Like most Irish businesses, we were strong supporters of the UK remaining in the EU, so the service of the article 50 notice is disappointing.
The negotiation of the UK’s exit will continue to cause political and economic uncertainty in Ireland, the UK and throughout the EU for some considerable time.
In legal terms, the process of readjustment really begins now. Our clients in Ireland and globally will need to incrementally react to the likely shifting legal landscape as the negotiations unfold and consequent changes are planned to UK law. In strategic terms, structuring choices for transactions and business establishment will need to be addressed within the next 12 months to ensure optimal access to both the EU and UK markets.
Brexit causes many difficulties for Ireland but gives Ireland an opportunity as the only remaining English speaking member of the EU with a common law system. This will make Ireland a logical option for structuring transactions. It will also position Ireland as a preferred choice for certain types of business establishment given Ireland’s commitment to EU membership.