Sign up for tax alert emails    GTNU homepage    Tax newsroom    Email document    Print document    Download document

January 9, 2020

Poland requires dematerialization of paper shares in Polish joint stock companies

In 2020 all joint stock companies and limited joint-stock partnerships are required to eliminate (dematerialize) their paper shares.

Dematerialization also applies to wholly-owned joint stock companies.

In order to comply with this new requirement, management boards must, by 30 June 2020, sign agreements for maintaining their shareholders register with a brokerage house or a deposit agreement with the Central Securities Depository of Poland (KDPW). They must also summon their shareholders to return any existing paper shares.

On 1 January 2021, all paper shares not returned to the company will expire.

As of 1 January 2020, all joint stock companies and limited joint-stock partnerships are also required to register their company’s website address in the court register.

Dematerialization triggers additional obligations for management boards and shareholders.

As an alternative to dematerialization, private joint stock companies and limited joint-stock partnerships may want to consider their transformation into a limited liability company, especially if the release of funds accumulated at the compulsory reserve fund (up to one-third of the share capital) is an additional benefit of such transformation.

For additional information with respect to this Alert, please contact the following:

Ernst & Young Law Talasiewicz, Zakrzewska i Wspólnicy sp. k., Warsaw
Ernst & Young LLP (United States), Polish Tax Desk, New York



The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.


Copyright © 2024, Ernst & Young LLP.


All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.


Any U.S. tax advice contained herein was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.


"EY" refers to the global organisation, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.


Privacy  |  Cookies  |  BCR  |  Legal  |  Global Code of Conduct Opt out of all email from EY Global Limited.


Cookie Settings

This site uses cookies to provide you with a personalized browsing experience and allows us to understand more about you. More information on the cookies we use can be found here. By clicking 'Yes, I accept' you agree and consent to our use of cookies. More information on what these cookies are and how we use them, including how you can manage them, is outlined in our Privacy Notice. Please note that your decision to decline the use of cookies is limited to this site only, and not in relation to other EY sites or Please refer to the privacy notice/policy on these sites for more information.

Yes, I accept         Find out more