On Tuesday 20 June Vistra Cyprus hosted an IBSA discussion meeting entitled ‘Brexit: Relocating Your UK Company’.
The meeting, which was both well-organised and well-attended, discussed the concerns of the UK business community and the continuing uncertainty over its European Union-access in the event of a ‘Hard-Brexit’.
Various speakers, including Roy Saunders, Chairman of the IBSA, highlighted the various corporate and tax consequences for firms in such an event, as well as offered guidance to delegates about the consequences of migrating operations from the UK to other EU Member States i.e. through liquidation and starting afresh, changes of place of effective management, business and asset transfers, corporate re-domiciliation and cross border mergers.
With the unexpected UK general election result throwing up yet more uncertainty, such information is vital to multi-national businesses who may be considering options elsewhere, especially with the prospect of another unpredictable election re-run in late 2017 or 2018.
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