Extension to Brexit Deadline Could Give Microbusinesses Lifeline, Says LeapIN

Unprepared microbusinesses across Europe have a chance to get prepared for EU exit

TALLINN, Estonia, April 25, 2019 /PRNewswire/ -- Brexit, regardless of its final form, will undoubtedly impact microbusinesses and freelance professionals in multiple ways. However, the news of an extension being requested to Article 50 brings a glimmer of hope. LeapIN, the startup that offers a simple way to start and run a one-person business in Estonia, believes it could offer a lifeline to the millions of UK microbusinesses, freelancers and independent professionals who may lack a tangible contingency plan amid the uncertainty around the UK leaving the European Union.

Just last summer, Mayor of London's Office conducted a study looking at what microbusinesses in the capital - a sector of the UK workforce often undervalued - need to thrive. The findings revealed that microbusinesses are the fastest growing type of business in the capital, with over one million of them generating upwards of £277.3bn in turnover last year alone.

With the agreed extension giving Parliament until Halloween (October 31st) to reach an agreement on the withdrawal deal, this lifeblood of the UK economy now has valuable additional time to prepare for life outside of the EU. One serious option for many UK microbusinesses needing to access the single market post-Brexit is to apply for Estonian e-Residency, giving location-independent access to the EU without the need to be based there physically.

Estonian e-Residency has proved popular, with thousands of businesses and notable persons include HRH The Duke of York, Shinzo Abe, and The Daily Show host, Trevor Noah supporting the e-Residency solution. This is revolutionary in the sense that it will enable UK microbusiness owners, such as freelancers, contractors and other sole traders, to incorporate their companies on the continent. So, even in the scenario that the UK leaves the EU access to European customers and business opportunities. 

Allan Martinson, Chief Executive Officer at LeapIN, said: "Many microbusiness owners and entrepreneurs will welcome the news of a possible extension to Article 50 as an opportunity to have more time to finalise their plans. However, businesses clearly need stability and we still appear to be a long way from that. While independent professionals and microbusinesses will need to look for new legal options in order to continue selling in the EU, a viable solution is to set up a virtual business through the Estonian e-Residency programme, allowing access to the single market post-Brexit."

ABOUT LEAPIN

LeapIN was founded on the belief that starting and running a business should be simple. With this mission in mind, the company is helping independent businesses setup and operate virtually in Europe. LeapIN is the simple way to run your one-person business. The company takes care of business banking, accounting and compliance. LeapIN helps remove the barriers for people looking to start a one-person business by providing a simple-to-use platform and advisory service which helps take care of financial and legal factors associated with setting up a business. Part of the Estonian e-Residency programme, LeapIN has already enabled thousands of new micro businesses to enter the market. The company plans on enabling thousands more through the continual development of its platform.

For more information, visit https://www.leapin.eu/