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Doing Business in Poland 2016

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Doing Business in Poland 2016 Doing business in Poland 2016 In association with: 1 Contents Introduction ................................................................................................................................................................................ 3 – Country Profile ................................................................................................................................................................... 4 Legal overview ........................................................................................................................................................................... 5 Conducting business in Poland .................................................................................................................................................. 9 Tax system ................................................................................................................................................................................11 Labour ...................................................................................................................................................................................... 18 Audit ......................................................................................................................................................................................... 24 Trade ......................................................................................................................................................................................... 27 Finance ..................................................................................................................................................................................... 29 Infrastructure ............................................................................................................................................................................ 31 This Guide has been prepared jointly by HSBC Bank Polska S.A. and Grant Thornton for the purposes of providing a high-level general overview of the business environment in Poland for the information of businesses who may be interested in transacting or investing in Poland. Any transaction or investment in Poland, however, should only be undertaken based on professional advice specific to such transaction or investment. 2 Introduction This guide will cover key aspects of doing business and investing in Poland. Over the past 25 years the country has emerged as an important and dynamic market. With over 38.5 million people, it is the largest market in Central and Eastern Europe and the eighth-largest economy in the European Union. Poland’s convenient location in the centre of Europe makes it the perfect investment destination between Eastern and Western markets. After the political changes in • Large population with strong China, France, the UK, Italy, 1989, Poland transitioned to internal consumption Hungary, Ukraine and Spain. a market-oriented economy. • Strategic location in the centre of Since then, Poland has achieved Europe with access to both the Poland’s investment attractiveness significant economic success, eastern and western markets is augmented by a range of culminating in 2004 in becoming subsidies and tax incentives. There • Subsidies and tax a member of the European Union are 14 Special Economic Zones incentives for investors (EU). Poland’s strong economic (SEZs) in operation and companies foundations have been driven • EU structural and cohesion funds willing to invest there can avail a by extensive domestic demand, number of incentives, including: tax exports and foreign investment. This Poland is an attractive destination exemptions, employment benefits was clearly visible in 2009 when for foreign investors with its and well-prepared investment sites. Poland remained the only country well-educated workforce and SEZs will operate until 2026. in the EU that managed to maintain competitive labour costs. The labour positive GDP growth. During the costs in Poland, despite a visible Poland’s economic growth is in period of 2008-13, cumulative GDP upward trend, are still significantly part due to the sizable resources growth in Poland reached 20.1 per lower in comparison to Western received from the EU structural cent and the country now boasts European countries. Furthermore, and cohesion funds. Poland is the the sixth-largest economy in the EU. Polish workers have a strong work main beneficiary of these funds; ethic and are highly qualified; Poland the country will receive a total of Poland’s real GDP growth averaged has over 470 academic centres EUR82.5 billion across the years 3.4 per cent in 2014 and 3.5 per and public education is free. Polish 2014 – 2020. The second round cent in 2015. This growth rate engineers and scientists are highly of EU funding will continue to be is expected to remain stable acknowledged across the world. into 2016 and 2017, supported invested in transport infrastructure by solid investment and growth but the highest increase in Strong internal consumption is in consumption. This indicates expenditure will be in innovation one of the key economic drivers that Poland will continue to be a and support for enterprises. European growth leader in the contributing to economic stability. coming years. Consequently, The ratio of exports to domestic While this guide covers some of it is predicted that the central demand is around 50 per cent. the most common issues investors bank may begin to raise interest might encounter in Poland, certain rates from record low levels The country has a very favourable industries and areas of business towards the end of 2016. location in the centre of Europe activity are subject to special where major trans-European regulation and therefore companies Factors contributing to Poland’s transportation routes intersect. intending to invest in these areas rapid economic growth and Goods can be easily shipped should seek legal advice. attractive foreign investment from Poland to all European environment include: countries, reaching a market of The information in this publication more than 500 million consumers. is current at December 2015. • Well-educated, low-cost Poland’s major trade partners are, labour force among others, Germany, Russia, 3 Country profile Capital City Warsaw Area 312,679 sq. km Population 38,478,602 Language Polish Currency Zloty (PLN) International dialling code + 48 National Holidays 2016 1 January – New Year 6 January – Epiphany 27 March – Easter Sunday 28 March – Easter Monday 1 May – Labour Day 3 May – Constitution Day 15 May – Pentecost 26 May – Corpus Christi 15 August – Polish Armed Forces Day, Assumption of Mary 1 November – All Saints’ Day 11 November – Independence Day 25 December – Christmas Day 26 December – Christmas (Second Day) Business and Banking hours 08:00 to 17:00 Stock exchanges Warsaw Stock Exchange Political structure Parliamentary Republic Doing Business rank 2016 25 Ease of Doing Business Topics 2016 rank 2015 rank Change in rank Starting a business 85 80 -5 Licenses and Permits 52 49 -3 Getting Electricity 49 54 5 Registering property 41 39 -2 Financing 19 17 -2 Protecting Investors 49 46 -3 Paying Taxes 58 96 38 Trading Across Borders 1 1 No change Enforcing Contracts 55 55 No change Resolving Insolvency 32 31 -1 Source: World Bank Group (Doing Business) 4 Legal overview Political and legal system The country has three tiers of are also applicable to non-public The principles governing the regional administration, with entities carrying out public tasks and political and socio-economic system voivodeships (16), poviats (counties, non-public entities which process in Poland are laid down in the 380) and gminas (communes, 2478). personal data in connection with Constitution, as of 2 April 1997. The State administration is divided into their business or professional activity Constitution sets out that Poland government (central) administration, or the implementation of statutory is a parliamentary republic with a headed by the Council of objectives. These entities are democratically elected government. Ministers, and self-government referred to as data administrators. The system rests on the principle at local and regional levels. of the separation of powers. In accordance with the statutory The Polish legal system is based provisions, data processing on the continental (civil) legal The legislative power is executed by is only permitted if: the Sejm (the lower house) and the system, in which the legislative branch (the parliament) has Senate (the upper house) creating a • The data subject provides bicameral Parliament. The Sejm has exclusive law-making powers and laws are formulated into specific consent, unless that person’s 460 members, while 100 senators data is being deleted sit in the Senate. They are all elected pieces of legislation. These written laws form a hierarchy, • It is necessary for the purposes directly by the People for four-year meaning that lower-ranking laws of exercising a right or fulfilment terms of office. The Parliament not must comply with higher-ranking only makes law, but also exercises of a duty stipulated under law laws. Accordingly, starting with control over government and is • It is necessary for contract the highest rank, the sources of authorised to appoint members performance, where the data generally applicable law include: of the crucial Polish authorities. subject is a party to the contract the Constitution, international or where it is necessary
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