Country GuidePoland

From Global Connections

Poland is the world's 14th most attractive country in terms of foreign direct investment (FDI), according to the 2015 World Investment Report published by the UNCTAD. FDI inflows into the country reached EUR9 billion in 2014.

Poland ranked 25th in the World Bank's 2016 Doing Business rankings, rising from 28th in the previous year. Poland's increase in rank represented a number of reforms enacted by the government to make doing business easier; they introduced an electronic system for filing and paying VAT and transport taxes and reduced delays in processing applications for new electricity connections by increasing human and capital resources and by enforcing service delivery timelines.

Key facts about starting a business in Poland:

  • It takes four procedures and approximately 30 days to start a new business in Poland; this process is detailed in the Doing Business in chapter.
  • Obtaining a work permit typically takes up to one month to process and costs up to PLN200; employment regulations are discussed in detail in the Labor chapter.
  • Obtaining a building permit takes approximately 65 days and costs PLN588.
  • Poland ranked 19th in a comparison of 36 countries' intellectual property systems; intellectual property rights are discussed in the Legal Overview chapter.
  • Companies that wish to list and trade securities on the Warsaw Stock Exchange must, among other conditions, have published financial statements with an auditor's opinion for at least three consecutive financial years preceding application for admission; this is discussed further in the Finance chapter.

Poland's strong economy means that it is an attractive location for overseas investors. Nevertheless, in order to make an informed decision, it is critical to understand the nuances of any local system. The manner in which people conduct business in Poland may differ from the home countries of investors. Furthermore, variations on these distinctions may exist in different regions of Poland and the industry in which a company operates.

Polish is the official language of Poland and therefore the lingua franca of business. Other languages spoken in Poland that may be used in business include Russian, German, and English. Dress codes in the workplace are typically conservative.

Polish people value formality in business, and companies tend to be hierarchical in nature. A handshake is the typical business greeting. Gift giving may occur at initial business meetings or upon the signing of a contract.

Those looking to establish a business in Poland will often look to countries across Europe as alternative options. While its membership in the EU ensures parity in many aspects of the law, Taxation, and the Auditing system, Poland can be differentiated on the following factors:

  • Poland is Europe's eighth largest economy in the European Union.
  • Poland is the sixth largest country in the EU in terms of population, with over 38 million citizens.
  • The average hourly labor cost in 2015 was EUR8.60.
  • Poland is the largest beneficiary of EU funds (over EUR105.8 billion in the period 2014-20).
  • Poland's strategic location provides access to the emerging markets of Central and Eastern Europe; the country's transportation system is outlined in the Infrastructure chapter.
  • Poland provides investment incentives for business activities carried out in 14 special economic zones (SEZs) across the country; this is discussed further in the Trade chapter.

With its strong economy and large investment of EU funds, Poland is an attractive business location for many investors. Nevertheless, the country faces a number of challenges in the upcoming years. Exports and imports dominate Poland's GDP, making the country extremely susceptible to fluctuations in the economies of its trading partners. Further economic instability in primary trading partners, such as the EU and Russia, could hamper Poland's growth prospects.

This guide has been developed to provide businesses with an overview of Poland, its legal system, start-up and market entry considerations, tax and customs requirements, and a general summary of the factors that may affect the decision to do business in Poland. However, the information contained in this document is generic in nature, and you should not act or rely on it without obtaining specific professional advice.

Useful Links

1 Polish Business Register
2 Tax Administration - Ministry of Finance
3 Customs Services
4 Ministry of Foreign Affairs
5 Patent Office of the Republic of Poland
6 The Inspector General for the Protection of Personal Data
7 Invest In Poland
8 Ministry of Labor and Social Policy

 

Download Country Guide - Poland (3.63MB, PDF)

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