By Caitlyn Buchanan, 21.02.2020
For entrepreneurs looking to enter the European single market, setting up a company in Poland is one of the most attractive options. It ranks first in the number of investment projects in the Central and Eastern European Countries. Thanks to its business-friendly environment and FDI (Foreign Direct Investment) policies, some 22,000 jobs have been created. Poland is now among the fastest-growing economies in the European Union (EU).
With a strong domestic market, low private debt, and a low unemployment rate, there has never been a better time to set up a business in Poland.
Business incentives for Setting Up a Company in Poland
In addition to a strong economy and a conducive business environment, a company formation in Poland also has access to a range of attractive tax incentives and grants. Companies can get investment help depending on their size, region in which it will be based, and other costs that they will incur (land costs, machinery costs, and leasing costs).
Outsource manufacturing in Poland
By not becoming dependent on a single export sector, Poland was the only European economy to avoid recession in 2008. Today many entrepreneurs look to set up a company in Poland due to the numerous business opportunities in the country. Poland ranks second in the EU for the number of manufacturers producing goods making it a hotbed for outsourcing manufacturing. Products can be produced in Poland at a much lower price than most other European countries. For example, there are 26,600 clothing companies in the country alone.
At the centre of Europe, Poland is situated in a strategic geographic location, bordering Germany, Czech Republic, Slovakia, Ukraine, Belarus, and Lithuania. Poland also has four major ports on the Baltic Sea for importing and exporting goods.
What Sectors do Polish Companies Thrive?
Setting up a company in Poland is a lucrative option for businesses operating in a large range of sectors including automotive, food processing, electronics, aerospace, and business services. Many investors, especially the ones dealing with IT industry and outsourcing, prefer to base their companies in the major cities of Wroclaw, Warsaw, and Krakow. In fact, Wroclaw Technological Park is home to various IT and accounting services providers such as Capgemini.
A recent report conducted by the EBRD (European Bank for Reconstruction and Development) revealed that Poland has the most ‘hidden champion’ companies in Eastern, Central, and South-Eastern Europe. Eleven companies each in operation for 5 years or more have been recognized as market leaders in their sectors producing a wide range of products from chatbot technology to limited edition cars, even the manufacturing heated mahogany chairs!
How to Register a Company Formation in Poland
To set up a company in Poland, follow the steps given below:
· Choose the appropriate company type – Choosing the right company type is important for company formation in Poland. This will determine the legal requirements moving forward. The most common company type is a Private Limited Company.
· Choose the company name – You choose an original business name that reflects your company and its services.
· Draft the articles – The required company documents must be drafted and presented in front of a notary public for further processing.
· Make minimum share capital deposit – A corporate bank account needs to be opened and the required minimum share capital is deposited before it can be used toward the business.
· Company registration – Once the bank account is opened in and the required articles of incorporation are drafted and notarized, your company can be registered by the National Court Register.
· Other registrations – After incorporation, the company can apply for a KRS (National Court Register) number. Once this is done the company can be registered for tax purposes. Company directors will also need a PESEL Number, this is mandatory for signing financial statements.
Get Your Company Registered in Poland
We do not recommend setting up a company in Poland without the assistance of a licensed professional. The consultants at Euro Company Formation can assist you to register a Polish company in the quickest possible timeframe. We even have a limited number of readymade polish companies with VAT and KRS numbers available for purchase which makes the entire process even more streamlined.
Please Contact Us today to learn more about company formation in Poland.
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