Introduction
Hello friends! You are on the channel about life and business in Poland. My name is Vitalii, and I have been living in Poland for 8 years, helping entrepreneurs develop their businesses. This video will be especially useful for those who are opening their first company in Poland. If you have no previous business experience, the information I have gathered will be very helpful.
We will discuss 10 key points you need to know when opening your first company in Poland.
Point 1: Time Management for Running the Company
The first and probably most important point is the need to allocate time for managing your company in Poland. Management includes three main areas of control: finance, people, and documentation.
Beginners often forget how crucial it is to divide time among these areas. Many focus solely on sales and organizing processes but fail to realize how critical it is to pay attention to accounting and working with documents.
In Poland, actual financial reporting requires more time and effort than in some other countries. Therefore, it’s important to dedicate specific hours in your calendar or even hire an assistant to handle documentation.
Point 2: Full Financial Reporting
The next important aspect is full financial reporting. If you were previously only tracking income and expenses, in Poland that’s not enough. Every transaction must now be backed by proper documents.
You must keep all business-related documentation because any inconsistencies can lead to problems. Be ready that accounting duties in Poland are significantly more demanding.
Point 3: Tax Calendar
The third point is understanding the reporting and tax calendar. In Poland, every month and year have specific deadlines for submitting reports and paying taxes.
For example, according to Polish regulations, you must submit all paperwork by the 5th of each month and pay ZUS by the 15th. These are just some of the many deadlines you need to respect.
Many Polish companies even hang reminder posters with important dates on their walls to avoid missing them.
Point 4: Contractors
The fourth point concerns your contractors. Every business usually has at least three main contractors.
The first important partner is your company’s legal address. You must determine in advance where your office will be — physical or virtual.
The second essential contractor is your accounting service provider — usually an outsourced company for small businesses. And the third key partner is your bank.
In Poland, working closely with your bank is crucial, especially regarding large transfers and protection against fraud.
Point 5: Reliability of Your Company
The fifth point is about understanding that your company’s reliability will be constantly monitored. Unlike sole proprietorships, which are known by the owner’s name, a company is a separate legal entity.
You can (and should) verify your contractors through public databases and registries. Poland offers various registries where you can check who is behind a company and verify bank account information.
Point 6: Responsibility
The sixth point is about responsibility. In Poland, board members — not the owners — bear responsibility for the company.
This means that all fines and administrative issues will be directed at board members. They must ensure the company is managed properly and in compliance with regulations.
Point 7: Obtaining Permits
Seventh point — obtaining necessary permits. Since your company is a legal entity, you may need to get different licenses — for example, for employing foreigners or working in regulated industries like law and transportation.
In Poland, obtaining permits can be a time-consuming and complex process, so you need to be prepared.
Point 8: Challenges of Closing a Company
Eighth point — closing a company is not as easy as it may seem. Unlike sole proprietorships, where you can easily change activities or close, for a company it’s a longer, more complicated procedure.
It’s wise to learn about the closure process in advance to avoid unexpected difficulties.
Point 9: Knowledge of Polish Language
Ninth important point — knowledge of the Polish language. Unlike other European countries where English or other languages may be enough, in Poland Polish is essential.
Without anyone in your company speaking Polish, it will be extremely difficult to interact with contractors and clients.
Point 10: Working with Cashless Payments
Finally, the tenth point is about working with cashless payments. In Poland, simple transfers aren’t enough; each transaction must be documented with invoices or contracts explaining the purpose of the payment.
The Polish government strongly prefers cashless transactions as it makes control easier.
Conclusion
Friends, thank you for watching! These were the key points you should consider when opening your first company in Poland. There’s much more to know, and I’m sure you will have additional questions and insights.
Feel free to share them in the comments below the video! Congratulations to all new company owners, and I wish you great success in the world of business in Poland!
