Yaroslav Romanchuk within the III Warsaw Business Day spoke about the issues of foreign investors in Poland
On April 12, 2019, III Warsaw Business Day took place in Warsaw, where Yaroslav Romanchuk, as the Managing Partner of the EUCON Legal Group, the President of the Association of Ukrainian Business in Poland, took part as an expert.
The speaker within the topic “Legal Aspects and Issues of Foreign Investors in Poland through the Prism of Statistics and Practice” told about the features of Polish office customers, the difficulties of Ukrainian investors in Poland, and the aspects that should be taken into account when conducting business in the Republic of Poland.
So, the expert pointed out six main categories of clients of the Polish office, namely: Polish and foreign investors who have a business or want to enter the Ukrainian market; Ukrainian and CIS investors, who were brought to the Polish or EU market; Ukrainian and CIS business, which is not on the Polish or EU market, but which has some legal problems; owners of intellectual property rights; business owners who have suspected their co-founders or officials in financial, property fraud or violation of the rules and procedures of compliance; Individuals (who have / want to have real estate in Poland, have problems with labor relations, who are detained for a certain category of offenses). Particularly, Yaroslav Romanchuk noted that those citizens of Ukraine who work in Poland are tax residents of Ukraine and are accordingly obliged to declare the money earned in Poland as “income received abroad”. Unfortunately, in practice, citizens often avoid fair tax payments, ignoring the obligation, which is a very important issue.
Yaroslav Romanchuk, at the end of his speech, advised on doing business in Poland, based on his own experience. Thus, the speaker advised to take into account the high degree of independence of the board from members (shareholders), the regulation of internal activity of the enterprise, the features of Polish taxation in the course of transactions through offshore zones, not to forget about transfer prices, Due Diligence before the acquisition of Polish assets, which is compulsory, expediency of cooperation with regional authorities, use of the mechanism of private-public partnership of cooperation with the state, rapid return of VAT on the basis of declarations, verification of information about partners and counteragents through the system of the National Trial Register (taking into account the financial statements), use the export crediting and insurance facilities provided by the Export Credit Insurance Corporation (KUKE) and the Bank of National Economy (BGK), etc.
DobroHub is the Event’s organizer, it is a platform for learning, sharing experiences, ready-made solutions and business cases. Inna and Oleg Yarovy – owners of the smallest coffee shop in Poland, Dobro&Dobro coffee shops are founders-project organizers. Particularly, Inna Yarova is the Deputy Chairman of the Board and Vice-President of the Association of Ukrainian Businesses in Poland.