Oruga Group LLC

Legal Developments in the EU Financial Sector

On June 28, 2023, the European Commission published regulatory packages concerning payment services, electronic money, and open finance (open finance1), as well as a separate package regarding the digital euro2. The aim of these new regulations includes enhancing the security of payment services, developing the existing legal framework for open banking, introducing CBDC (central bank digital currency) under the auspices of the European Central Bank (ECB), and eliminating separate regulations and licenses for providers solely offering payment services or issuing electronic money.

https://orugagroup.com/en/insights/legal-developments-in-the-eu-financial-sector.html

Company Formation in the Financial Sector in Poland: An Overview of Licensing under the KNF

Company formation in Poland in the financial sector involves navigating a complex landscape of legal requirements and regulatory compliance. The Polish Financial Supervision Authority (Komisja Nadzoru Finansowego, KNF) plays a pivotal role in overseeing and regulating this sector, ensuring adherence to national and European Union standards. This article provides a comprehensive guide to forming a financial company in Poland (including but not limited to fintech companies), detailing the available licenses under KNF and the statutory requirements associated with each.

https://orugagroup.com/en/insights/company-formation-in-poland-the-financial-sector.html

The mergers and acquisitions (M&A) landscape in Central and Eastern Europe (CEE) began 2024 with caution as investors navigated a challenging geopolitical and economic climate.

https://orugagroup.com/en/insights/ma-dealflow-in-central-and-eastern-europe-2024.html

This summer marks a significant milestone with the introduction of the EU's Markets in Crypto-Assets (MiCA) Regulation. Financial institutions (FIs) that are already involved in or considering engagement with crypto assets will need to adapt their operations accordingly. This article delves into the specific measures required to be implemented by the Electronic Money Institutions (EMIs) and the implications for EU crypto customers.

https://orugagroup.com/en/insights/anticipating-the-implementation-of-the-eus-mica-regulation-this-summer.html

Acquisition of companies, especially popular technological startups in recent years, can yield significant profits relatively quickly. On the flip side, purchasing shares can also be costly for a new partner in an LLC if they haven't checked several key issues before acquiring the shares. How to purchase shares in a company be it a shelf company in Poland or a a company that has conducted business without making mistakes?

https://orugagroup.com/en/insights/purchase-of-the-company-shares-in-poland.html

The Council has officially adopted the regulation aimed at establishing a framework for Europe's net-zero technology manufacturing ecosystem, known as the 'Net-Zero Industry Act'. This regulation marks the final step in the decision-making process, aiming to enhance the deployment of net-zero technologies critical for the EU's climate goals, leveraging the single market to fortify Europe’s leadership in green industrial technologies.

https://orugagroup.com/en/insights/european-council-gives-final-approval-to-net-zero-industry-act.html

While Polish Company Law offers various corporate forms, each has its drawbacks (e.g., JSC involves high bureaucracy, Partnership lacks liability protection).

https://orugagroup.com/en/insights/company-registration-in-poland-llc.html

The European Securities and Markets Authority (ESMA) has outlined the timeline for the implementation of the Markets in Crypto-Assets Regulation (MiCA), encouraging market participants and National Competent Authorities (NCAs) to begin preparing for the transition.

https://orugagroup.com/en/insights/esma-clarifies-mica-timeline.html

EU-China High-Level Dialogue: Advancing Cooperation for a Sustainable Future

https://orugagroup.com/en/insights/eu-china-high-level-dialogue.html

As a member of the European Union, Poland benefits from access to a vast and interconnected market, offering unparalleled opportunities for businesses in the transportation sector. By aligning with EU regulations and standards, companies can capitalize on the benefits of cross-border trade and collaboration, driving growth and innovation.

https://orugagroup.com/en/insights/poland-company-formation-partnerships.html

Responsibility For Non-Submission of Financial Statements In Poland

In accordance with the applicable Accounting Act, the annual financial statements of an entity must be approved by the relevant approving corporate body no later than 6 months from the end of the fiscal year.

For entities that calendar year aligns with the fiscal year, this means that the deadline for approval expires no later than June 30th, yet an annual Poland company Corporate Income Tax declaration shall be submitted no later than March 31.

https://orugagroup.com/en/insights/responsibility-for-non-submission-of-financial-statements-in-poland.html

Poland Company Formation of a Limited Liability Company

A Limited Liability Company (LLC) is the most popular type of commercial company in Poland. It allows conducting business activities with a limitation of financial risk for shareholders to the extent of the contribution made to the business. As a capital company, it does not entail personal liability of partners for its debts. Simultaneously, it imposes fewer requirements and restrictions on partners compared to a joint-stock company. Therefore, individuals considering starting a business or seeking an alternative to registering as a sole proprietorship (CEIDG) should consider this form of business in Poland.

https://orugagroup.com/en/insights/poland-company-formation-llc.html

UAE Elevates Global Climate Commitment with $30 Billion Clean Energy Pledge
Dubai, December 1, 2023 — The United Arab Emirates (UAE) has taken a significant step towards bolstering its commitment to combating climate change by unveiling a groundbreaking $30 billion fund dedicated to investing in clean energy and climate projects on a global scale. This announcement, made during the opening proceedings of the annual U.N. Climate Change Conference (COP28) hosted by the UAE in Dubai, marks a pivotal moment for the Middle Eastern nation in its pursuit of a sustainable and greener future.

https://orugagroup.com/en/insights/cop28-climate-finance-fund

AI Regulation Brekathrough
After intensive three-day negotiations, the Council presidency and negotiators from the European Parliament have achieved a groundbreaking provisional agreement on the Artificial Intelligence Act, marking the world's first comprehensive set of rules for AI. This draft regulation is designed to ensure the safety and adherence to fundamental rights and EU values of AI systems in the European market. Additionally, it aims to boost investment and innovation in AI within Europe.

https://orugagroup.com/en/insights/eu-ai-regulation

Poland EMI License accommodates a broad spectrum of financial activities beyond virtual currencies. This versatility makes it an ideal choice for a diverse array of financial service providers seeking comprehensive regulatory coverage. Whereas designed with precision, the Crypto License is uniquely crafted to address the specific needs of businesses engaged in virtual currency-related activities. Its focused regulatory framework provides a targeted environment, offering clarity and compliance for entities operating within the dynamic crypto space.

https://orugagroup.com/en/insights/crypto-license-in-poland

Key Considerations for Poland Company Formation
Limited Liability Company (LLC): Tailored for Direct Oversight

The LLC, known as "spółka z ograniczoną odpowiedzialnością" (sp. z o.o.), is preferred by those seeking flexibility and simplicity in Poland company formation process. Typically established with a limited number of shareholders, a Limited Liability Company is suitable for various business scales. It allows individuals to retain direct supervision over the company's affairs, making it a recommended choice for hands-on entrepreneurs.

https://orugagroup.com/en/insights/poland-company-formation-llc-jsc

Navigating Poland's EMI Licensing Landscape

Are you contemplating entering the dynamic realm of electronic money (e-money) business in Poland? The choice between becoming an Electronic Money Institution (EMI) or a National Payment Institution involves understanding the nuances of each licensing option. In this article, we'll delve into the definitions, regulations, and advantages associated with obtaining an E-Money License in Poland.

https://orugagroup.com/en/insights/e-money-license-in-poland.html

Legal Differences Between Subsidiary and Representative Office in Poland

When expanding a foreign company into Poland, one crucial decision to make is whether to establish a subsidiary or a representative office. Each option comes with its unique legal differences and implications. Let's explore these differences to help you make an informed choice.

https://orugagroup.com/en/insights/subsidiary-or-representative-office-in-poland.html

Open Business in Poland: E-commerce
In the heart of Europe, Poland stands as a land of rich history, breathtaking landscapes, and vibrant business opportunities. For foreign entrepreneurs looking to expand their horizons, opening an e-commerce business in Poland can be a strategic move. This article is your guide to discovering the vast potential and exploring how to kickstart your e-commerce venture in Poland.

https://orugagroup.com/en/insights/open-business-in-poland-e-commerce

EU Introduces Comprehensive Protection for Geographical Indications on Craft and Industrial Products.

Geographical indications, often referred to as GIs, provide intellectual property rights protection to specific products closely associated with their area of production. A GI designation is granted to a product when there is a distinct connection between its qualities and the region in which it is manufactured. The recognition of GIs serves a dual purpose: it instills trust and differentiation among consumers regarding high-quality products while aiding producers in effectively marketing their wares.

https://orugagroup.com/en/insights/eu-introduces-comprehensive-protection-for-geographical-indications.html

Here are some key legal aspects to keep in mind during the Poland company formation process:

Taxation: Familiarize yourself with Poland's tax system, including corporate income tax, value-added tax (VAT), and other taxes that may apply to your business.

https://orugagroup.com/en/insights/company-formation-in-poland

Changes in Securing Payment for Construction Projects in Poland
Since October 16, 2023, securing payments for construction work has changed significantly in Poland due to an amendment to the law. This amendment, effective from July 13, 2023, modifies the Act on Environmental Protection, Public Participation in Environmental Protection, Environmental Impact Assessments, and some other laws (referred to as the "Act").

https://orugagroup.com/en/insights/changes-in-securing-payment-for-construction-projects-in-poland.html

The Role of an Optional Supervisory Board in a Limited Liability Company
Limited Liability Companies (LLCs) offer a versatile structure for entrepreneurs and business owners. With the freedom to design the company's management and internal organization, LLCs allow for a tailored approach that suits the specific needs of the business. One intriguing aspect of LLCs is the possibility of establishing an optional supervisory board, providing a dynamic element to the governance of the company.

https://orugagroup.com/en/insights/limited-liability-company.html

Unlocking Opportunities: A Comprehensive Guide to Open a Business in Poland

https://orugagroup.com/en/insights/open-a-business-in-poland

Company Formation in Poland
A Guide for Foreign Entrepreneurs

https://orugagroup.com/en/insights/company-formation-in-poland.html

Overcoming Foreigner Challenges in Acquiring Polish Real Estate.Poland's thriving real estate market and favorable economic conditions have increasingly attracted foreign investors looking to capitalize on opportunities.

rea more https://orugagroup.com/en/insights/acquiring-real-estate-in-poland-as-a-foreigner

How to open an offshore bank account in Europe?
Think how to save money while doing a transfer to the international bank?

In this case, an offshore bank account in Europe turns out to be the best thing for those who work or buy property abroad and have to transfer money between international accounts in the international currency. This may sound like an episode from an action movie, but in reality, it is a fast-pacing trend in the banking sector.

Read More https://orugagroup.com/en/insights/offshore-bank-account-in-europe.html

How to open an offshore bank account in Europe? When it comes to corporate bank accounts in Europe Let’s have a look at the benefits of opening this type of bank account in Europe. The corporate accounts in Europe are almost always more reliable custodians for the corporate earned-savings.

Services provided by law firms in Poland.

Over the last decade Poland managed to prove its economic stability and resilience, what made its domestic market one of the most attractive on the territory of the European Union. Such positive characteristics couldn’t stay unnoticed by foreign entrepreneurs and investors.

Read More https://orugagroup.com/en/insights/law-firms-in-poland.html

The principles of the Resolution in Europe.

During many decades, the market of the European Union remains the most attractive one for entrepreneurs and potential investors. The healthy economy and the broad market deliver the great opportunities for business development. Each business formation, planning to expand its volumes, needs to be licensed in Europe in accordance with the European Resolution.

Read More https://orugagroup.com/en/insights/resolution-in-europe.html