Poland is found in central Europe bordering German to the west, Ukraine and Lithuania to the east and Czech Republic and Slovakia to the south. Kaliningrad borders Poland to the north. The location of the country already is a great potential to its investors because as an investor you can access to about 270 million consumers within a short range of distance. This makes it to be more attractive to investors. Late 2018, Poland government introduced the new law, that suggests drastic changes in the income tax law. Poland president enacted this legislation to be effective as 1st January 2019. The new income tax law outlined the following concerns:
• A 5% tax is implied for innovation and R&D acticities;
• 9% income tax is implied for companies whose income is less than € 1.2 million or they have a small taxpayer status;
• Tax for virtual currencies. Income from cryptocurrency trading is qualified as the revenue from capital gains
Company in Poland
A recent statistics from the European Commission shows that Polish Gross Domestic Product will rise to 2.5% this year. If you open company in Poland exportation opportunities can be in large markets that are found in the west and east directions because of its flexible and central location the investors can easily access the market. The government supports investors that do business with them.
The well-educated labor force provides ethical values that align well with the Polish culture business. Poland has shown a tremendous growth in different sectors of business not just in agriculture and manufacturing sectors. Polish largest sector of economy is the service sector that generates close to 70% of the GDP, 28.3% of the GDP in manufacturing industry and 2.5% GDP in agriculture.
Poland has 38 million domestic consumer market that is entirely used by members of the European Union. There are also higher chances that amateur business people will develop with time because there is availability of market and potential labor force in Poland.
A survey carried out in 2018 indicated that Poland was positioned 27 out of the 190 countries that were under survey showing its tremendous growth in business in its favourable environment. Poland also scored remarkably well in trading across the borders and resolving insolvency where it was ranked 22nd.However, the government have high hopes that there will be good scores this year where they didn’t perform well in the previous year.
Helpful facts of doing business in Poland
Working hours are usually from 8:00 am – 4:00pm that is from Monday to Friday using polish as the official language in business meetings. Poland observe gender quality where female have equal business opportunities as their male counterparts.
Networking is also important as it builds trust to the business associates which builds solid relationships – for instance, business meetings would always start with considerably small talks that will build trust between the business partners.
Labor mobility in Poland is extremely low because polish families dislike moving from one place to another willingly. However, the upcoming generation are flexible and have open attitude in trying something new in a different place.