Companies based in Catalonia are escaping a post-modern Independence Day
November 2nd, 2017 10:00 am | By admin | Posted In Business News
Our world has seen many major political events take place the last two decades. What many have called the ‘Arab Spring’ and Fidel Castro’s retirement as President of Cuba have been certainly two of the most relevant. Nevertheless, a post-modern Independence Day would definitely set a milestone in the history of our ‘civilized’ world.
How does that look in a social-media flooded society and a globalized economy? It is hard to realize how a secession would play out under the existence of institutions such as the United Nations and the European Union.
Well, Catalonia is defying the odds, as more political and civil pressure is leading the region towards a split from Spain.
Meanwhile, businesses are worried, as they should be, about how a separatist newly-formed country with no trade agreements and no friends would create growth opportunities and stability for a company.
After an attempt to perform a secession-related referendum on October 1st, CarlesPuigdemont, a Catalan leader who backs the region’s independence from Spain has said:“We are going to declare independence 48 hours after all the official votes have been counted”.
This event quickly turned into severe clashes with Spanish police forces and political turmoil that are yet to be attended by Madrid. In light of this situation, many companies are considering moving their headquarters from one of the largest economic regions of Spain, as they fear the consequences of what could be the first secession ever in the history of the European Union.
Companies such as CaixaBank, Banco Sabadell, Gas Natural Fenosa, and Dogi International Fabricshave already stated that they are moving their legal bases to other provinces, and as Catalonia also hosts more than 7,000 foreign companies such as Cisco and Nissan, many others are expected to announce that they are ‘moving’, avoiding the setbacks of a newly formed Republic, being that nobody knows how that will look.
If the region becomes a separate country from Spain, it will have to reapply to be a member of the European Union, along with setting up a Central Bank and establish properly enforced border controls. It definitely looks like a messy deal and a hard one to imagine.
Bottom-line: the situation is quickly escalating, and the Spanish government doesn’t have much time to think about it and sit on the situation, as they probably don’t want to end up in an even messier scenario.
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