Poland was discussed as an alternative to offshore at the V International Forum on Business Protection
On September 9, 2020, Yaroslav Romanchuk, Managing Partner of the EUCON Legal Group, presented a report on “Will Poland become an alternative to offshore for corporate business structuring in order to protect assets” during the V International Forum on Business Protection at the Cross-Border Business Protection session.
According to Yaroslav Romanchuk, until recently, Ukrainian business used a foreign element in the tax structuring of business in order to optimize the tax burden, concealment of final beneficiaries, increasing investment attractiveness, attracting investment and protecting their assets from third-party encroachments and raids. But in 2015, the BEPS plan was developed – a plan to combat the erosion of the tax base, starting in 2017, all corporate structures that were developed in low-tax jurisdictions began to crack at the seams. starting to come apart at the seams.
“Today, in all European countries, the disclosure of final beneficiaries has become the norm, and as such banking secrecy no longer exists. This prompted Ukrainian business to look for new ways», – added Yaroslav Romanchuk.
In his report, Yaroslav spoke about the benefits of Polish jurisdiction for Ukrainian business. In particular, he noted the proximity to potential consumers and suppliers, diversification of risks (currency, inflation, raiding), access to cheap financial resources, the availability of special economic zones.
The speaker also added that since Polish law allows non-residents to be founders and managers of companies, in last year’s Polish jurisdiction has increasingly been used for corporate business structuring. In addition, any assets can be contributed to the authorized capital of a Polish company, which is an element of their protection.
Among the speakers of the session were leading Ukrainian experts, as well as experts from Germany and Turkey.