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:
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:
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.
|1||Polish Business Register|
|2||Tax Administration - Ministry of Finance|
|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|
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