The new Brexit date of the end of October is getting closer, but how that withdrawal of the British from the European Union is going to look like is not much clearer yet. In the meantime, almost one hundred British companies have settled in the Netherlands because of Brexit. What kind of companies are this, and what are their reasons? And what makes our country so attractive?
What companies are we talking about?
The Netherlands Foreign Investment Agency (NFIA) reported on Monday that no less than 98 companies have already taken a move to the Netherlands, and that 325 others are still thinking about this. Especially the financial sector, media and marketing, IT and biotechnology are represented.
The number of companies per sector is not disclosed, says NFIA spokesperson Michiel Bakhuizen. “It is a decision of companies themselves whether they make their Brexit relocation public.” Only media companies Bloomberg and Discovery, financial service providers AMBest and MarketAxess, bank Norinchukin and insurer UK P&I did so to date.
Why this massive moving drift?
For financial institutions, a relocation from the United Kingdom is a logical step, the Authority financial Markets (AFM) reported earlier. Indeed, they are obliged to serve European customers from a country in the EU. The AFM also predicted that such companies would only move the highest necessary facilities from London to Amsterdam.
“Companies often do not go completely to the Netherlands.”
Michiel Bakhuizen, NFIA spokesperson
This is the case for more companies, according to Bakhuizen, who do not transfer all their work from one country to another. “Brexit creates two markets: the EU without the United Kingdom and the UK itself. Companies often do not go completely over, in order to remain active in both markets. ”
According to the NFIA, there are several reasons for moving work. “For some companies, it is simply necessary, such as for financial companies that are otherwise not allowed to do business, or media companies, whose broadcasters would otherwise go black.”
In addition, there are restrictions on staff and innovation by Brexit, says Bakhuizen. “Finding the right staff becomes more difficult if companies remain in the UK only. They also no longer have access to European innovation subsidies. ”
The third reason for a (partial) move, is to bypass delays at the border. “This makes it convenient to be located across the street.”
Are there still many companies going to follow, or was this it?
In March, the AFM still estimated that “hundreds” of financial companies would take the crossing, but that seems to be due to the new figures of the NFIA on the high side.
However, it can still come so far, says Bakhuizen. “It will depend very much on what is happening with Brexit. If there is a disorderly no deal Brexit, chances are that more companies will be looking at the Netherlands. ” These include the 325 companies which, according to the NFIA, consider relocation.
What makes the Netherlands really interesting as an alternative? “The logistical facilities such as roads and rail are good here, as is our digital connection.”
“The Netherlands is internationally a stable country, and we have a lot of suitable staff here. In addition, when it comes to living and living, we look very much like the UK, and for children of expats there are many international schools. ”
By: NU.nl/Gea Bruinsma
