By Yusra Sarkar
In recent years, Poland has experienced a booming economy, and it remains one of the fastest growing economies in Europe. As the advantages of doing business in Poland have become clearer on the world stage, multinational companies and international corporations often identify Poland as a key destination as part of their international expansion plans or simply as an ideal place to set up operations or invest.
Ideally located in central Europe, Poland has close ties to neighboring Germany, Slovakia and the Czech Republic, and still retains good connections with its more easterly neighbors: Poland has achieved what so many others have failed to do: forging strong connections with both east and west. With sea access, good transport links to the whole of Europe and a multiple, varied industries finding growth and success in Poland, doing business in the country has never been more attractive.
While Poland has presented the ideal place for setting down a corporate base, it isn’t without its complexities – just as in other locations around the world, setting up operations in a new jurisdiction without tailored support and trying to get to grips with local reporting, requirements and obligations can be tricky. Those that do business in Poland also face an increasingly complex landscape in which to do business: recent years alone have seen significant changes to Tax Ordinance, VAT and Corporate Income Tax regulations.
For companies with a footprint in Poland – both international or national – this has been a catalyst for engaging external firms to help support them with tax, legal and accounting reporting and keeping abreast of relevant requirements.
Typically, companies use a Polish entity for a specific business reason. The stakes, therefore, are high: companies setting up operations in Poland want to meet highly targeted and ambitious objectives, and to attain exact results. The result is that time is generally of the essence, and these entities are looking to move quickly to take advantage of the opportunities of doing business in Poland. Getting Polish tax, legal and accounting requirements right is a core part of a business’ plans to build a sustainable company, but leadership also recognizes they don’t need to be Polish experts in each of these areas, especially if their entity is starting with a small or medium-sized presence in the country with lean operations and staff. Outsourcing to local, trusted and established firms who specialize in keeping on top of accounting, legal and regulatory work for corporate clients with a base in Poland is therefore, increasingly the norm.
Companies outsourcing legal, tax and accounting need know they can expect their chosen partner to monitor current changes in the law and support the company to both prepare for these changes or remain aligned with all regulatory requirements without having to worry about keeping abreast of changes themselves. Essentially – and most importantly – this leaves them the ability to focus on their core services and enjoy the numerous benefits of doing business in Poland.