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Central Register of Ultimate Beneficial Owners, i.e. Transparency Above All

10 June 2020
Anna LEHMANN
On 13 July 2018, the Act of 1 March 2018 on Countering Money Laundering and Terrorist Financing (Journal of Laws of 2018, item. 723, hereinafter referred to as “the Act”) entered into force in Poland. The goal behind this regulation was the complete and correct transposition of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. Certain provisions of the Act entered into force only after 18 months from the date of its announcement, i.e. 13 October 2019, and materially affected the operation of many businesses.

Green light for remote meetings and adoption of resolutions by companies’ governing bodies

23 April 2020
Krzysztof WARAKOMSKI
The Anti-crisis shield is to counteract the crippling effect of the current, extraordinary situation related to COVID-19 and the resulting state of emergency on holding meetings and adopting resolutions by the governing bodies of limited liability and joint stock companies.

Compulsory proceeding: registry courts are going into battle with arrears in submitting annual financial statements

19 June 2019
Krzysztof WARAKOMSKI
More than a year has passed since the introduction of revolutionary changes in preparing and submitting annual financial statements. Today, as many companies registered in the NCR (in particular those where foreigners participate) continue to have arrears in submitting their annual financial statements, we would like to take a closer look at the weapons used by registry courts to enforce reporting obligations.

Electronic financial statements: amendment continued

10 May 2019
Zuzanna BRÓDKA
As we all know, a reform of the National Court Register (NCR) has gradually been introduced since 15 March 2018, its underlying aim being an electronic re-organisation of the register’s operations. From now on, financial statements and accompanying documents shall be submitted only in electronic format with a qualified electronic signature or a signature confirmed with a trusted ePUAP profile. In this post we are going to try to clarify all doubts concerning the obligation to submit financial statements online.

Trading companies can now submit their annual financial statements through a proxy

29 March 2019
Krzysztof WARAKOMSKI
The amendment of the Act on the National Court Register, awaited by entrepreneurs, has become a fact: trading companies can now file their annual financial statements through a proxy.

The electronic revolution or how the National Court Register is moving with the times

22 February 2018
Anna LEHMANN
Each of us - both privately and professionally - uses the Internet more and more. According to surveys from 2017, Poles spend almost 6 hours a day on the Internet on average. From March 15, 2018, entrepreneurs will have the opportunity to stay on the Internet even longer due to the possibility of establishing direct contact with Economic Courts through electronic access to the National Court Register (NCR). The Act of January 26, 2018 Amending the Act on the National Court Register and Certain Other Acts (hereinafter referred to as the Act on Changing the National Court Register) is in force, and is currently awaiting publication in the Journal of Laws of Poland and which will come into force from March 15, 2018.

Commercial proxy - a good spirit of the company? ...

24 April 2017
Karolina HAHN
Each lawyer, but also almost every entrepreneur, at least once in his/her professional life encountered the institution of COMMERCIAL PROXY, which is an example of a classic commercial law institution. Simply put, it can be said that every commercial proxy is a power of attorney but not every power of attorney is a commercial proxy.

Legalisation of documents when a company is established – what is an apostille?

2 March 2017
Karolina CHOMIK
Establishment of a company in Poland requires the submission of multiple documents before the state authorities and institutions, e.g. the National Court Register. When a shareholder of the established company is a foreign-invested entity, the number of required documents increases by those drawn up abroad. Upon the preparation of relevant documents, foreign entrepreneurs are obliged to legalise them. Then what?

Well-dressed Polish people

27 January 2016
Piotr NOWATKOWSKI
The estimated value of the clothing and footwear industries in Poland in 2014 amounted to 7.3 billion euro[1] and was higher in relation to the previous year by 5.6%. The clothing segment recognized an increase by 5.9% in relation to 4.5% of the growth of the footwear industry. It is worth noticing that in the stretch of the last four years, the entire branch was growing steadily at 4%, with the exception of 2012, where a slight decrease was noticed (- 1.6% in the footwear industry compared to 0.5% in the clothing segment). In 2014, most of the branch companies expanded their sales network, which in connection with a growing demand translated into the increase in revenues.

Sunny revolution – will RES ignite Polish economy?

9 November 2015
Piotr NOWATKOWSKI
In years to come, RES should constitute one of the fastest growing areas of economy in Poland which also results from the fact that this is still a fledgling market when compared to other EU countries. Opportunity for growth is, therefore, much greater here than on relatively saturated Western European markets.

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