Irish businesses moving to prepare for post-Brexit trade

About half of businesses in the Republic with UK operations have yet to engage with a critical customs registration process to ease delays post-Brexit.

Updated figures from the Revenue Commissions show that 42,662 Irish businesses have applied for a customs Economic Operators Registration and Identification (EORI) number. The tax authority has contacted more than 80,000 businesses that it expects will most likely be significantly affected by Brexit.

However, the latest update on Friday shows the rate of growth is beginning to slow week on week. In the seven days to Thursday, 363 business registered for an EORI number. That was up 16 per cent up on the previous week, which, in turn, had been 23 per cent ahead of the week before that.

An EORI number is a requirement for traders dealing with non-EU “third countries” and will be required for businesses with UK operations in the event of the UK crashing out of the EU without a deal.

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Paying attention

While the weekly growth is starting to slow, traders appear to be paying attention to appeals from Revenue with 2,233 applying for the number in February, a rise of 481 per cent on the previous month. In the whole of 2018, 2,976 traders registered for a number; so far this year, another 2,617 have registered.

The head of Revenue's Brexit policy unit, Lynda Slattery, warned that businesses that don't have the EORI number are running a "real and unnecessary risk" that their businesses will experience significant delays post-Brexit.

“Applying for your customs registration is free and can be completed quickly and easily through Revenue’s secure online services. The figures show that many businesses are already making their preparations,” she said.

It is estimated that about 100,000 businesses trade on an intermittent basis with the United Kingdom.

“Even if you are thinking of trading with the UK post Brexit, make sure you get your customs registration number now,” Ms Slattery said.