Professional & Consultancy Services
This sector contributed £225 billion to the UK’s economy in 2019, and made up around 13% of the UK workforce. On top of that, the EU makes up 37% of its exports. A Brexit deal may have been agreed, but the professional and consultancy services sector still remains vulnerable.
A summary of some of the key areas affected by Brexit:
- The continuation of a mutual recognition of many professional qualifications was not agreed in the deal.
- Many UK professional and consultancy service providers offering services in the EU will need to appoint a European Representative to comply with EU GDPR law.
- The new deal allows EU countries to prohibit UK professional and consultancy service providers’ remote recruitment operations from the UK.
- Some UK professional and consultancy services will need to undertake an economic needs test to continue providing services in certain EU countries.
Benefits Of Establishing A Branch In Cyprus
Setting up a branch in Cyprus can help to relieve some of the issues caused by Brexit. This is because you will gain access to an abundance of highly trained and talented experts in their field, which means that the recognition of professional qualifications is not an imminent concern. It will also provide you with effective means and motivation to keep up to date with new EU laws and regulations. In this same vein, registering for VAT in Cyprus means that you will not need to register for VAT in each of the EU countries in which you have customers.
To understand more of the benefits to establishing a branch of your UK business in Cyprus, give us a call today.
EQ:IQ And The UK Service Sector
We are proud to offer an extensive range of services that prove immensely valuable to UK professional and consultancy services. Our offering includes:
- Access to trained and qualified professionals
- Regulatory support
- Banking services
- Audit, accounting and payroll services
- Serviced offices and commercial substance
- Tax advice and structuring
- Company and trust formation