In first half of June 2018 new project of amendment to Polish Commercial Companies Code was published. The amendment provides inter alia introduction to new form of commercial company to Polish law – simple joint-stock company. This initiative is targeted especially to the sector of new technologies and start-ups.
The main feature of Polish Simple JSC shall be especially the possibility of very fast incorporation (24 hours) and simplified rules of corporate governance. The minimum share capital will be diminished in relation to traditional JSC. Moreover, projected regulations will allow to cover the stocks by an in-kind contribution and know-how without complicated and long procedure of valuation. The legal construction of simple JSC will also allow to relatively quick accumulation of investment capital.
Board of Directors
The projected amendment provides a possibility of appointing completely new body, which was not available in Polish commercial companies law previously – Board of Directors. The founders of simple JSC will be entitled to choose whether to appoint two separate bodies – Management Board and Supervisory Board – or alternatively new body – Board of Directors. If the stockholder decides to appoint a Board of Directors, then such body will be authorized to execute both – supervisory and management duties.
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