KG Legal prepared a presentation about financial statements – obligations of Polish limited liability comapnies. The presentation includes characteristics of the limited liability companies, mandatory elements of the financial statements obligation, features of a good report and other useful information.
Liquidation of a brach can be conducted in two different procedures:
For more information please watch our You Tube video presentation
or you can read it HERE
Bearing in mind the universality of international transactions and the risks that entrepreneurs face, the letter should pay attention to risk-reducing methods offered by banks. Paweł Dyrduł, associate lawyer from the law firm KG Legal Kiełtyka Gładkowski Professional Partnership based in Krakow, discusses the instrument of the letter of credit as a form of payment as well as the form of limiting the risk involved with transactions.
The essence of international trade
Progressive globalization has imposed on domestic companies – even on local ones – relationships with other international companies. Examples of such a connection, which may be either direct or indirect, include: competition with foreign entities, adaptation of manufactured products to international standards, the use of developed and implemented technological and management solutions.
An international commercial transaction is a transaction involving a cross-border element, so it comes down to transactions between entities based in different countries. Foreign trade can be considered in two perspectives: narrow and broad. In the narrow sense, the subject of foreign trade is material goods. Broad sense includes, for example, current and assets and credit turnovers, purchase of goods and intangible services.
Everyone has a right to obtain information on the activities of the Polish Ministry of Justice. It relates to the functioning of the Polish judicial system and explanation of Polish regulations in the scope foreseen in the legal provisions. This issue has been fully regulated by the Act on Access to Public Information, as well as by the Order No. 197/14/BM of the Minister of Justice dated 18 December 2015 on making public information available.
This mechanism is very useful for the purposes of pursuing a variety of cross border cases, particularly related to international legal issues. The information is delivered in the Polish language, upon the relevant application.
In accordance with article 8 paragraph 2 of the Act on the acquisition of real estate by foreigners, reflecting the provisions of the Treaty of accession of Poland to the European Union in respect of the acquisition of real estate by foreigners, it is not required to obtain a consent by foreigners who are the nationals of or entrepreneurs of the Member States of the European Economic Area or the Swiss Confederation. The last restriction on the obligation to obtain a permit (consent) to acquire real estate and forestry by the said foreigners has expired on 30 April 2016, and since 01 May 2016 foreigners from the EEA and the Swiss Confederation do not need to have the permission of the Minister of the Interior to acquire any real estate.
A legal person that is a commercial company based in Poland, where the majority shareholder is a legal entity based abroad, is a foreign national within the meaning of the Act on the acquisition of the real estate by foreigners. At the same time, such entity is an entity from the European Economic Area by the fact that it is established in Poland which is an EEA member state, qualifying as a legal person from the EEA.
In view of the above, a commercial company based in Poland, controlled by a company based abroad is a foreigner from the EEA. Such entity is regulated by article 8 paragraph 2 of the Act on acquisition of real estate by foreigners which means that currently such entity does not have to be granted the permission of the Minister of the Interior to acquire any real estate.
