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Irish Gov't Helping SMEs Prepare For Brexit

by Jason Gorringe, Tax-news.com, London

31 May 2017


Enterprise Ireland has launched a "Brexit SME Scorecard" to help small businesses prepare for the UK's departure from the EU.

The Scorecard is an interactive online platform which can be used by Irish companies to self-assess their exposure to Brexit. Based on the answers supplied by the user, the Scorecard generates a report which contains suggested actions and resources, and information on events for companies to attend, to prepare for Brexit.

The assessment is based upon six key pillars – business strategy, operations, innovation, sales and marketing, finance, and people management.

Enterprise Ireland will also provide funding up to the value of EUR5,000 (USD5,594) to its client exporting companies, to support the development of a business action plan. Enterprise Ireland will then work with these companies on a one-to-one basis to support the implementation of their plan.

Enterprise Ireland CEO Julie Sinnamon said: "Irish businesses should start preparing for a hard Brexit and be fully equipped to meet both the challenges and opportunities arising from Brexit head-on. Many SMEs have yet to conduct any Brexit risk assessment or put a Brexit-dedicated team in place."

Jobs Minister Mary Mitchell O'Connor added: "Maintaining close trading relationships between the UK and EU/Ireland and minimizing the regulatory burden for goods transiting the UK are two of the Government's priorities in the [Brexit] negotiations … At company level, however, time is of the essence for Irish companies to become Brexit ready, in order to curtail and mitigate against market turbulence."

"The UK continues to be Ireland's main trading partner and the aim is to uphold these strong trade relations and equip Irish companies to strengthen their collaborations while also preparing them to look at diversifying into new international markets," she added.

Enterprise Ireland is the government organisation responsible for the development and growth of Irish enterprises in world markets.

TAGS: small business | business | free trade agreement (FTA) | Ireland | export duty | trade treaty | United Kingdom | agreements | import duty | trade | European Union (EU) | Europe

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