The procedure for company formation in Poland includes drafting the articles of association, which can be signed through power of attorney, as well as drafting other documents required when one starts a company in Poland, such as specimen signatures, affidavits and special forms. Some public notary procedures are also required for company formation in Poland. Also, in order to set up a company in Poland, a Polish registered office is needed for mail receiving and tax purposes. Accountancy for company registration in Poland is also compulsory.
TYPES OF COMPANIES
INCORPORATION PROCEDURE IN POLAND
At least one shareholder interested in starting a company in Poland and one director are required for company formation in Poland and it is compulsory to have a registered office for the Polish company. Company registration in Poland can be performed by a legal representative who is appointed by power of attorney. Before starting the process of company registration in Poland, it is mandatory to open a bank account where the initial capital is deposited. This procedure might require the presence of the company’s founder, but it is also possible that the foreign investor finds a bank in his own country that can open a bank account at the central Polish bank without the necessity to travel to Poland.
Company registration in Poland for VAT is only mandatory if the company performs activities in a field that is subject to VAT. After company registration in Poland, the certificate from the National Court Register, together with the company foundation deed and a standard form must be submitted with the Polish authorities.
After company registration in Poland, the business is free to begin its activity. In this case, hiring employees might be necessary, therefore a newly set up company in Poland can recruit personnel through specialised websites or recruitment agencies. Social security system offers protection to employees and their average salary can exceed 1,500 EUR per month per person.
ECONOMIC OVERVIEW IN POLAND
Economy in Poland is rather flourishing, especially due to its private business sector. The Polish government encourages foreign investment in Poland and for that matter offers a wide range of incentives for entrepreneurs who decide to come from abroad and start a company in Poland.
In 2008, there were more than 21,000 foreign companies in Poland, according to the Polish Statistical Office. When it comes to attractiveness, Poland is the eighth country in the preferences of the foreign investors. The main industries in Poland are machine building, coal mining, chemicals, shipbuilding, food processing, beverages and textiles.
It is estimated that 36% of the foreign capital is invested in manufacturing. The other main sectors that attract capital coming into Poland are financial services, transport, logistics and data transfer. Germany is the main investor when it comes to company formation in Poland.