TMF Poland Sp. z o.o.: Poland 10th most complex country in Europe for business complexity

16-09-2019

Poland has the 10th most complicated business environment of any European country, according to a new report by TMF Group, a leading provider of international administrative services.

The firm’s Global Business Complexity Index, which compares key administrative and compliance demands across 76 jurisdictions worldwide, also found that Poland was the 21st most complex country globally. This makes Poland a simpler place to do business than neighbours Slovakia (6th in the index) and Germany (7th), but more complicated than the Czech Republic (48th) and Russia (44th).

The report, which was based on a combination of statistically weighted data and qualitative research among local market experts, focuses on three areas: rules, regulations and penalties; accounting and tax; and hiring, firing and paying employees.

It concluded that Poland’s relatively high complexity was driven by frequently changing legislation; the relative difficulty of incorporating companies and unusually onerous corporate secretarial reporting requirements.

Dagmara Witt-KuczyĹ„ska, Operations Director, Poland at TMF Group, said: “Foreign companies seeking to do business in Poland face a challenge. All company documents must be completed in Polish and incorporations can be slow for companies whose parent companies are based abroad. Requirements such as these mean that an important European market has a high barrier to entry, making it crucial for businesspeople to work with local partners.”

Beyond Poland, the Cayman Islands ranked as the least complex country for business complexity in the world, followed by Curaçao, Jersey and Thailand. Greece topped the overall list for business complexity, followed by Indonesia, Brazil and the UAE.

Juraj Gerzeni, Head of EMEA at TMF Group said: “Understanding how a complex business environment affects companies is imperative, especially when expanding across borders. Every jurisdiction around the globe varies in how accounts are filed, staff are paid, what tax laws exist and what HR requirements are in place. Taking the time to understand the business landscape can help businesses comply with the requirements and avoid unnecessary headaches and distraction.”


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