Tuesday, 26 March 2019 13:57

UK Prepared for all scenarios of Brexit

Organizations in the United Kingdom are being notified of regulations that will come into effect in the event of a ‘No Deal Brexit’. Companies House sent out notifications to all European Economic Area (EEA) companies registered informing them of additional details they would need to submit to the Registrar in the event of a No Deal Brexit.

Companies House is a government section within the Department for Business, Skills and Innovation that deals with the regulation and incorporation of limited liability partnerships and limited companies in the UK. They, along with other Government agencies, have spent the last two years going through extensive preparations for Brexit.

They seem organized and ready to move forward in case of any scenario, including a no deal. European Economic Area (EEA) Organizations registered with Companies House have received a notice informing them that they need to provide additional information to the Registrar in the event of a NO Deal Brexit.

EEA companies registered with Companies House under the Overseas Companies Regulations are required to submit the below information, aligned with requirements for non-EEA companies, before 11 pm on 12 April 2019:

  • Information on the law under which the company is incorporated
  • The address of the principal place of business or registered office
  • The company’s purpose (its objects’)
  • The amount of share capital issued
  • For companies required to prepare, audit and disclose accounts under their parent law and accounting period and period of disclosure

The changes listed here apply to all EEA companies, which are registered as overseas companies in the UK as well as new overseas establishments registered after exit day, hence aligning all information required with the non-UK company as well.

In addition to the information required here, companies will also need to mention certain information on their client/public facing material including letterheads, websites and order forms:

  • Location of the head office
  • Legal form of the company
  • Limited liability status
  • Share capital (if applicable)
  • Notice that the company is being wound up or is subject to insolvency or any other analogous proceedings

As we know the EU have granted the UK an extension but this comes with terms and conditions. If the British MPs approve the agreement this week, then Brexit will be extended until May 22. However, if it is rejected again, the U.K. has until April 12 to leave the European Union.

The UK will no longer be part of the European Economic Area (EEA) and companies with a UK establishment and whose ‘home’ country is inside the EEA will have to report the same information as overseas companies.

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