How freelancers are dealing with the UK leaving the EU

On January 31st, the first stage of Brexit, at last, ended. Britain is no longer in the European Union, and we’ll now see the initial effects on British businesses.

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Brexit’s effect on business

For freelancers based in the UK who work with customers in Europe, this makes for a nervous time as they still aren’t certain about how Brexit might limit their ability to work and get paid. The conditions for Britain’s relationship with Europe and the Single Market are yet to be decided, but business people are doing their best to prepare for all eventualities.

Possible scenarios

  • If the UK leaves with a deal, freelancers may be able to continue working as normal, but uncertainty in currency markets could affect how they get paid.
  • If there’s no deal, there’s the potential for a chaotic period, which could both help and hinder freelancers - new opportunities might arise from uncertainty, but clients could also turn away from the UK due to worries over stability.
  • And freelancers have already had their say, with nearly 50% stating they fear it will be bad for business.
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So how are freelancers handling it so far?

We’re almost 4 years on from the referendum itself, so individuals and companies working in Europe have had time to think ahead and prepare for Brexit (originally meant to be 29th March 2019). Depending on the location of your clients, what countries you’re working with, and how you get paid will dictate how affected you are by the coming split.

If you have clients in Europe, and you’re getting paid in Euros, then you might have considered moving your business to the continent. You’d be following in the footsteps of other established businesses and entrepreneurs who’ve done the same. But what’s the easiest way to do this as a freelancer?

We think it’s with Xolo.

But you don’t just need to take it from us. Here are some of our customers who made the move to Estonia after Brexit and haven’t looked back.

Freelancers enjoying the benefits of doing business in Estonia

Image of John, a Xolo customer
Woolly Wormhead, Xolo Leap customers since 2018

“Moving my business to Estonia and getting e-Residency is one of the best things I’ve ever done and I might not have done it had Brexit not pushed me. Remaining part of Europe is very important to me, and by moving my business I could maintain my interests here. Brexit has forced us, like many others, to choose between the UK and the EU.”

Image of John, a Xolo customer
Glyn Thomas, Xolo Leap customer since 2016

“Just as the Brexit vote happened, I was pitching for a fairly big project with an EU-based client. After the referendum result was announced, they were very nervous about working with a UK-based supplier due to the uncertainty over what might happen following the vote to leave the EU.”

Make your business Brexit-proof

  • Moving your business to Estonia will immediately guarantee your presence in the EU and the Single Market. This makes doing business with European clients a lot easier and allows you to get paid locally into a Euro business account.
  • With Xolo, you can get your Euro business account with our local banking partners, LHV, or with Estonian-founded tech company TransferWise.
  • Added to the financial stability, with Xolo you’ll be getting a wealth of knowledge and support. We take care of your business accounting, ensure annual reports are written and submitted on time, and we’re always here to answer your questions when you have them.

It’s the perfect way to keep your business in Europe and make sure you’re working on what you do best.

What we offer - Xolo Go & Xolo Leap

You decide how you want to do business in Europe - with a fully-fledged limited company, or an innovative virtual company. These are the choices offered to you by our two products, Leap and Go.

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Xolo Go

Start working quickly, with less responsibility

  • Enjoy doing business without owning an actual company
  • You can send your first invoice in minutes
  • Get paid into your dedicated business bank account (which we’ll take care of)
  • Pay out to your personal account when you need to
  • No monthly fee: only pay 5% on outgoing payments
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Xolo Leap

Build your company and establish yourself

  • Found your own Estonian company
  • Become an Estonian e-resident to access the country’s extensive digital services
  • Use your online dashboard to monitor incomings and outgoings
  • Access our mobile app to upload your expense documents on the go
  • Pay a fixed fee - starting from €99 per month (-50% for the first three months)