UK software group Scisys is moving to Ireland so it can participate in EU-funded work such as the European Space Agency's programme after Brexit, it said today. 

Scisys will create a new holding company incorporated in Ireland, with shares listed on both London's junior AIM market and Euronext Dublin, it said.

The new company will be tax resident in the UK, it added. 

Scisys is one of many companies which have moved to Ireland or opened a base there ahead of Britain's departure from the European Union next March with lawyers, financial firms and industrial groups needing to maintain ties with the bloc. 

Scisys, founded in 1980, operates in the space industry, including work for the European satellite navigation system Galileo. 

It also supplies customised software systems and services to the media, space, government and defence sectors.

The company said the move, which has already been flagged to shareholders, would enable it to satisfy "any applicable European Union residency requirements for EU-funded work without adversely affecting the group's ability to continue contributing to space programmes". 

The Galileo satellite programme - which Scisys has been involved in since the early system design phase - has been a trigger point in Brexit negotiations. 

British technology has been instrumental in Galileo's development, and London has been angered by moves to shut British companies out of the project before Brexit next year.

The EU has said it is honouring existing laws.

Scisys said the new firm will have the same existing board and management team.