POLAND

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POLAND

General information about the jurisdiction:

Republic of Poland – state in Central Europe, is a member of EU and NATO. Recently Poland has  significantly expanded its role and strengthened its position in its relations with Europe and the West supporting and establishing friendly relations with the Western world as well as with other European states.

The Polish government was planning to cancel the zloty in 2012 and to introduce the euro in the country . But as stated by Galina Wasilewska - Trenkner , a member of the Monetary Policy Council of the National Bank of Poland : "Poland , probably will not have the euro before 2014-2015, ". Poland still can not get out on the financial and economic indicators , which are required to enter into the European Union common currency area . This applies to the size of the deficit of the state budget , as well as the stability of the national currency.

 By nominal GDP for 2012 , Poland ranks 24th place.

 1.    Legislation 

Company formation in Poland is regulated by the Law "On Economic Activity" in 1999 and the Law "On freedom of entrepreneurship" in 2004

The Law "On Economic Activity" entered into force on 1999 regulates that foreign enterprises and foreign residents can engage in Poland any lawful business in any legal form "on the basis of reciprocity.

 2.    Company formation

2.1.       Types of company

             The most popular form of the company is (LTD) – Spolka z ograniczona odpowiedzialnoscia (sp. zo.o.).

limited liability company

2.2.       The main legal requirements

  • The minimum authorized capital of limited liability company – €1250, payment by the moment of incorporation is not required. 

• Director  – minimum one natural person. No residential requirements.

• Shareholder – minimum one natural person, or legal entity. No residential requirements.

• Secretary is not required.

• Company is obliged to keep and submit an annual financial report

• Company is obliged to keep and submit an annual financial report.

 3.  Taxation

There are following taxation rates in Poland:

• VAT – 23%
• Corporate tax – 19%
• Income tax from individuals  –  from 19% to 30% depending on the amount of income
• Dividends – 20%, if double tax treaty doesn’t prescribe another rate.

4.    Currency control
None

5.    Double tax treaty

Double tax treaty with following countries entered into force:

Austria, Azerbaijan, Algeria, Armenia, Belarus, Belgium, Brazil, Bulgaria, Great Britain, Hungary, Vietnam, Greece, Georgia, Denmark, Egypt, Israel, India, Indonesia, Jordan, Iran, Iceland, Italy, Kazakhstan, Canada, China, the Republic of Korea , Kuwait, Kyrgyzstan, Latvia, Lebanon, Libya, Lithuania, Macedonia, Morocco, Moldova, Mongolia, Netherlands, Norway, United Arab Emirates, Pakistan, Poland, Portugal, Romania, Russian Federation, Singapore), Syria, Slovakia, Slovenia, United States , Tajikistan, Thailand, Turkey, Turkmenistan, Uzbekistan, Finland, France, Germany, Croatia, the Czech Republic, Switzerland, Sweden, Estonia, Republic of South Africa.