Have you managed to get through the entire (however not that complicated) incorporation process of your company and obtain an entry into the National Court Register in Poland? If so, there are still a few steps ahead of you to be taken:
- Filing with CRBO/ Beneficiary Owner Reporting: Within 14 days from the date of entry into the National Court Register you need to submit electronically the information on the beneficial owners of company to the governmental IT system called CRBO (Central Register of Beneficial Owners).
- Payment of PCC (tax on civil law transaction): When setting up a new company, it is mandatory to pay a PCC tax. It amounts to 0,5% on either the share capital value (capital companies) or contributions made by the partners (partnerships). The tax shall be paid by the company within 14 days from the date of its setting up indicated in the articles of association. Importantly, there are several other cases when the PCC tax is due, such as when the company’s share capital or contributions made by the partners are increased.
- Tax registration: Register your company for tax purposes with the relevant tax authorities. You will need to obtain a tax identification number (NIP) and register for Value Added Tax (VAT) if applicable.
- Social security and health insurance: Register your company and employees for social security and health insurance contributions with the Social Insurance Institution (Zakład Ubezpieczeń Społecznych à commonly referred to as ZUS).
- Opening a bank account: Open a corporate bank account in Poland to manage your company’s finances. In theory, it is not mandatory for a Polish company to have a local bank account but, undoubtedly, it is necessary to perform daily operations of your company in compliance with Polish tax law.
- Business permits and licenses: Depending on the business activity you run, certain specific permits, licenses, or certifications might be necessary. Research the requirements related to your industry to ensure full compliance.
- Ongoing reporting and compliance: Familiarize yourself with ongoing reporting requirements and comply with tax, accounting, and other legal obligations. To illustrate this, it must be remembered that any changes to the company’s legal structure or management must be reported to the NCR (National Court Register) and other relevant authorities. These include changes in company’s name, registered address or its board members. Also, most of the companies in Poland are required to file annual financial statements with the NCR and appropriate tax authorities. They must be prepared by an independent auditor and include information on the company’s financial performance, assets, and liabilities. However, with the support of experts (such as lawyers or accountants) you will quickly and effortlessly fulfil the current duties.
Please bear in mind that the above listed steps form only a general and simplified guidelines as to what happens after incorporating your company. A more detailed description of the post-registration process may vary based on the type of a conducted business activity and industry you are operating in. Hence, it is worth consulting a local legal professional who can provide you with a tailored advice and assistance throughout the entire company formation process and who will make sure you comply with all the further requirements.
Should you have any additional questions regarding the post-registration compliance of your company, please contact us and we will be happy to provide you with clear and precise answers.
