- Around a thousand financial firms in the EU are waiting to open offices in the United Kingdom for the first time after having lost their rights to operate in that market after Brexit. Bloomberg.
- Before Brexit, companies operated without a physical presence in the British market because it was not necessary.
- Discover more stories at Business Insider Spain.
The consequences of Brexit continue to be felt in business movements. Around a thousand financial firms in the EU are waiting to open offices in the UK for the first time after losing their rights to operate in that market after Brexit, as collected Bloomberg.
About two-thirds of 1,500 asset management companies, payment companies or insurance companies that have applied for regulatory permits to continue operating in the United Kingdom did not previously have a physical presence in the market, according to data collected by the Financial Conduct Authority.
Until the arrival of Brexit companies operated in the British market thanks to the possibility of “passporting” to the United Kingdom the regulated services in another EU country. These companies to open an office now in this market are likely to invest in real estate market advisory services to establish themselves there for the first time.
Day 1 after Brexit: these are the main changes expected over the next 11 months and starting in 2021
Among the nationalities of companies seeking to establish themselves in the UK for the first time, the Irish, French and German add 584 signatures of the 1,500 applications they have submitted to seek permission to conduct business in the UK.
The next nationality is Cyprus, which is a regular headquarters for companies of trading. There are 151 firms with this origin that have requested authorization in the United Kingdom.