Investors Guide Poland 2014_3

Investor’s Guide Poland

How to do Business

About PAIiIZ About JP Weber

Airport in Wrocław

Investor’s Guide – Poland

How to do Business

Index

I. Introduction 13 I.1. Why Poland? 14 I.2. Basic facts 18 I.2.1. Geographical location and climate 18 I.2.2. Population and language 19

II. Legal and business enviroment 21– the most significant facts about Poland

II.1. Political & legal stability 23 II.1.1. Political system 23

II.1.1.1. The Parliament 23 II.1.1.2. The President 24 II.1.1.3. The Supreme Audit Office 24

II.1.2. Public administration 24 II.1.3. Legal system 26 II.1.4. Poland international 28

II.1.4.1. Poland in the European Union 28 II.1.4.2. Poland in the Single European Market 28 II.1.4.3. Poland and the European Monetary Union 28 II.1.4.4. International organisations 29

II.2. Macroeconomic indicators 33 II.2.1. Gross Domestic Product 33 II.2.2. Consumer Price Index 35 II.2.3. Foreign trade 36 II.2.4. Local cost effectiveness 38 II.2.5. Deficit and government budget 40

Index

II.3. Financial markets and institutions 43 II.3.1. Banking and financial institutions 43

II.3.1.1. National Bank of Poland 43 II.3.1.2. Commercial banks 44

II.3.2. Stock exchange and capital market regulations 44

II.3.2.1. Main and alternative markets 46 II.3.2.2. Polish Financial Supervision Authority 47 II.3.2.3. Acquisition of major share packages 47 II.3.2.4. Venture Capital Funds 48

II.3.3. Insurance regulations 48 II.3.4. Investment financing 49 II.3.5. List of banks 50

II.4. Resources & business sectors 53 II.4.1. Natural resources 53

II.4.1.1. Coal 53 II.4.1.2. Oil & Gas 54 II.4.1.3. Copper and silver 55 II.4.1.4. Other deposits 56

II.4.2. Agriculture and forestry 57 II.4.3. Energy sector 58 II.4.4. Industry clusters 61

II.4.4.1. Automotive industry 63 II.4.4.2. Aviation 65 II.4.4.3. Electronics 66 II.4.4.4. Food Industry 68

II.4.5. Business Services Clusters in Poland 70 II.4.6. Tourism 71

Index

II.5. Infrastructure 75 II.5.1. Transport 75

II.5.1.1. Road network 75 II.5.1.2. Air transportation 76 II.5.1.3. Railway network in Poland 77 II.5.1.4. Telecommunication systems 78 II.5.1.5. Density and connection lease market 79 II.5.1.6. Data transmission system and density 80

II.6. Labour market 83

II.6.1. Education 83

II.6.1.1. Education system 83 II.6.1.2. International schools 86 II.6.1.3. Science and R&D 87

II.6.2. Human resources 87

II.6.2.1. Employment and labour force 87 II.6.2.2. Unemployment 89 II.6.2.3. Salaries 90

III. Setting up business 93— get to know about the first steps to be taken

III.1. Incorporation 95 III.1.1. Conducting business activities 95

III.1.1.1. Limited Liability Company 96 III.1.1.2. Joint-stock Company / Public

Limited Company (PLC) 97

III.1.2. Other corporate entities 98

III.1.2.1. Civil Partnership 98 III.1.2.2. General Partnership 98

Index

III.1.2.3. Limited Partnership 99 III.1.2.4. Limited Liability Partnership 99 III.1.2.5. Partnership Limited by Shares 99 III.1.2.6. Sole Proprietorship 99 III.1.2.7. Branch office 99 III.1.2.8. Representative office 99 III.1.2.9. European Company 100 III.1.2.10. European Economic Interest Grouping 100

III.1.3. Establishing and registering an entity 100

III.2. Taxes 103 III.2.1. General overview 103 III.2.2. Taxation of company 104

III.2.2.1. Income tax 104 III.2.2.2. Value added tax 107 III.2.2.3. Tax on civil law transaction 109 III.2.2.4. Custom and excise tax 109 III.2.2.5. Duty-free zones 109 III.2.2.6. Customs bonded warehouse 110 III.2.2.7. Local taxes 110 III.2.2.8. Stamp duty 111

III.2.3. Taxation of individuals 111

III.2.3.1. Personal Income Tax 111 III.2.3.2. Inheritance and donation tax 113

III.3. Investment incentives 115 III.3.1. EU structural funds 2014—2020 115 III.3.2. Incentives in Special Economic Zones 118 III.3.3. Program for the support of investments of

considerable importance for Polish economy for years 2011-2020 119

III.3.4. Real estate tax exemption 120

Index

III.3.5. Labour market instruments 121 III.3.6. OECD guidelines for multinational enterprises 122

III.4. Accounting & finance 125 III.4.1. Accounting and financial regulations 125 III.4.2. Financial statements 126 III.4.3. Audit and publication 126

III.5. Employment legislation 129 III.5.1. Employment of workers 129 III.5.2. Polish social security system 130

IV. Doing business 135— from Start-up to performing a direct investment

IV.1. Greenfield & brownfield investments 137 IV.1.1. Activities requiring licenses, concessions or permits 137 IV.1.2. Real estate market 139

IV.1.2.1. Warehouse & industrial market 140 IV.1.2.2. Office market 140 IV.1.2.3. Retail and commercial market 141

IV.1.3. Acquiring real estate 142 IV.1.4. Investment process 144

IV.1.4.1. Analysis 144 IV.1.4.2. Step-by-step investment process 145

IV.2. M&A 151 IV.2.1. Polish M&A market 151

Index

IV.2.2. Regulations governing M&A 152

IV.3. Public Private Partnership (PPP) 155 IV.4. Important regulations 159 IV.4.1. Polish trade regulations 159

IV.4.1.1. Import/export licensing 159 IV.4.1.2. Customs tariffs 159 IV.4.1.3. Customs procedures 159

IV.4.2. Currency and exchange controls 160 IV.4.3. Competition law 160 IV.4.4. Regulations for entering into contracts 162 IV.4.5. CO

2 emission allowances 162

IV.5. Securing business 165 IV.5.1. Property rights 165

IV.5.1.1. Patent legislation 165 IV.5.1.2. Trademarks 165 IV.5.1.3. Copyrights 166

IV.5.2. Product certification 166 IV.5.3. Public procurement law 167 IV.5.4. Bankruptcy and restructuring 169 IV.5.5. Renewable energy support system 169

V. Sources of Information 173 V.1. Polish Information and Foreign Investment Agency 175 V.2. Regional Investor Assistance Centres 179 V.3. International schools in Poland 187 V.4. About JP Weber 192

I. Introduction

I.1. Why Poland? 10 reasons to invest in Poland

Introduction

+1.6%

The growth is not the only reason to invest in Poland,but an indicator that the Economy is very stable

Introduction

Introduction

Introduction

Introduction

I.2. Basic facts

I.2.1. Geographical location and climate

I.2.2. Population and language

Introduction

II. Legal and

business enviroment

– the most significant facts about Poland

II.1.

Political & legalstability

II.1.1. Political system

II.1.1.1. The Parliament

II.1.1.2. The President

II.1.1.3. The Supreme Audit Office

II.1.2. Public administration

Political & legal Stability


II.1.3. Legal system



II.1.4. Poland international

II.1.4.1. Poland in the European Union

II.1.4.2. Poland in the Single European Market

II.1.4.3. Poland and the European Monetary Union


II.1.4.4. International organisations



View on Szczecin City at night

II.2.

Macroeconomic indicators

II.2.1. Gross Domestic Product


II.2.2. Consumer Price Index


II.2.3. Foreign trade




II.2.4. Local cost effectiveness

Legend

EUR/hour:

10−20

0−10

>40

20−30

30−40



II.2.5. Deficit and government budget

Port of Gdańsk

II.3.

Financial markets and institutions

II.3.1. Banking and financial

institutions

— —

—

II.3.1.1. National Bank of Poland

II.3.1.2. Commercial banks II.3.2. Stock exchange and capital market

regulations



II.3.2.1. Main and alternative markets

——



II.3.2.2. Polish Financial Supervision

Authority

II.3.2.3. Acquisition of major package of shares

II.3.2.4. Venture Capital Funds

II.3.3. Insurance regulations


II.3.4. Investment financing


II.3.5. List of banks



II.4.

Resources & business sectors

II.4.1. Natural resources

II.4.1.1. Coal

II.4.1.2. Oil & Gas

Legend


II.4.1.3. Copper and silver



II.4.1.4. Other deposits


II.4.2. Agriculture and forestry

II.4.3. Energy sector



Legend


—

II.4.4. Industry clusters



II.4.4.1. Automotive industry



II.4.4.2. Aviation


II.4.4.3. Electronics



II.4.4.4 Food Industry



II.4.5. Business Services Clusters in Poland


—


II.4.6. Tourism


Rędziński Bridge in Wrocław

II.5.

Infrastructure

II.5.1. Transport

II.5.1.1. Road network

Legend

II.5.1.2 Air transportation

Infrastructure

LegendPassengers annually:

II.5.1.3 Railway network in Poland

Infrastructure

II.5.1.4.Telecommunication systems

Infrastructure

Legend

Infrastructure

II.5.1.5. Density and connection lease market

—

II.5.1.6. Data transmission system and density

−

−

Infrastructure

Main Train Station in Poznań

II.6.

Labour market

II.6.1. Education

II.6.1.1. Education system

Labour market

Labour market

II.6.1.2. International schools

Labour market

II.6.1.3. Science and R&D

II.6.2. Human resources

II.6.2.1 Employment and

labour force

Labour market

Labour market

II.6.2.2 Unemployment

Legend

Labour market

II.6.2.3 Salaries

Labour market

Labour market

III. Setting up

business get to know about the first steps to be taken

III.1.

Incorporation

III.1.1. Conducting

business activities

III.1.1.1. Limited Liability Company

Incorporation

III.1.1.2. Joint-stock Company / Public

Limited Company (PLC)

Incorporation

III.1.2. Other corporate entities

III.1.2.1. Civil Partnership

III.1.2.2. General Partnership

Incorporation

III.1.2.3. Limited Partnership

III.1.2.4. Limited Liability Partnership

III.1.2.5. Partnership Limited by Shares

III.1.2.6. Sole Proprietorship

III.1.2.7. Branch office

III.1.2.8. Representative office

Incorporation

III.1.2.9. European Company

III.1.2.10. European Economic Interest Grouping

III.1.3. Establishing and

registering an entity

Incorporation

Incorporation

III.2.

Taxes

III.2.1. General overview

III.2.2. Taxation of company

III.2.2.1. Income tax

—

—

Taxes

Taxes

Taxes

III.2.2.2. Value added tax

Taxes

Taxes

III.2.2.3. Tax on civil law transaction

III.2.2.4. Custom and excise tax

III.2.2.5. Duty-free zones

Taxes

III.2.2.6. Customs bonded warehouse

III.2.2.7. Local taxes

Taxes

III.2.2.8. Stamp duty

III.2.3. Taxation of individuals

III.2.3.1. Personal Income Tax

Taxes

Taxes

III.2.3.2. Inheritance and donation tax

Taxes

III.3.1. EU structural funds

2014−2020

III.3.

Investmentincentives

Investment incentives


III.3.2. Incentives in Special

Economic Zones


III.3.3. Program for the

support of investments of considerable

importance for Polish economy for years

2011-2020


III.3.4. Real estate tax exemption


III.3.5. Labour market instruments


III.3.6. OECD guidelines for multinational

enterprises


Świętokrzyski Bridge in Warszawa

III.4.

Accounting & finance

III.4.1. Accounting and

financial regulations

III.4.2. Financial statements

III.4.3. Audit and publication



III.5.

Employment legislation

III.5.1. Employment of

workers

—

III.5.2. Polish social

security system




Highway in Warszawa

IV. Doing

business from Start-up to performing a direct investment

IV.1.

Greenfield & brown-field investments

IV.1.1. Activities requiring

licenses, concessions or permits

Greenfield & brownfield investments

IV.1.2. Real estate market


IV.1.2.1. Warehouse & industrial market

—

IV.1.2.2. Office market


—

IV.1.2.3. Retail and commercial market


IV.1.3. Acquiring real estate



IV.1.4. Investment process

IV.1.4.1. Analysis


IV.1.4.2. Step-by-step investment process





Airport in Warszawa

IV.2.

M&A

IV.2.1. Polish M&A

market

IV.2.2. Regulations governing

M&A

M&A

M&A

IV.3.

Public PrivatePartnership (PPP)

Public Private Partnership (PPP)

Poniatowski Bridge in Warszawa

IV.4.

Important regulations

IV.4.1. Polish trade regulations

IV.4.1.1. Import/export licensing

IV.4.1.2. Customs tariffs

IV.4.1.3. Customs procedures

IV.4.2. Currency and exchange controls

IV.4.3. Competition law


—


IV.4.4. Regulations for

entering into contracts

IV.4.5. CO2 emission

allowances


—


IV.5.

Securing business

IV.5.1. Property rights

IV.5.1.1. Patent legislation

IV.5.1.2. Trademarks

IV.5.1.3. Copyrights

IV.5.2. Product certification

Securing business

IV.5.3. Public procurement law

Securing business

Securing business

IV.5.4. Bankruptcy and restructuring

IV.5.5. Renewable energy

support system

Securing business

Securing business

Securing business

V. Sources of

Information

V.1.

Polish Information and Foreign Investment

Agency

www.gochina.gov.pl

www.goafrica.gov.pl

www.paiz.gov.pl

Polish Information and Foreign Investment Agency

Polish Information and Foreign Investment Agency

V.2.

Regional InvestorAssistance Centres

Dolnośląskie Voivodship Kujawsko-Pomorskie Voivodship

Lubelskie Voivodship

Lubuskie Voivodship

Łódzkie Voivodship

Małopolskie Voivodship

Regional Investor Assistance Centres

Mazowieckie Voivodship

Opolskie Voivodship


Podkarpackie Voivodship

Podlaskie Voivodship

Pomorskie Voivodship


Śląskie Voivodship

Świętokrzyskie Voivodship

Warmińsko-Mazurskie Voivodship


Wielkopolskie Voivodship


Zachodniopomorskie Voivodship

LOT, Headquarters Polish Airlines Warszawa

V.3.

Internationalschools in Poland

Warszawa

—

Wrocław

International schools in Poland

Kraków

Gdańsk

Poznań

Katowice

Łódź

Gdynia

International schools in Poland

VI. About

JP Weber

VI.1.

About JP Weber

Who we are...

Our philosophy…

JP Weber Team…

13 years

90%

Leading Advisor

Trusted Partner

60

20

About JP Weber

Services

Legal Advisory

Tax & Financial Advisory

Services

M&A Corporate Finance

Advisory

Korean Desk

French Desk Polish Champions

German Desk

Our focus

Language Desks

Our focus

Cross Practices

JP Weber NewsletterAlways up to date with Poland

Wrocław

Warszawa

Berlin

Photographs

Cover:

www.paiz.gov.pl | www.jpweber.com

Documents

Investors Guide Poland 2014_3