377 FOREIGN INVESTMENT IN POLAND: THE NEW LAW ON COMPANIES WITH FOREIGN PARTICI- PATION OF 14 JUNE 1991 WIM A. TIMMERMANS Documentation Office for East European Law, Leiden University Faculty of Law On 4 July 1991, the new Polish Foreign Investment Law, called "Law on Companies with Foreign Participation", entered into effect (Dziennik Ustaw 1991 No.60 item 253). The new Law replaces the 1988 Joint Venture Law ("Law on Economic Activity with the Participation of Foreign Subjects"), as amended. The most important new features of the 1991 Law include: - free repatriation of profits and dividends after payment of the taxes due; formerly only hard currency profits could be transferred, as well as a maximum of 15% of the zloty, profit upon conversion into convertible currency; · abolition of the requirement that foreign participation may not be less than $ 50,000 or 20% of the initial capital, whatever is less; there are no longer minimum requirements as to the amount of the foreign investment where the amount of the initial capital meets the standards for the foun- dation off oint stock company or a limited liability company (one billion and 40 million zloty, respectively)'; - the former tax
Review of Central and East European Law – Brill
Published: Jan 1, 1992
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