Following the fall of communism in East Europe, Poland was able to transform its socialist-style planned economy in to a liberal market economy in the early 1990s. Now a modernised economy and a regional power it has the 8th largest economy globally. Also one of the most populous country in Central Europe, Poland’s consumer market potential is more than 38 million people and with improving business conditions, corporate ventures in to this country could be very rewarding. Following the economic crisis of the previous decade Poland fared better than many European countries and the current financial climate is overall positive. Strengths of the Polish market include foreign investment incentives, increasing transparency, a highly qualified and competitive workforce, and a stable political situation.
Despite the advantages of doing business in Poland, there are also significant challenges to overcome. There is a lack of clarity and transparency in the tax administration, difficulties with enforcing contracts and a degree of corruption, though this is not a widespread problem. Though Poland is a fast-developing country there is still poor infrastructure in many areas particular outside of the urban centres.
Business etiquette in Poland generally maintains a professional approach. Working relationships are founded on trust and familiarity, but it is also important to recognise that corporate culture is formal and hierarchical. The Polish battle for self-governance and sovereignty is reflected in a patriotic population attached to its cultural heritage and traditions and therefore knowledge of local customs is vital to ensure positive rapports.
The World Business Culture website is an invaluable resource for learning about the do’s and don’ts of business in Poland. Whether you are interested in the cultural quirks, tax system, or the legal frameworks our expertise can aid the smooth transition into this area of Europe.