How is Brexit affecting EU companies

The UK-EU Trade and Cooperation Agreement, which will apply from 1 January 2021 and will henceforth govern the future relations between the two sides, stipulates that no duties and quotas will be imposed on trade.

But as the UK emerges from the EU Single Market and Customs Union, there will be far-reaching and inevitable changes for public administrations, businesses, and citizens of EU Member States, including Greece.

A business will be affected by Brexit if:

• Has products or offers services in the UK

• Purchases products or services from the United Kingdom

• Carries goods and persons to and from the United Kingdom

• Has never been commercially active in non-EU countries

• Shipping goods through the United Kingdom

• Uses UK materials and merchandise to trade preferential arrangements with EU partner countries

• Has a subsidiary in the United Kingdom

• Holds patents, European trademarks, geographical indications, or plant variety certificates in the United Kingdom

• Uses product marketing authorizations or approvals from UK entities

• Employs Greek employees in the United Kingdom or British employees in Greece

• Participates in European programs with British partners.

What businesses need to do:

From 1 January 2021, the free movement of goods, capital, services and persons between the United Kingdom and the EU will be abolished, as will the right of free establishment. 

Therefore, companies operating in the United Kingdom should:

• submit customs declarations when importing or exporting goods to / from the United Kingdom or when transporting goods through the United Kingdom

• submit a declaration and safety and protection data, if required

• obtain a special permit for the import or export of certain goods (eg waste, certain hazardous chemicals, GMOs).

• comply with additional formalities if importing or exporting goods subject to Excise Duty (alcohol, tobacco, or fuel) to / from the United Kingdom

• pay VAT to the EU country to which they import goods from the United Kingdom.

• be exempt from VAT in the EU on goods exported to the United Kingdom, but then subject to the VAT rules applicable to imports into the United Kingdom

• comply with different VAT rules and procedures for trade with the United Kingdom than for trade within the EU.

The European Commission has issued 90 Guidance Notes (Notices) on what changes at the end of the transitional period and what should be taken into consideration, provided that nothing different has been decided in the Trade Agreement and Cooperation between the UK and the EU agreed on 24 December 2020 and signed on 30 December 2020.

Contact us

Our office associates are constantly informed about Brexit and have the appropriate knowledge to direct any business involved in the above cases or facing a related issue, which arises due to the latest developments in the United Kingdom and regarding in particular:

• Imports - Exports (customs formalities, movement of goods, transport)

• Data protection (GDPR)

• Tourism

• Contracts

• Intellectual Property

* with information from