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The Republic of Poland is situated in Central Europe with an area of 312,683 sq km. Poland is ideally located at the centre of Europe sharing borders with Germany to the West, The Czech and Slovak Republics to the South, Ukraine, Belarus and Lithuania to the East and Russia to the North. Poland joined NATO in 1999 and the European Union in 2004. Poland is in the Central European time zone and is one hour ahead of standard GMT.
The total estimated population is 39 million, the 8th largest in Europe and the 29th in the World. Urban population comprises some 62% of the total population. Poland’s work force is one of the youngest in Europe with 60% of the population of working age. The majority of Poles (90%) are Roman Catholics.
Poland is a democracy. Members of the National Assembly and the President (the political head of state) are elected by plebiscites. The President is elected for five-year terms. The principal legislative body is the bicameral National Assembly comprised of a 460-seat lower house, Sejm, and a 100-seat upper house, the Senate. Following a national referendum held in 1997, Poland adopted a new constitution.
Poland has an extensive communication system that offers state of the art telephone, fax, telex, and telegram and courier services.
The official and spoken language is Polish. The use of English has become widespread and knowledge of other European languages is common.
Polish zloty - PLN.
The foreign exchange dealings are regulated by the Foreign Exchange Law, which aims to defend the domestic convertibility of the PLN.
The citizens of foreign countries who hold the right of permanent residence in Poland make use of the same rights as Polish citizens in terms of undertaking and conducting business activity in Poland. Foreign persons may undertake and conduct business activity in Poland according to the principle of reciprocity insofar as the international agreements ratified by Poland do not stipulate otherwise, just like entrepreneur who maintains his/her permanent residence or seat in Poland. Faced with a lack reciprocity foreign may establish only limited partnership (sp. komandytowa), limited liability companies (sp. z o. o.) and joint-stock companies (sp. akcyjna) in order to undertake and conduct business activity in Poland and they may join such companies and purchase interest and shares of stock therein.
Submission to the Register Court of the following Limited Liability Company documentation:
Joint-Stock Company additionally must submit:
Licenses are required for exploration of minerals, manufacturing and trading in explosives, weapons, etc, trading in fuels and energy, protecting persons and property, air transportation, building and operating toll roads, managing rail lines, broadcasting of radio and TV programs, banking, insurance, assurance, reinsurance, fund management, collective investment schemes or any other activity that would suggest an association with the banking or finance industries.
A company incorporated in Poland has the same powers as a natural person.
Yes, must be maintained in Poland.
Subject to name approval by the Commercial Register, and incorporation criteria being met, a company can be established within four to six weeks.
Sp. Z.o.o. must register with the National Court Register ( Krajowy Rejestr S±dowy) within six months of the date of incorporation.
SA must register with the National Court Register (Krajowy Rejestr S±dowy) within three months of the date of incorporation.
A name that is identical or similar to an existing name. A name that may imply government patronage. A name that in the opinion of the Registrar may be considered undesirable or misleading.
The name of a body corporate shall use Polish language.
Sp. z o.o.
Registered shares and preference shares.
Taxation is paid by companies based on annual accounts, which are submitted to the tax authorities at the end of the company's fiscal year. The financial year is the calendar year, although this may be varied on application. The current tax rate is 19%.
Double tax agreements exist with 73 countries:
Albania , Armenia, Australia, Austria, Bangladesh, Belarus, Belgium, Bulgaria, Canada, Chile, China, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Egypt, Finland , France, Germany, Greece, Hungary, IcelandIndia, Indonesia, Ireland, Israel, Italy, Japan, Jordan, Kazakhstan, Korea, Kuwait, Kyrgyzstan, Latvia, Lebanon, Lithuania, Luxembourg, Macedonia, Malaysia, Malta, Mexico, Moldova, Mongolia, Morocco, Netherlands, Norway, Pakistan, Philippines, Portugal, Romania, Russia, Singapore, Slovak Republic, Slovenia, South Africa, Spain, Sri Lanka, Syria, Sweden, Switzerland, Tajikistan, Thailand, Tunisia, Turkey, Ukraine, U.A.E., United Kingdom, United States, Uzbekistan, Vietnam, Yugoslavia, Zimbabwe.
Companies are required to maintain financial records and file accounts at the Registry.
Directors do not need to be Polish residents. Corporate directors are not permitted.
A local company secretary is required for SAs. (Spólka akcyjna - Join-Stock Company).
There are four main kinds of partnership under Polish corporate law:
The main features of a sole proprietor companies are:
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