Obtaining a financial license in Poland

LICENSING IN POLAND

Polish legislation is famous for its transparency and loyalty, and doing business is not restricted in Poland. Therefore, registering a company here is much easier than in other European countries. This rule applies not only to local investors but also to foreign ones.

However, it is essential to consider that some activities require a special permit. There are five types of authorising documents in Poland depending on the type of activity: license, concession, permit, consent, and registry. Those who plan to conduct financial activities need to obtain a license.

WHO NEEDS A LICENSE

The following businesses are subject to licensing:

investment funds;
insurance companies;
banking institutions;
brokerage exchanges;
pension funds;
payment service providers (“PSP”) and electronic money issuers (“EMI”).

License is not required for crypto companies, but from November 1, 2021, such organisations must go through the registry entry procedure. In the absence of relevant documentation, a fine of up to PLN 100,000 is provided.

A license, unlike a concession, is issued to everyone who fulfills all the conditions specified in the legislation. The process of documents preparation can take from two weeks to two months. Depending on the type of activity, a license is issued for a period ranging from one year to an indefinite term.

REQUIRED DOCUMENTS

The main requirements for obtaining a financial license include:

business plan indicating the projected budget;
business model;
address of the head or registered office;
description of the company structure;
information about directors and principal shareholders and the extent of their contributions, their compliance with the requirements of the law (competence, reputation, etc.);
proof of the required capital;
no criminal record for managers — it is necessary to provide an appropriate certificate.

A license can be issued to an individual (to a particular employee) or a legal entity.

It is possible to issue documentation based on the location of the business.

It is essential to know that not only state bodies but also customers and contractors monitor the implementation of entrepreneurial activities in Poland.

CAPITAL REQUIREMENTS

Capital requirements are determined on a case-by-case basis, depending on the specific type of license and services provided.

COREDO can assist in obtaining a license for financial activities. Our experts have extensive knowledge in the field of law and years of experience. We provide professional advice, prepare all the necessary documentation, and oversee clients at all stages of licensing until a positive result is achieved.

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OBTAINING A FINANCIAL LICENSE IN POLAND

LICENSING IN POLAND

WHO NEEDS A LICENSE

REQUIRED DOCUMENTS

CAPITAL REQUIREMENTS