’t need to worry about unfilled vacancies and staffing shortages. You will be able to access highly skilled and technically skilled workers based on the needs of your individual organisation because you aren’t subject to the same barriers as a solely UK-based business.
For more sector-specific benefits that exist here in Cyprus, contact us today.
EQ:IQ And The UK Private Security Sectors
Transitioning from a private security firm in the UK to a private security firm with international locations can be difficult and complicated. Our diverse offering of financial and administrative services were designed to help, support and advise you on every step of this journey. At EQ:IQ, our services include:
- Company and trust formation
- Regulatory support from a well-established and respected regulatory body
- Banking services
- Audit, accounting and payroll
- Tax advice and structuring
- Serviced offices and commercial substance
- Access to trained and qualified professionals