– The contract with a foreign contractor – what Polish company has to pay attention to?
„Clear and coherent contract with foreign counterparty is the key to success” – truism or the most urgent issue for Polish companies? The authors’ practise regarding legal advice indicates, that polish entrepreneurs conclude contracts with foreign counterparties on grave adverse conditions for its legal position. We present hereafter the most common mistakes that Polish companies make by conducting foreign contracts.
“7 deadly sins” are:
1. Discrepancy of various language versions
Parties coming from various legal jurisdictions often use different language versions of the contract. Those language versions are different, when it comes to used terminology. Parties do not clearly indicate, which of them is the most significant. It concerns in particular situations, when parties coming not from English-speaking jurisdiction prepare the contract in English language (which is found to be a standard, but this language is still “foreign” for them); it is worth in those cases to be based on a mother language of at least one party.
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The Comprehensive Economic and Trade Agreement
The Comprehensive Economic and Trade Agreement (CETA) was adopted by the Council and signed at the EU-Canada Summit on 30 October 2016. CETA will create jobs and strengthen economic relations between the EU and Canada.
What will CETA introduce:
– helping to create growth and jobs at home
– ending custom duties
– letting EU businesses bid for Canadian public contracts
– stepping-up regulatory cooperation
– protecting European innovations, artists and traditional products
– opening up trade in services
– promoting investment
– ensuring good cooperation in future
– protecting democracy, consumers and the environment.
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On the 1st – 2nd September 2016 XII International Symposium was held in Cracow and KG Legal was a participant thereof. The event was organised by the Polish Patent Office and co-organised with World Intellectual Property Office, Embassy of Israel in Poland, Jagiellonian University, AGH University of Science and Technology.
Start-ups are becoming the most frequently chosen form of business and Cracow is becoming the hub of innovations, therefore the subject and the main goal of the Symposium was to show how the start-ups operate and to indicate possible ways of funding start-ups. The important thing in this type of business is legal protection and commercialisation of intellectual property. In Poland the Academic Incubators of Entrepreneurship (Akademickie Inkubatory Przedsiębiorczości) are the examples of the activity of the universities in the creation of innovative thinking.
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Branch and a representative office of a foreign entrepreneur in Poland – Foreign entrepreneurs may establish branches in Poland
A branch can operate only within the scope of the main activities of the foreign entrepreneur. The operation of the branch can be undertaken upon the entrance of the branch into the register of entrepreneurs. A foreign entrepreneur who opens a branch shall appoint a person authorized to represent the branch of a foreign entrepreneur. The scope of the operation of the representative office of a foreign business may include only the activities in the field of advertising and promotion of the foreign entrepreneur. More information can be provided by KG Legal law firm specialising in legal assistance rendered to foreign entities in their investments in Poland Website: www.kg-legal.eu Contact: office@kg-legal.pl
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Limited liability company – A proven legal form for larger undertakings, either in the form of a single-shareholder company or with multiple shareholders; shareholders generally are not liable for the obligations of the company
In Poland, foreign investments are most commonly carried out in the form of a limited liability company. Limited liability company, like joint-stock company, is governed by the Polish Commercial Companies Code. The share capital of a limited liability company shall be at least 5000 PLN. The structure of the company (the management board, shareholders meeting, and in some required cases, supervisory board) is governed by the articles of association concluded in a form of a notarial deed. Limited liability company is registered in the National Court Register. The registration court fee amounts to 600 PLN. In order to register a limited liability company there is also required a legal title to the premises where the company will have its registered office.
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