As one of Central Europe’s most populated countries, Poland offers countless opportunities to foreign investors looking to tap into the country’s growing economy. One of the many advantages of expanding your business here is a large consumer market, owing to the country’s 39 million inhabitants.
Poland, with one of the fastest growing economies in the EU, is growing twice as fast as countries in Western Europe. In fact, the country has the sixth largest economy in the EU, boasting lucrative service and industrial sectors. The country enjoys several sources of energy, both renewable and non-renewable, and has massive deposits of natural resources and minerals. Lead, copper, and zinc are just some of the metals in abundance in the Polish crust.
Apart from the metals and mining industries, other investment opportunities worth considering are information technology, aviation, the mechanical industry, and engineering. Poland’s highly skilled, cheap workforce is waiting to be employed by foreign investors who are considering setting up a lucrative business opportunity in the country.
With a great network of rails, airports, and roads, exporting from Poland to the EU and the rest of the world is both easy and convenient. Work with CompyCo to simplify the process of setting up a company and enjoying the business perks that await you in Poland.
Forms Of Companies In Spain
- Sp. z o.o. “spółka z ograniczoną odpowiedzialnością”—limited liability company
- S.A “spółka akcyjna”—joint stock company
- SP.J “spółka jawna”—general partnership
- SP.K “spółka komandytowa”—limited partnership
- Sole proprietor “jednoosobowa działalność gospodarcza”
SP Z.O.O—the most common company form in Poland
Choosing the ideal company form for your business is the first step to setting up your Polish company.
Most entrepreneurs choose to establish an SP Z.O.O. in Poland. The minimum capital deposit required by the government is 5,000 PLN and it needs to be paid in full before the company has been formed.
It’s important to factor in fees for notary services required to form a Polish LTD as a foreign investor.
Fundamentals Of A Limited Liability Company
Corporate Tax in Poland
VAT in Poland
Fundamentals of limited liability companies in Poland
|Limited liability company||sp. z o.o.|
|Minimum Share capital||5000 PLN (1200 EUR)|
|Registered office required||Yes|
|Physical office required||No|
|Min. number of Shareholders||1|
|Min. number of Directors||1|
|Local Director required||No|
|Bank signatory must travel||Yes|
|Timescale for company formation||7 days|
|Timescale for bank account opening||14 day|
|Timescale for obtaining VAT number||can take 3 months|
|Statutory audit requirements||In some cases|
|Shelf companies available||Yes|
How can I set up my company in Poland?
It can be daunting to set up and run a company in any country outside your jurisdiction, especially if you don’t speak the language.
There are certain key steps in the company registration process that experienced professionals can make it easy for first-time investors in Poland. Working with CompyCo ensures you have the guidance and assistance of a team of experts who’ve helped countless investors set up companies in Poland.
Our team of agents will begin by providing legal counseling and consultations to gain insight into your needs and preferences. As a result, we help you determine the ideal company form for your business activities.
The next step in the process is preparing all the documents needed to register your company. This includes the notarization of the articles of incorporation, Articles of Association and the Memorandum, as well as establishing a shareholding structure for your company. All of this must take place in Poland.
Setting up a bank account and depositing the full share capital for your company type are the next steps on the journey to getting your business up and running.
Finally, we need to register your company with the Polish Tax Authority.
A country like Poland offers great opportunities for interested foreign investors, with a competitive economy, favorable business climate, and a relatively simple process for setting up your company.
With CompyCo’s vast network of professionals in the country, you can leverage the deep industry knowledge and insight at your disposal to make the best choices. We help non-resident investors throughout the process, guiding them on the country’s specific laws and regulations.
In some instances, you can establish a company in Poland without having to travel there. Our representatives can be appointed as the Power of Attorney so we can represent your company on your behalf when obtaining licenses, getting the registration, and opening a bank account.
However, this depends on your country of origin, the financial institutions you’re working with, and the type of company. Our experts can guide you more about remote company registration when you contact us for a consultation.
Bank Account Opening
Regardless of the company type, having a corporate bank account in Poland can make your business’s operations easier. The country allows non-residents to open bank accounts in all convertible currencies as long as you meet certain requirements.
Many international banks have branches in Poland, as well as Poland’s own large private and state-owned banks. CompyCo has close connections in many of the leading financial institutions in the country, giving you a diverse choice to pick from. The first step to setting up your bank account is gaining approval from the bank; this depends on your country of origin, business’s activities, and the documentation you provide.
Our team of experts has worked with countless foreign investors, enabling them to choose the right banking services, preparing the necessary documents for them, and even representing their interests when the investor couldn’t travel to open their account.
While some banks may let business owners open their accounts remotely, many Polish banks require their physical presence to provide the documents and sign papers.
Need more information about opening a bank account? Head over here.
Accounting & Taxation
Here are a few accounting and taxation obligations to take into consideration:
- The tax year is the calendar year in Poland.
- The only tax levied on corporate income is called CIT and has a rate of 19%. However, smaller taxpayers with revenues of up to 1.2 EUR and companies commencing business activity after 2019 are taxed a rate of 19%, one of the lowest in the EU.
- Profits you earn through trading, sale of assets above their original cost, and investments are liable for taxation.
- All businesses are required to maintain accounting books.
- Poland companies are issued VAT numbers with the format of the country code PL followed by a 9-digit number which ends with a letter.
- In Poland, the current VAT rate is 23% on most goods and services. Exceptions apply depending on the type of goods or services traded.
How can you employ staff in Poland?
Complying with the local employment requirements of the country is essential to successfully hiring and retaining employees for your company. In many instances, foreign companies in Poland can hire employees directly, but they need to be aware of the complex Polish employment laws.
That’s where CompyCo’s HR experts come in. With knowledge of the intricacies of the legal requirements, we can help you hire the top talent for your company without facing any issues along the way.
Tap into Poland’s inexpensive, highly-skilled, and expertly trained workforce that offers cost-effective solutions and a work ethic to match! We provide comprehensive HR and payroll services to help your company make the initial hire and continue to provide assistance through the employment cycle. Cutting costs for your business is our priority, so you can rest assured that we’ll offer the best solutions for you.
Does your company need to hire an employee to work from home in Poland? We’ll help your non-resident company register as an employer.
Among our other concierge services are employment agreements, payroll services, recruiting new employees, obtaining work permits, and ensuring you comply with local regulations.
Have any questions? Take a look at our HR services page for more information about our International HR services!