Financial Statement of an LLC in Poland:  Obligation, Deadlines and more

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In this article we describe in detail what a financial statement is and what obligations LLC (limited liability companies) in Poland have in this regard. Whether you’re a seasoned entrepreneur or a start-up, understanding the intricacies of financial reporting is crucial. In this article, we’ll delve into what LLC financial statement contain, the reporting obligations imposed by Polish law, and the deadlines you need to be mindful of. By the end of this article, you’ll have a firm grasp on how to navigate the financial landscape of your Polish LLC, ensuring compliance and financial transparency. Let’s dive in!

What is a financial statement?

A financial statement is a report of a company showing its condition at the end of the fiscal year. Or as of another date when the accounting books are closed in accordance with the Accounting Law. The day for which the statement is prepared is called the balance sheet date. The statement provides information on the company’s property, financial and income situation. Every LLC in Poland is required to prepare financial statements – this obligation arises from the Polish Accounting Act.

In what form are the financial statements of an LLC prepared in Poland

It must be prepared in Polish language and Polish currency [PLN]. It is prepared in the form of numerical statements. The financial report is prepared in electronic form in .XML format. The structure of the report in .XML format is required by the Ministry of Finance.

How the financial statements can be prepared

To prepare your financial statement, you can use the Ministry of Finance’s application. You can find it here:

This application is used to create and read financial statements. After preparing the file in .XML format, you will need to be signed with a qualified electronic signature, Trusted Profile or personal signature (using Polish ID card).

What the financial statement contains

The financial statements consist of:

  • a balance sheet, which shows the balances of assets and liabilities,
  • the profit and loss account, which shows separately revenues, expenses, profits and losses, and mandatory charges to the financial result,
  • supplementary information, which includes, among other things, a description of the accounting principles adopted, valuation methods, etc.

Who has to sign the financial statement

The financial statement is signed by the person who prepared it – usually the accountant, as well as the entire current Management Board. If any of the above-mentioned persons refuses to sign the report, they must justify this in writing and attach their position to the financial statement.

By what deadline the financial statement of an LLC in Poland must be prepared

According to Article 52 (1) of the Polish Accounting Act, the company’s Management Board prepares the statement within 3 months after the end of the fiscal year. Usually, the fiscal year is the same as the calendar year, so it ends on December 31. In this situation, the financial statements must be prepared by March 31. The date of preparation of the report is the date of signature of the person who keeps the books of account.

Approval of the financial statements by the Shareholders’ Meetings

When the financial statement for the past fiscal year is ready, it must be approved by the company’s Ordinary Shareholders’ Meeting. For this purpose, the Meeting must be convened, at which the Shareholders can review the report and decide whether to approve it or not.

Approval of the financial statement must take place no later than 6 months after the balance sheet date. So, if the fiscal year ended on December 31, the Shareholders have until June 30 to approve the report.

In addition, the Shareholders’ Meeting may:

  • approve activity report (if required),
  • pass a resolution on profit distribution or loss coverage,
  • approve the auditor’s opinion/report (if the report was audited).

Where and when to submit the completed financial statement

The financial statement, along with other documents, must be submitted to the National Court Register (KRS). The Ministry of Justice’s information system is used for this – you can find it at this link.

The deadline for submitting the statement to the KRS is 15 days from the approval of the Ordinary Shareholders’ Meeting.

The statement in the KRS system can be submitted by, among others, a member of the Management Board, a professional attorney (e.g., attorney-at-law), or a proxy.

What are the sanctions for not submitting the financial statement

Failure to submit financial statement for the Management Board and the company is sanctioned by, among other things:

  • penalty of a fine,
  • penalty of restriction of liberty for up to 2 years,
  • dissolution of the company and deletion from the register,
  • appointment of a curator.

Contact us

If you need help in reporting the financial statement of your LLC in Poland – contact our lawyers.

If you are thinking about starting a business in Poland, check out our guide on how to open a company in Poland.

A financial statement of an LLC in Poland is a document that shows the financial position and performance of the company at the end of each financial year.

The obligation to prepare and submit a financial statement of an LLC in Poland lies with the Management Board of the company.

  • preparing by the Management Board – 3 months after end of the fiscal year
  • approving by the Shareholders – 6 months after end of the fiscal year
  • submitting to the KRS – 15 days from the approval

Not preparing or submitting a financial statement of an LLC in Poland may result in various legal and financial consequences, such as:

  • fine,
  • restriction of liberty up to 2 years,
  • dissolution of the company and removing from the register,
  • appointing the state’s curator.

A financial statement of an LLC in Poland is subject to an audit by a certified auditor if the company meets at least two of the following criteria in the financial year or in the previous financial year:

  • the average annual employment was at least 50 full-time jobs,
  • the total assets of the balance sheet at the end of the financial year amounted to at least 2.5 million euros in Polish zlotys,
  • the net sales of goods, products, and financial operations for the financial year amounted to at least 5 million euros in Polish zlotys.



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