A new type of business in the Code of Commercial Companies and Partnerships

The Sejm adopted an amendment to the Code of Commercial Companies and Partnerships, introducing a new type of company into the Polish legal system, namely PSA, prosta spółka akcyjna (a simple joint-stock company).

PSA is intended to support innovative business ventures. Its main features include: no barriers to entry (share capital of 1 PLN); quick electronic registration (within 24 hours using a form, and the possibility of registration using the traditional method); simplification and digitisation of procedures in the company (including the possibility of adopting resolutions by e-mail or during a videoconference); great freedom and flexibility in determining the types of shares and principles of the company’s operation; easier disposal of the company’s assets; simplified liquidation.

The new regulations will come into force on 1 March 2020.