How to open a business account in poland

Opening a Business Account in Poland Made Easy

Did you know Poland is home to over 30 commercial banks, offering a wide array of business banking services? With 38 currencies supported by many institutions and an economy ranked 6th largest in the EU, opening a business account here can unlock incredible opportunities for local and international entrepreneurs. However, the process can be challenging due to Poland’s stringent regulations and documentation requirements. In this blog post, we will learn how to open a business account in Poland, from selecting the right bank to understanding legal and tax implications.

Benefits of Opening a Business Account in Poland

Opening a business account in Poland offers several advantages, making it a critical step for local and international entrepreneurs. Here are the key benefits:

Legal Compliance

Polish law mandates that all business-related financial transactions, such as tax payments, employee salaries, and vendor payments, must be conducted through a dedicated business account. Having a business account ensures you meet these legal requirements and avoid penalties.

Financial Organisation

A business account helps keep personal and business finances separate, making it easier to track expenses, manage cash flow, and prepare financial reports. This separation also simplifies accounting processes and ensures clarity during audits.

Professional Credibility

Using a business account establishes trust and professionalism with clients, suppliers, and partners. It shows that your company operates transparently and adheres to standard business practices.

Multi-Currency Capabilities

Many Polish banks offer multi-currency accounts, enabling businesses to handle transactions in euros, US dollars, and other currencies. This feature particularly benefits companies engaging in international trade or working with global clients.

Tax Efficiency

Business accounts in Poland are equipped with features like split payment mechanisms for VAT compliance and tools to automate tax payments. These services ensure timely and accurate tax reporting, reducing the risk of errors or delays.

Digital Banking Tools

Polish banks provide advanced online and mobile banking platforms. These tools allow businesses to manage their accounts, initiate transactions, and monitor cash flow 24/7, making financial management more convenient and efficient.

Access to Business-Specific Services

Opening a business account often unlocks additional banking services, such as:

• SME loans and credit facilities.
• Export finance for international transactions.
• Overdraft options to manage short-term cash flow needs.
• Business insurance packages tailored to your industry.

Better Financial Security

Business accounts have enhanced security features like two-factor authentication, fraud detection tools, and secure payment mechanisms. These measures protect your company’s funds from unauthorised access or cyber threats.

Improved Scalability

As your business grows, a dedicated account simplifies scaling operations, from managing payroll for additional employees to handling increased transaction volumes. Many banks also offer flexible account packages to match your company’s changing needs.

Easy Access to Loans and Credit

Having an established business account with a bank builds your financial profile and makes it easier to access loans or credit facilities. Banks often favour existing customers when approving financing applications, especially for businesses with a good track record.

Types of Business Accounts Available in Poland

Poland offers a range of business account types to meet the diverse needs of entrepreneurs and companies. Choosing the right type depends on your business size, operational requirements, and international transaction needs. Below are the main types of business accounts available:

Standard Business Accounts

These accounts are designed for small to medium-sized businesses and cover essential financial needs. They typically include basic features such as local and international transfers, debit cards, and online banking access.

Multi-Currency Accounts

Ideal for businesses dealing with international clients or suppliers, multi-currency accounts allow transactions in multiple currencies, reducing foreign exchange fees and making cross-border payments more efficient.

Merchant Accounts

Merchant accounts are essential for businesses accepting credit card payments. These accounts integrate with point-of-sale (POS) systems and online payment gateways, ensuring smooth payment processing.

SME-Focused Accounts

Some banks offer accounts tailored for small and medium enterprises (SMEs). Additional benefits include lower maintenance fees, discounted transaction costs, and access to business loans or advisory services.

Startup Accounts

Startups can benefit from accounts with minimal fees, flexible terms, and support for online banking. These accounts often include additional services like expense management tools and integration with accounting software.

Corporate Accounts

Designed for larger companies, corporate accounts offer advanced features such as high transaction limits, dedicated relationship managers, and access to complex financial services like trade finance and investment tools.

Major Banks in Poland Offering Business Account Options

PKO Bank Polski

PKO Bank Polski is Poland’s largest bank. It offers comprehensive business solutions, including multi-currency accounts, VAT payment tools, and advanced digital platforms. It also provides business loans, insurance, and overdraft facilities, catering to enterprises of all sizes.

Bank Pekao S.A.

Bank Pekao S.A. offers extensive financial services, including multi-currency accounts and SME-specific solutions. Its Pekao24 online platform ensures seamless financial management. Additional services include export finance, investment tools, and advisory support for businesses aiming for global operations.

Santander Bank Polska

Santander Bank Polska is part of the global Santander Group. It delivers multi-currency business accounts with competitive fees. It features advanced digital banking tools, financing options, and international banking services tailored for companies with global aspirations.

ING Bank Śląski

ING Bank Śląski provides innovative financial solutions, featuring user-friendly digital tools like the ING Business app. It offers multi-currency support, SME loans, leasing, and factoring services, making it an excellent choice for modern enterprises and international operations.

mBank

mBank focuses on digital-first banking with fully online processes and multi-currency support. It offers API integrations, virtual cards, and competitive international transaction rates, making it ideal for tech-savvy startups and businesses requiring automated financial management.

BNP Paribas Bank Polska

BNP Paribas Bank Polska caters to international and local businesses with multi-currency accounts, trade finance solutions, and asset management services. Its GOonline Biznes platform enables secure and efficient financial operations tailored to corporate needs.

Bank Millennium

Bank Millennium combines flexibility and innovation in its business solutions. It offers multi-currency accounts, advanced digital banking through Millenet for Companies, and services like cash management and foreign exchange. It supports both SMEs and large enterprises.

Comparison Table of Major Banks Offering Business Accounts in Poland

Note: Fees and services may vary depending on account type and chosen services. Always verify with the bank for the latest details.

Critical Requirements for Opening a Business Account in Poland

Opening a business account in Poland requires meeting specific legal and procedural requirements. Local and foreign entrepreneurs must prepare detailed documentation to comply with banking and regulatory standards. Below are the key requirements explained in detail:

Register Your Company

For sole proprietors, your business must be registered with the National Court Register (KRS) or the Central Registration and Information on Economic Activity (CEIDG). This registration confirms your business’s legal status and is mandatory for opening a bank account.

Provide Essential Documents

Polish banks require comprehensive documentation to verify the legitimacy of your business and its operations. Key documents include:

• Company registration documents: Official proof of your business registration with Polish authorities.
• Identification documents: Valid passports or national IDs for company directors and authorised signatories.
• Proof of address: Evidence of the business’s registered address, such as a utility bill or lease agreement, as well as addresses of its representatives.
• Tax Identification Numbers (NIP): Essential for linking your bank account to Polish tax records.
• Business plan: A detailed plan outlining the company’s purpose, scope, and operations, often requested to understand your financial goals.
• Articles of Association: A document outlining the company’s governance, ownership structure, and operational rules.
• List of stakeholders: A list of all shareholders, including their names, ownership percentages, and roles.
• Director’s signatures: Verification signed by the company directors.
• Excerpt from the Poland Business Register: A certified document showing the company’s official details and legal status.

Provide Information About the Company and Its Beneficial Owner

Banks require detailed information about the company and its ultimate beneficial owner (UBO). This includes the UBO’s full name, identification documents, address, and shareholding details. This requirement ensures transparency and compliance with Anti-Money Laundering (AML) regulations.

Provide Reasons for Opening a Business Bank Account in Poland

You must clearly state the purpose of opening a business account in Poland. Common reasons include managing local business operations, facilitating tax payments, handling international transactions, and building credibility with Polish suppliers and clients. This explanation helps the bank understand your financial activities and ensures alignment with their policies.

Provide the Amount of Income

Banks may request an estimate of your company’s expected income or turnover. This information assesses the account type that suits your business needs, determines transaction limits, and evaluates risk factors. Providing accurate income projections demonstrates transparency and helps expedite the application process.

Additional Considerations

Foreign entrepreneurs may need to provide certified translations of documents outside of Polish. Some banks also require an initial deposit to activate the account. Preparing these details in advance ensures a smooth and efficient account opening process.

Steps to Open a Business Account in Poland

Opening a business account in Poland involves a structured process to ensure compliance with banking regulations and smooth account activation. Follow these steps to set up your business account successfully:

Research and Select a Bank

Start by researching banks in Poland that align with your business needs. Consider factors such as transaction fees, multi-currency support, digital banking tools, and additional services like loans or merchant accounts. Choose a bank that offers services tailored to your business’s scale and operations.

Prepare Your Documents

Ensure you have all the required documents ready. Banks typically request company registration papers, identification for directors and authorised signatories, and proof of the business address. Ensure all documentation is accurate, up-to-date, and translated into Polish if required.

Submit Your Application

Visit the bank branch or use their online application portal (if available). Provide the required documents along with any additional information requested by the bank. Clearly state the purpose of opening the account and your expected income or turnover to support your application.

Verification and Approval

The bank will review your application and conduct due diligence as per Anti-Money Laundering (AML) and Know Your Customer (KYC) policies. This step may take some time, especially for foreign-owned businesses, as banks assess the legitimacy of the business and its operations.

Activate Your Account

Once the bank approves your application, your account will be activated. You’ll receive access details for digital banking platforms and be able to start using the account for transactions, payments, and other business needs.

Time Taken to Open a Business Account in Poland

The duration of opening a business account can vary based on preparation and bank procedures. Below is an estimated timeline:

Note: Delays may occur due to incomplete documentation or additional scrutiny for foreign entities.

Legal and Tax Implications After Opening a Business Account in Poland

Opening a business account in Poland is not just about facilitating financial transactions; it brings along several ongoing legal and tax responsibilities. These obligations ensure that businesses operate transparently and adhere to Polish regulations.

Ongoing Compliance with Banking Regulations

After your account is active, Polish banks will monitor your transactions to ensure adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) policies. This includes regular checks on large transactions, cross-border payments, and unusual financial activity. Non-compliance with these policies could result in account freezes or regulatory action.

Maintaining Financial Transparency

Polish authorities place significant emphasis on financial transparency. Businesses must maintain detailed records of all transactions conducted through their bank accounts. These records are often scrutinised during audits and inspections to verify that financial activities align with reported income and tax filings.

VAT Reporting and Split Payment Updates

While the split payment mechanism for VAT has been discussed, staying updated on any changes to VAT regulations is essential. Polish tax authorities may amend compliance rules or introduce new reporting requirements. Businesses must ensure their accounts are equipped with tools to adapt to such changes seamlessly.

Annual Financial Declarations

Certain businesses, particularly corporations and those exceeding specific revenue thresholds must file annual financial declarations with Polish authorities. These declarations summarise the company’s economic activities, including profits, expenses, and tax contributions. Your business account is crucial in compiling accurate data for these declarations.

Adhering to Employee-Related Tax Obligations

In addition to payroll taxes, businesses must use their accounts to remit contributions to Poland’s social security system (ZUS). Late or incorrect payments could result in penalties, so you should leverage your business account’s automated features for recurring payments.

International Transaction Compliance

If your business engages in cross-border trade or services, your transactions must comply with Polish foreign exchange laws. This includes reporting large international payments and adhering to anti-tax avoidance regulations. Banks in Poland often support compliance by providing detailed transaction reports tailored to these requirements.

Corporate Governance and Audit Readiness

Companies in Poland must demonstrate good corporate governance, which involves maintaining financial integrity and accountability. A business account simplifies auditing by serving as a central repository for all economic activities, ensuring you are always audit-ready.

Penalty Risks for Non-Compliance

Failure to comply with tax laws, financial reporting obligations, or regulatory requirements can result in significant penalties. These may include monetary fines, temporary account freezes, or legal action. Regularly consulting with tax advisors and utilising bank-provided tools can help mitigate these risks.

Access to Government Incentives

Poland offers various business incentives, such as tax benefits for startups or export-oriented companies. A well-maintained business account is often a prerequisite to qualify for these incentives. Banks can assist by providing documentation and records to support your application.

Facilitating Legal Changes or Restructuring

If your company undergoes legal changes, such as ownership restructuring or mergers, your business account details must be updated to reflect these changes. Polish law mandates that banks hold accurate information about their clients, and failing to update your account could disrupt operations or violate regulations.

Additional Challenges of Opening a Business Account in Poland

Limited English-Language Support

Many Polish banks primarily operate in Polish, including online platforms and customer service. This language barrier can make understanding terms and conditions or resolving queries more difficult for foreign entrepreneurs who do not speak Polish. Hiring a translator or a local advisor often becomes necessary, adding to the overall cost and complexity.

Lengthy Bureaucracy

Despite advancements in digital processes, Polish banking systems often need more bureaucracy. Delays in document verification, application approvals, and account activation can frustrate businesses eager to start operations quickly. These delays are especially pronounced for foreign-owned companies, as banks may require additional verifications.

Difficulty Navigating Banking Fees

Polish banks offer various account packages with differing fees, transaction costs, and service charges. However, the fee structures are only sometimes transparent, and understanding the fine print can take time and effort. Unexpected expenses, such as charges for certain transactions or account maintenance, may arise if these details are overlooked during the account selection process.

Strict Risk Assessment Protocols

Banks in Poland apply strict risk assessment procedures to ensure compliance with Anti-Money Laundering (AML) regulations. Businesses operating in high-risk industries (such as cryptocurrency or online gaming) or those with complex ownership structures may face additional scrutiny. This can result in longer processing times or even account application rejection.

Dependency on In-Person Visits

Despite the availability of online banking services, many banks in Poland still require in-person visits to complete the account opening process, especially for first-time applicants. This can be inconvenient for foreign entrepreneurs who must travel to Poland or designate a legal representative to act on their behalf.

Difficulty Meeting Initial Deposit Requirements

Some banks mandate a minimum deposit to activate the account. Meeting these deposit thresholds can financially strain small businesses or startups operating on limited capital. Additionally, varying requirements among banks can make it challenging to find a suitable option without significant upfront costs.

Incompatibility with International Banking Systems

Although many Polish banks offer multi-currency accounts and international transaction capabilities, their systems may only sometimes integrate seamlessly with global banking platforms. Businesses that rely heavily on cross-border transactions may encounter limitations, such as higher fees or delays in processing payments.

Limited Fintech Alternatives for Business Accounts

While fintech solutions like Revolut and Wise are gaining popularity for personal and small business use, they often need to be more comprehensive for more giant corporations. These platforms may need features required for compliance with Polish tax and reporting laws, forcing businesses to rely on traditional banks.

Tips for a Smooth Process of Opening a Business Account in Poland

To ensure a smooth process when opening a business account in Poland, thorough preparation is vital.

• Research banks carefully to choose one that fits your business needs, gather all required documents in advance, and consider hiring local advisors to navigate language barriers and compliance requirements.
• If you engage in international trade, opt for multi-currency accounts and request a transparent fee breakdown to avoid surprises.
• Be prepared for potential in-person visits or delays, especially if your business is foreign-owned.
• Providing accurate financial projections and engaging with bank representatives early can also expedite approvals.
• By planning ahead and addressing potential challenges, you can streamline the process and focus on growing your business.

FAQs

Can a foreigner open a business in Poland?

Yes, foreigners can open a business in Poland. They must register their company, provide necessary documents, and meet specific legal requirements, including obtaining a tax identification number (NIP) and fulfilling residency or representation obligations.

How much does it cost to open a business in Poland?

The cost varies depending on the business type. Registration fees typically range from 350 PLN to 600 PLN, with additional costs for translations, legal services, and initial capital for certain company types, such as a limited liability company (minimum 5,000 PLN).

Which type of business is best in Poland?

A limited liability company (Sp. z o.o.) is the most popular choice due to its flexibility, limited liability for owners, and suitability for both small and large businesses. Sole proprietorships are ideal for individuals starting smaller ventures.

How much tax is in Poland?

Poland’s corporate income tax (CIT) rates are 19% for standard companies and 9% for small taxpayers or new businesses with lower income thresholds. VAT is generally 23%, but reduced rates apply to specific goods and services.

What is the minimum amount to open a business bank account?

The minimum deposit required varies by bank and account type. Most banks in Poland do not specify a mandatory amount, but some may require an initial deposit of 500 PLN to 1,000 PLN to activate the account.