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TULLY RINCKEY FOUNDING PARTNER MATHEW TULLY SHARES INSIGHT
ON BREXIT’S POTENTIAL IMPACT ON AMERICAN COMPANIES
United Kingdom’s exit from the European Union will change the way
business is conducted in the international marketplace
July 12, 2018 – Albany, N.Y. – As the clock ticks toward the United Kingdom’s exit from the European Union, American companies with interests in the UK and other EU nations may be wondering how it will impact business. Yet how the UK’s departure will be executed and the impact on the international marketplace remain largely unclear as the government officials in the UK struggle to map the country’s exit, known as “Brexit,” set for March 29, 2019.
“I’ve spoken to many CEOs and they are concerned about the stability of post-Brexit Europe and what they’re interested in seeing is where can they go to minimize the instability,” said Tully Rinckey PLLC Founding Partner Mathew B. Tully.
Tully, along with Brexit Chair and Senator Neale Richmond of Ireland, shared their expertise about Brexit’s potential impacts on American companies that conduct business internationally during a recorded interview on July 4. Both agreed that the changes create opportunity and that with the right business models, American companies can achieve success in a post-Brexit world.
“The White Paper is intended to provide the British government with a clearer vision of what they are seeking to achieve in negotiating their exit from the EU. Regardless of how Brussels responds to their proposals, post-Brexit, the UK influence within the EU is to significantly diminish. The British government will, therefore, seek out new alliances, and the so-called ‘Super Deal’ with the United States may be a realistic proposition, presenting new opportunities for US businesses in the UK. This is especially possible under President Trump, who is ever keen to score trade wins on the international political stage,” said Tully.
“Brexit talks are entering a very sensitive period as we seek to achieve the closest possible EU-UK relationship going forward. The White Paper is an important step in the ongoing negotiations although the European side are extremely frustrated by the slow pace of the talks and the lack of genuine proposals from the British side heretofore,” said Senator Richmond.
Many American companies, including Tully Rinckey, are choosing to do businesses in Ireland because of its “very high upward potential” and the English spoken there allows for easy communication, Tully said. “Common law jurisdiction allows us to understand the market much better, and we are comfortable that there is going to be a large migration of highly skilled personnel and large companies from the UK to Ireland.”
Tully said that he believes Ireland is “on the verge of ‘Celtic Tiger’ number two,” referring to a term that describes Ireland’s bright economic growth from the mid-1990s through the late 2000s. “I think the next five to 10 years are going to prove to be a very upward momentum in the Irish economy with certain areas such as financial services looking to move from London hopefully to Dublin.”
Tully Rinckey PLLC established its Dublin office on July 4 and it will be the epicenter of the firm’s European division. The Dublin office will assist all types of European companies – from small start-ups to large corporations – with their international business matters, including compliance with all applicable tax laws, intellectual property monetization, labor and employment regulations, and more. Additionally, the Dublin office will be the gateway for American companies wishing to establish themselves in Ireland and the European Union.