The new form of incorporation, called the simple joint-stock company, will make it easier and much cheaper for people to set up their own businesses, public broadcaster Polish Radio’s IAR news agency reported.
While signing the new rules into law, President Andrzej Duda said the new type of company was a response to the needs of young, enterprising people.
He added the new regulations were part of efforts to “create an economy of the future” in Poland.
Enterprise and Technology Minister Jadwiga Emilewicz said the new simple joint-stock company would be easy to set up, run and fold.
It will also have a simple organisational structure with no need for either a management or supervisory board, she added, as quoted by the IAR news agency.
Just PLN 1 (EUR 0.23, USD 0.26) in initial capital will be enough for someone to have such a business up and running, according to Emilewicz.
People will be able to set up such businesses from the comfort of their homes online within 24 hours, Emilewicz also said during the signing ceremony at the presidential palace in Warsaw on Friday.
The new rules come into effect on March 1, 2020.
(gs/pk)
Source: IAR