As the prospect of a ‘no-deal’ Brexit continues to incite uncertainty for UK organisations that rely upon a base within the European Union for business, Belgium is attempting to convince firms to to base themselves in its Brussels Capital Region.
Backed by the Brussels’ regional government, regional trade associations and industry bodies, the initiative aims to bring UK-based businesses to the Belgian capital and help them secure the future of their European operations.
Theresa May’s draft EU withdrawal agreement has drawn a mixed reaction from players in the broking and insurance sectors, with the matter of equivalence continuing to stir uncertainty and perpetuate passporting concerns for intermediaries.
“Despite the UK and EU establishing in principle, a Withdrawal Agreement, there will still be plenty of room for uncertainty until the end of the transition period. Businesses operating in both in the UK and the EU need to prepare now for any eventuality, and as a priority ensure that they can continue to operate seamlessly across the UK and EU,” said Cécile Jodogne, Secretary of State for Foreign Trade at the Region of Brussels.
“The only way to guarantee this is to establish a base of operations within the EU and, as the Brexit deadline bears down upon us, businesses need to make a decision now on where to place these operations.”
As the capital of Belgium and home to a host of European and global financial organisations, including major regulators, the campaign states that Brussels is the ideal place for insurance and financial services businesses to place their Europe and global-focused operations.
Meanwhile, Germany’s Federal Financial Supervisory Authority (BaFin) has published a draft law aimed at preserving market access for UK firms offering banking, financial or insurance services under the European passport regime should Brexit negotiations culminate in a ‘no-deal’ scenario.
“We are seeing an increasing number of businesses investigating different cities in which to base their European operations,” added Jodogne
“With a well-educated local workforce and very attractive conditions for foreign nationals moving to our region, as well as competitive house prices, a good education system and a cosmopolitan city centre, Brussels represents a fantastic option for both work and family life.”
