The European Commission (EC) has published a Brexit Readiness Checklist in anticipation of the end of the transition period on 1 January 2021.
The UK has made a choice to cease participation in the EU Single Market and Customs Union. Furthermore, they have decided to end the free movement of persons, goods and services with the EU as of 31 December 2020, meaning that the EU-UK relationship will change significantly for businesses on both sides from that date.
Regardless of the outcome of the ongoing negotiations, these changes risk compounding the pressure that businesses are already under due to the current pandemic.
This Brexit checklist aims to help EU companies doing business in the UK and/or UK companies doing business in the EU to double-check their state of readiness for 1 January 2021. It provides an overview of the main areas of change that will take place, irrespective of whether an agreement is reached on a future economic and security partnership. The checklist is not exhaustive, and other unforeseen issues may still arise.
It is essential that all companies prepare for these changes and necessary actions and decisions are taken before 31 December 2020.
Further guidance can be found here.