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Investor's Guide Poland Investor’s Guide Guide Investor’s How to do Business Investor’s Guide Poland Poland How to do Business www.paiz.gov.pl | www.jpweber.com 2013 2013 1 LEGAL NOTICE EDITION 2013/2014 This guide presents an overview of the Polish legal Book design and typesetting by Orfin Studio s.c. system and business environment. We intended it to provide a general outline of the topics concern- ISBN: 978-83-63371-80-7 ing legal issues and believe that all the information is correct on the day of writing and printing. Please © Copyright by PAIiIZ and JP Weber Dudarski Sp. k. bear in mind that Polish law is changeable, especial- ly taxation regulations at least once in a fiscal year. Polish Information and Foreign Investment Agency (PAIiIZ) (Polska Agencja Informacji i Inwestycji Zagranicznych SA) We would like to emphasise firmly to the readers that the information in this guide is not professional ul. Bagatela 12 advice and should not be treated as a substitute for 00-585 Warsaw legal, tax or business advice. The investor should tel.: +48 22 334 98 75 seek professional advice before making any legal, fax: +48 22 334 99 99 tax or investment decision. JP Weber will be pleased [email protected] to discuss specific problems. [email protected] www.paiz.gov.pl JP Weber, Polish Information and Foreign Invest- ment Agency and the co-authors in person reserve JP Weber Dudarski Sp. k. that they cannot be held responsible or liable for ul. Rynek 39/40 any damages (or losses) that may arise with regards 50-102 Wrocław to action taken or not taken in accordance with the tel.: +48 71 36 99 630 information presented in this guide. fax: +48 71 36 99 639 [email protected] www.jpweber.com 1 About PAIiIZ About JP Weber The Polish Information and Foreign Investment JP Weber is a prestigious address for international Agency (PAIiIZ) has been serving investors for over 20 investors and entrepreneurs wishing to invest di- years. Its mission is to increase Foreign Direct Invest- rectly within the teritorry of Poland. Throughout the ment (FDI) by encouraging international companies investment process, we offer professional support to invest in Poland. PAIiIZ guides investors through for international companies and senior decision all the necessary administrative and legal proce- makers ensuring that their corporate responsibility dures along the way to setting up their business. is maintained throughout their activities in Poland. Agency: Boasting more than ten years of investment expe- rience, our proven track record has enabled us to ■ helps investors to enter the Polish market, evolve into a trusted business partner for numer- ■ provides quick access to the complex ous demanding customers. Cultural awareness is a information related to economic and legal cornerstone of our business strategy, enabling our environment, team to fully integrate with our customers, ensur- ■ helps to find a convenient investment ing that customer experience remains a positive location and to obtain investment incentives, benchmark for JP Weber. Our teams are comprised ■ advises in each phase of the investment process, of interdisciplinary and multilingual experts, special- ■ helps to find the appropriate partners izing in fields such as law, tax, financial accounting and suppliers at the new locations, and project management. ■ supports firms already active in Poland. JP Weber´s core competencies comprise: Agency’s mission is also to create a positive im- age of Poland across the world, to promote Polish ■ Advisory goods and services abroad by organizing confer- ■ Mergers & Acquisitions ences, seminars, exhibitions, workshops and study ■ Corporate Finance tours for foreign journalists. ■ Legal Services ■ Tax Advisory In order to provide the investors with the best pos- ■ Financial Accounting sible service a network of Regional Investor Assis- tance Centres has been established across Poland. Their goal is to improve the quality of a region’s in- vestor services as well as to provide an access to the latest information - such as, the investment offers and regional micro-economic data. These Centres hire professionals that have been trained by PAIiIZ and are financed by local author- ity funds. Renoma Building Wrocław 2 3 Investor’s Guide – Poland How to do Business 4 5 Index Index I. Introduction 13 II.3.1. Banking and financial institutions 41 I.1. Why Poland 14 II.3.1.1. The National Bank of Poland 41 I.2. Basic facts 18 II.3.1.2. Commercial banks 42 1.2.1. Geographic location and climate 18 II.3.2. Stock exchange and capital market regulations 42 1.2.2. Population and language 18 II.3.2.1. Warsaw Stock Exchange 44 II.3.2.2. Financial supervision 45 II. Legal and Business Enviroment 20 II.3.2.3. Acquisition of material blocks of shares 45 – the most underlining facts about Poland II.3.2.4. Venture Capital Funds 46 II.3.3. Insurance Regulations 46 II.3.4. Investment financing 47 II.1. Political & Legal Stability 23 II.3.5. List of banks 48 II.1.1. Political system 23 II.1.1.1. The Parliament 23 II.4. Resources & business sectors 51 II.1.1.2. The President 24 II.1.1.3. The Supreme Chamber of Control 24 II.4.1. Natural resources 51 II.1.2. Public administration 24 II.4.1.1. Coal 51 II.4.1.2. Oil & Gas 52 II.1.3. Legal System 26 II.1.4. Poland in international organizations 28 II.4.2. Agriculture and forestry 53 II.4.3. Energy sector 55 II.1.4.1. Poland in the European Union 28 II.1.4.2. Poland´s Single Market 28 II.4.4. Industry clusters 57 II.1.4.3. Poland and the Monetary Union 28 II.4.4.1. Automotive industry in Poland 59 II.1.4.4. International organisations 29 II.4.4.2. Aviation 61 II.4.4.3. Electronics in Poland 62 II.2. Macroeconomic indicators 33 II.4.5. Business Services Clusters in Poland 64 II.2.1. Gross Domestic Product 33 II.4.6. Tourism 66 II.2.2. Consumer Price Index 34 II.2.3. Foreign trade 35 II.5. Infrastructure 69 II.2.4. Local cost effectiveness 37 II.5.1. Transport 69 II.5.1.1. Road system 69 II.3. Financial markets and institutions 41 6 7 Index Index II.5.1.2. Air transportation 70 III.1.2.8. Representative office 93 II.5.1.3. Railway network in Poland 71 III.1.2.9. European Company 93 II.5.1.4. Telecommunication systems 72 III.1.2.10. European Economic Interest Grouping 94 II.5.1.5. Density and connection lease market 73 III.1.3. Establishing and registering an entity 94 II.5.1.6. Data transmission system and density 74 II.6. Labour market 77 III.2. Taxes 97 III.2.1. General Overview 97 II.6.1. Education 77 III.2.2. Taxation of company 98 II.6.1.1. The education system 77 II.6.1.2. International schools 80 III.2.2.1. Income tax 98 II.6.1.3. Scientific and R&D 81 III.2.2.2. Value Added Tax 101 III.2.2.3. Tax on civil law transaction 103 II.6.2. Human Resources 81 III.2.2.4. Custom and excise tax 103 III.2.2.5. Duty-free zones 103 II.6.2.1. Employment and labour force 81 III.2.2.6. Customs bonded warehouse 104 II.6.2.2. Unemployment 83 III.2.2.7. Local taxes 104 II.6.2.3. Salaries 84 III.2.2.8. Stamp duty 105 III.2.3. Taxation of individuals 105 III. Setting up business 86 - get to know about the first steps to be taken III.2.3.1. Personal Income Tax 105 III.2.3.2. Inheritance and donation tax 107 III.1. Incorporation 89 III.3. Investment incentives 109 III.1.1. Conducting business activities 89 III.3.1. EU structural funds 2014 - 2020 109 III.1.1.1. Limited Liability Company 90 III.1.1.2. Joint-stock company 91 III.3.2. Incentives in Special Economic Zones 112 III.3.3. System of financial support for investment III.1.2. Other corporate entities 92 projects important for national economy 113 III.1.2.1. Civil partnership 92 III.3.4. Real estate tax exemption 114 III.1.2.2. General partnership 92 III.3.5. Labour market instruments 115 III.1.2.3. Limited Partnership 92 III.1.2.4. Limited Liability Partnership 93 III.3.6. OECD guidelines for multinational enterprises 116 III.1.2.5. Partnership limited by shares 93 III.1.2.6. Sole proprietorship 93 III.1.2.7. Branch office 93 8 9 Index Index III.4. Accounting & Finance 119 IV.4. Important regulations 153 III.4.1. Accounting and financial regulations 119 IV.4.1. Polish trade regulations 153 III.4.2. Financial statements 120 IV.4.1.1. Import/export licensing 153 III.4.3. Audit and publication 120 IV.4.1.2. Customs tariffs 153 IV.4.1.3. Customs procedures 153 III.5. Employment Legislation 123 IV.4.2. Currency and exchange controls 154 IV.4.3. Competition law 154 III.5.1. Employment of workers 123 IV.4.4. Regulations for entering into contracts 156 III.5.2. Polish social security system 124 IV.4.5. CO2 emission allowances 156 IV. Doing Business 128 - from Start-Up to performing a direct investment IV.5. Securing business 159 IV.5.1. Property rights 159 IV.1. Greenfield & Brownfield investments 131 IV.5.1.1.
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