Brexit uncertainty not the only worry for S’pore firms

Uncertainty over how and when Brexit – the United Kingdom’s formal exit from the European Union – will happen prompted Mr Alan Chua, founder of Singapore-based security solutions provider Concorde Security, to transfer his UK operations to a British partner last year.

“When we expanded into the UK two years ago, we didn’t expect the uncertainty over Brexit to drag on for so long. Then around October, we saw a way out by getting into a licensee relationship with our UK partner, which will resell our security solutions. By doing so, we won’t have to deal with high labour costs and difficulties hiring foreign workers in the UK when Brexit happens,” Mr Chua said.