Publication date: March 10, 2023
PPP is a legal institution introduced into the Polish legal order in 2008 by the Public-Private Partnership Act, which regulates the issues discussed below. To put it simply, a public-private partnership consists in the joint implementation of a project by a private partner and a public entity. It is based on a long-term agreement (which is concluded for 30 or longer) specifying the division of tasks and risks between the two cooperating parties.
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Publication date: March 03, 2023
Sukuk is a financial bond that complies with Islamic religious law commonly known as Sharia. The traditional Western interest-paying bond structure is prohibited in the Islamic law because the riba, or interest debt, goes against precepts of Islam. Therefore, the Islamic countries and investors need a structure to link the returns and cash flows of debt financing to a specific asset being purchased, effectively distributing the benefits of that asset. In order to do that, in Malaysia, the sukuk was created twenty three years ago and, since then, it has become extremely popular in Islamic finance.
Sukuk represents aggregate and undivided shares of ownership in a tangible asset as it relates to a specific project or a specific investment activity. An investor in sukuk, therefore, does not own a debt obligation owed by the bond issuer, but instead owns a piece of the asset that’s linked to the investment. This means that sukuk holders, unlike bond holders, receive a portion of the earnings generated by the associated asset. Hence, financing can only be raised for identifiable asset, this means an asset whose commercial value can be measured.
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Publication date: February 24, 2023
We are now in Poland on the verge of crucial changes in the labour law. However, despite the supposedly revolutionary changes in the supervision and enforcement of employee duties, Polish labour law will not still, in its standard wording of the Polish Labour Code, indicate precisely the definition and scope of the general due diligence of the employee’s duties.
Therefore, it will be timely to create a contractual framework, because the employer should make an agreement with the employee in a written or confirmed letter at the latest on the day of starting work, indicating, among other aspects, what is precisely the duty of the employee.
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Publication date: February 21, 2023
The functioning of a limited liability company in Poland (Polish: spółka z ograniczoną odpowiedzialnością) is regulated by the Act of September 15, 2000, the Code of Commercial Companies. According to the legal definition, a limited liability company may be established for any legally permissible purpose by one or more persons. It has legal personality and separate liability from shareholders. A limited liability company is one of the most popular forms of company in Poland, which is related, among other things, to the issue of taxes. Taxes in a limited liability company are paid in accordance with the principles set out in the Act of February 15, 1992 on corporate income tax. The taxpayer is the company itself and, if necessary, it is responsible to the Tax Office for irregularities.
Elements of the articles of association of a Polish limited liability company in the online company formation system
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Publication date: February 21, 2023
The Polish Agency for Enterprise Development has developed the concepts of Sectoral Promotion Programs for 2023-2028. The purpose of the programs is to promote the Polish offer, including technologies, services and innovative solutions with potential for development on foreign markets. The implementation of the task will take place, among others, through participation in international trade fairs and conferences.
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