Brexit pushes almost 100 firms to move to Netherlands - The Independent

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Brexit pushes almost 100 firms to move to Netherlands The Independent Brexit has lured almost 100 companies away from Britain and into the Netherlands as they look for a new base in the EU, according

AmsterdamNews.net

Brexit has lured almost 100 companies away from Britain and into the Netherlands as they look for a new base in the EU, according to a Dutch government agency. 

By the end of last week, 98 firms had set up shop in the Netherlands specifically due to the UK’s uncertain position in the bloc and a growing risk of a no-deal Brexit on 31 October, said Michiel Bakhuizen, a spokesperson for the Netherlands Foreign Investment Agency (NFIA).

The overwhelming majority of those companies had offices in Britain but, since the 2016 referendum, have either relocated to the Netherlands or established offices there. The rest wanted to move into the UK but changed their plans due to Brexit. 

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Another 325 firms are thinking of setting up in the Netherlands for the same reason, the representative said. Both sets of businesses include British firms as well as those from North America, Asia and Australia.

“Brexit undeniably has economic implications for international businesses because they do business everywhere in Europe,” said Jeroen Nijland, NFIA commissioner. 

“The ongoing growing uncertainty in the United Kingdom, and the increasingly clearer possibility of a no deal, is causing major economic unrest for these companies. That is why more and more companies are orienting themselves in the Netherlands as a potential new base in the European market.”

The 98 firms that have already opted for the Netherlands have mostly done so because they would otherwise have no access to the important EU market after a no-deal Brexit. They include media companies Bloomberg and Discovery, and financial firms MarketAxess and Norinchukin. 

Other businesses attracted to the Netherlands because of Brexit are in the IT, advertising, life sciences and health sectors. 

The interest in the country is likely to grow further in coming months, according to the agency.

“Our experience shows that when a Brexit deal gets further out of sight, and the chance of a no deal increases, more companies contact us,” said Mr Nijland.

Other countries whose firms may be affected by a no-deal Brexit and who are considering relocating  include France, Ireland, Germany and Belgium, he added. 

Despite the greater interest from foreign companies, overall Britain’s departure from the EU “is not good news” for the Netherlands, Mr Bakhuizen said. 

“The UK is our second-largest trading partner in Europe and 200,000 jobs in the Netherlands are related to the economic relationship with the UK,” he noted.


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