Growth in business numbers in Poland outpaced by many other economies around the world
- 5% decrease in Poland’s total stock of businesses last year…
- …compared to 8% rise in business numbers across range of global economies studied
Growth in the number of businesses in Poland has been outpaced by many other economies around the world in the last year, reveals a new study by UHY, the international accounting and consultancy network.
According to UHY, there has been a 0.5% decrease in Poland’s business numbers in the last year. There were 151,000 Polish businesses in total in 2015 compared to 150,000 in 2016 (see table below).
In comparison, overall across all countries in the study (21), business numbers in 2016 increased by 8% on the previous year.
UHY says the figures highlight the challenges faced by entrepreneurs in setting up and running companies in Poland. These include the high mandatory social security and tax burden, and the time-consuming bureaucracy required in obtaining the necessary licences.
An unstable political situation and an inefficient legal and court system can also be problematic for business success. Additionally, more could be done to draw on its pro-active, skilled and cost-efficient labour pool, which is currently shrinking.
However, recently improved infrastructure projects should help to foster a stronger, more efficient and productive enterprise base in the coming years. Moreover, the Government has introduced some tax exemptions for companies based in the Special Economic Areas, which can appeal to foreign investors.
The Top 5 rankings in the UHY table for growth in business numbers are dominated by emerging economies.
China topped the table, with a 19% increase in business numbers in the last year. There were over 26 million Chinese businesses in total in 2016 compared to almost 22 million in 2015. India is in fifth position with an annual increase of 7% to 1.1million businesses in 2016.
Of the Western economies* studied, the UK is first, coming 6th in the UHY table. Numbers of businesses in the UK increased by 6% in the last year.
Piotr Woźniak of UHY member firm UHY ECA Group comments: “Enterprise and entrepreneurship in Poland face many challenges.”
“High business taxes, bureaucracy and weaknesses in legal protections mean conditions for starting up and running a business are not easy.”
“However, prospects are improving as infrastructure improvements increase efficiency and productivity and measures to encourage foreign investment should bear fruit.”
“All of these factors should help make Poland increasingly attractive as a place to set up a business in the industrial sector and should contribute to higher numbers of businesses in the future.”
UHY press contact: Dominique Maeremans on +44 20 7767 2621
Nick Mattison or Peter Kurilecz
Mattison Public Relations
+44 20 7645 3636, +44 7860 657 540 or email email@example.com
Established in 1986 and based in London, UK, UHY is a leading network of independent audit, accounting, tax and consulting firms with offices in over 325 major business centres across more than 95 countries.
Our staff members, over 7,850 strong, are proud to be part of the 16th largest international accounting and consultancy network. Each member of UHY is a legally separate and independent firm. For further information on UHY please go to www.uhy.com.
UHY is a member of the Forum of Firms, an association of international networks of accounting firms. For additional information on the Forum of Firms, visit www.forumoffirms.org