DOING BUSINESS IN POLAND
Since 2003, Healy Consultants Group PLC has assisted our Clients with starting companies in Poland. Our services include i) Poland business registration ii) government license registration iii) corporate bank account opening in Poland iv) employee recruitment v) visa strategies and vi) office rental solutions.
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Advantages and disadvantages
Advantages of Poland company registration
- It is easy to register a company in Poland, as only i) one shareholder ii) one director and iii) a minimum paid-up capital of €2,000 (PLN5,000) are required for this purpose. No resident director is required and our Clients do not need to travel to complete company registration procedures in Poland, as well as the opening of a local corporate bank account;
- While corporate income tax is fairly high compared to other Eastern European countries, Poland companies still benefit from a significant network of double taxation avoidance agreements with 83 countries, including: i) France ii) Germany iii) India iv) Indonesia v) Japan vi) Singapore vii) Malaysia and viii) the United Arab Emirates;
- Healy Consultants can open a corporate bank account in Poland for the company. Healy Consultants works with internationally recognised banks such as HSBC, Standard Chartered and Citibank to provide corporate bank account services.
- Poland has a reputation for political stability and a relatively efficient, transparent government, compared to other Eastern European countries. Our Clients willing to setup a manufacturing business with low labor costs often choose to register their new business in Poland;
- While Poland is not part of the Eurozone, starting a business in Poland will not expose our Client to currency risk. Polish foreign exchange rules are harmonized with EU legal standards, and there are no limits on capital flows between Poland, and other countries, whether or not they are also EU members. There are no exchange controls on inward or outward investment. The Polish zloty (PLN) is fully convertible and may be used for settlement of international transactions.
Disadvantages of Poland company registration
- Poland businesses are subject to a corporation tax of 19% on their worldwide earnings. It is necessary to prepare annual financial return statements following registration. However, an annual audit is generally not required for smaller Polish businesses;
- Forming a company in Poland is a long process compared to other EU countries, because:
- Registering a business entity in Poland follows lengthy procedures, compared to other European countries. The administrative formalities can take up to seven weeks to complete for registration of a branch of an overseas company, and around one month for the formation of a limited liability company in Poland;
- All documents must be translated in Polish. This creates additional delays for the formation of a subsidiary in Poland and additional third party costs for the engagement;
- For the reasons above, the World Bank currently ranks Poland as the 85th easiest place in the world to form a new business, and the fifth most difficult one within the European Union.
Best uses for Poland company
- Poland is a great place to form a manufacturing company, thanks to low labor costs averaging only €8.4 per hour, the 5th lowest level amongst the European Union.
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- Time to incorporate: Four weeks
- Cost to set up: €9,960
- Minimum capital: €1,200
- Physical office required: No
- Shareholders: 1
- Directors: 1
- Company secretary: No
- Resident director: No
- Corporate tax rate: 19%
- Corporate tax base: Worldwide
- Shelf companies: No
- Main company type: Sp. Z.O.O.
Useful links for Poland
Government and public authority websites:
- Ministry of Finance
- Central Bank of Poland
- Poland Stock Exchange
- Investment Authority
- Warsaw airport
- Visiting Poland
- KPMG – Poland country profile
- KPMG – Investment in Poland
- Investing in Poland 2014
- 2013 Thinking Beyond Borders – Poland
- Strategy for Poland – EBRD
- Doing Business in Poland