Nearly 100 companies move to Netherlands ahead of Brexit

The move is part of a wider shift at some companies which includes some who are subject to EU’s rules, and may move assets to the continent following the Brexit vote. While many still haven’t started this in earnest, it’s a relatively easy move once new U.K. legislation is passed and rules have been ironed out.

The relocation is also part of ongoing industry efforts to boost British firm’s presence in the European market, and to hedge against the risk of falling prices for commodities, particularly energy, if prices plunge. The new U.K. rules require businesses to take most new orders to the home of the buyer of the commodity that they then trade and keep for only three months.
On the last day of January, a total of 109 companies moved their operations from London to Amsterdam, a fraction of the 180,000 transfers since the start of 2016. Another 475 businesses moved their headquarters from the U.K. to the Netherlands, a little less than half.

„While we are not aware of any immediate changes, the Dutch government has recently announced that companies have until the end of March to relocate at least 75 percent of their London business,“ said Nick Dreerle, corporate tax partner at Pinsent Masons.

„They could then come to Amsterdam, but the U.K. competition agency could impose strict new limits on competition laws.“ He added that the move could be encouraged by the rise of an industry called „Dutch companies“ where major European firms choose to base themselves rather than creating a right of refusal for U.K. firms.
The Telegraph reports there was a record of moves to the Netherlands in 2015, when 179 companies moved their corporate headquarters from London to three other European cities: Frankfurt, Luxembourg and Dublin. Many of these UK-based companies, particularly manufacturing, found it hard to operate their business anywhere other than the U.K.

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