Companies doing business in the UK or from the UK should be looking to “future-proof” their operations following the UK’s recent vote to leave the European Union. A Brexit audit is one way of determining the possible impact of Brexit. Companies should look for an engagement plan for interacting on regulatory and trade-related matters with the new UK government as well as a reformed EU. We have identified five key suggestions that should guide each company/industry in developing its position relating to the many questions raised by the Brexit vote.

1. Identify the key elements that are essential in terms of having access to the UK and EU markets -

Once companies identify those key elements, they can focus on developing a strategy that ensures that these aspects are maintained. Import tariffs are probably not the biggest problem. Key issues could be regulatory marketing approval, conformity assessment, trade-related services market access for distribution, etc. Companies may want to prepare a step-by-step overview of their supply chains where the UK is involved and identify where Brexit could change the current flow of goods and services affecting their business. Companies need to protect their existing rights and look for new opportunities in terms of doing business with the EU.