The Department for Enterprise has issued a checklist for businesses in preparation for the outcome of Brexit negotiations next year. To further support businesses the Department has introduced new funding for Brexit consultancy under the recently refreshed Business Improvement Scheme (BIS).
Laurence Skelly MHK, Minister for Enterprise, commented:
‘The Department has been liaising closely with businesses through the Executive Agencies and briefing events over the past year to garner a better understanding of the implications that Brexit will have on the Island’s economy and also to reassure industry of the proactive and ongoing efforts of Government and the negotiation process with the UK.
‘To further support industry we have created a checklist to help local businesses consider the changes and challenges that Brexit, if implemented in March 2019, may bring from either a deal, or no deal scenario. We have also expanded our popular Business Improvement Scheme to encourage local companies to access external consultancy support to help with Brexit planning.’
The Brexit Business Checklist covers cross border trade, taxation, currency risk, product regulations, intellectual property rights, legal issues, and employment and staffing considerations. You can download the Brexit Business Checklist here.
The Business Improvement Scheme provides funding of up to 50%, for Isle of Man businesses looking to engage with technical consultants to complete a range of business improvement projects. The Scheme now includes financial support for Brexit consultancy up to a value of £5,000. More information on the BIS can be found at www.iomdfenterprise.im/bis