Legal and Compliance
In Poland, the responsibility of legal compliance is not a one-time affair, but a continuous process. Below is the various Poland legal and compliance requirement to be followed by incorporated entities:
· Listed companies are additionally obliged to publish semi-annual and quarterly reports
· The statements should be prepared within three months after the balance sheet date balance sheet date.
· In addition to financial Statement the management report (the Director’s report) needs to be prepared by the Joint -stock companies, selected partnership, mutual insurance companies, co-operatives, state-owned companies, investment funds and investment companies.
· Groups of related companies may report combined taxable income and pay one combined tax for all companies belonging to the group.
· Reporting requirements are imposed for certain loans and credits granted from abroad.
· Taxpayers must report foreign related-party transactions if the total amount of the transactions exceeds
EUR 300,000 to the tax office by the end of the third month following the end of the tax year.
· Taxpayers will be also required to submit with annual corporate income tax return a signed declaration confirming that transfer-pricing documentation is in place
YourGlobalPro professionals can assist you on Poland Legal and compliance requirements.
HR and Employment Law and Immigration / VISA
Below are some of the important points in relation to HR & employment law in Poland:
· The employment relationship is governed by Polish law, the Labour Code and other provisions of Poland Law.
· The minimum wage in Poland is set annually for the entire country – applying to full-time employees
· Foreign Residents who are interested in working in Poland are required to obtain a work permit and a working visa – the same is granted by the Authority subject to an examination to verify that it is in respect of skilled work that is not prejudicial to local employment.
· Also, on the basis of the work permit, an application must be made for a working visa. The approval of the working visa is granted only outside Poland. In case the employee is in Poland, he must leave Poland to obtain the visa.
· The working visa remains valid for a maximum of one year with an option to extend it, as required.
· No statutory age restrictions for employees -Only law prohibits the employment of minors under the age of 16
· The working hours cannot exceed eight hours a day and average of 40 hours per week in an average five-day working week. And at least 11 hours of undisturbed rest per day and at least 35 hours of undisturbed rest per week.
· Statutory minimum holiday is either 20 or 26 days in a calendar year and here are 13 public holidays in each year – which is not included in statutory holiday entitlement.