Do you own an investment company? Or wish to establish one? Thinking about the form most adequate to your needs?


Managing your capital or wishing to establish a fund with your shareholders and thinking about the optimum form? That is hardly surprising… any mention about the problems and costs of running close-end investment funds (FIZ) or close-end private equity investment funds (FIZAN) makes you very cautious. And so are we!


Do you own an investment company in Poland and think of investing abroad? Asking yourself whether an investment company in Poland is the best solution?


Where to start

When choosing the appropriate investment vehicle, it is worth choosing a solution adequate to the size of your planned operations. It might be a fund but also a company incorporated in an adequate system of taxation. Many countries, Poland included, has special legal and tax regulations governing investment vehicles. Such regulations also include tax exemptions which are very important when investing, since they help increase the capital working for the fund’s or the company’s profits.


Where to establish a company

We have been establishing and eorganizing the clients’ portfolios, including investment vehicles, mainly in Europe, for more than 20 years. The choice of appropriate location is vital because of foreign currency, tax (CFC), and succession regulations.

Poland has been offering appropriate investment vehicles for the growing needs of investors for many years now. If you do not plan to move abroad yourself, we recommend taking Polish solutions into consideration. If, for some reasons, you are planning such a move, please read HERE [CLICK]


Investment company in Poland

The investment vehicle can be company or a fund, for instance. When choosing the appropriate solution, it is worth choosing a solution adequate to the size of your planned operations. An Alternative Investment Company (ASI) which may take the form of a limited partnership [spółka komandytowa, sp. K.], limited liability company [spółka z ograniczoną odpowiedzialnością, sp. Z o.o.], or joint-stock company [spółka akcyjna, S.A.] conducting investment operations following an entry in the register of ASI managers is a common solution.


Why ASI?

Alternative Investment Company currently meets the needs of individual investors. That is, similarly to close-end private equity investment funds (FIZAN), it offers preferential taxation rules but entails much fewer regulatory obligations such as supervision by the Polish Financial Supervision Authority (KNF). This, in turn, reduces the operating costs. Running and managing an Alternative Investment Company is not only much cheaper but also less complex, for one thing because of the fact that the investment fund company is not involved in managing and running it, and that there is no depositary bank involved.

For more information about ASIs, read HERE [CLICK]


Project examples:


MULTI-FACETED TRANSACTION OF TRANSFER OF KEY ASSETS BETWEEN INVESTMENT ASSETS (FIZAN [close-end private equity investment fund] – ASI [alternative investment company]) – ASSETS WORTH OVER PLN10mn


Our job consisted in developing a concept for reducing the costs of FIZAN’s complex structure. The entire portfolio was transferred to an Alternative Investment Company (ASI). Our job was to prepare a tax strategy and implement it, by proceeding the entire transaction of assets sale, including: negotiations with the investment fund companies (TFI), comprehensive legal services and tax supervision, representation at the KNF.




We have conducted the process of establishing a fund for investments in financial market instruments in the US. Our job included strategic consultancy in choosing the appropriate investment vehicle and drafting of documentation to be submitted to the KNF.




In this case, the client chose a limited liability company [spółka z ograniczoną odpowiedzialnością]. Aside from legal and tax issues of the investment process, please bear in mind that inheritance of assets by future generations must be secured. In this project, we have provided adequate mechanisms allowing automatic access to the company’s assets located abroad. Therefore, we had to review both Polish and foreign regulations, including those dealing with succession matters, with foreign financial institutions.

dr Anna Maria Panasiuk

Managing Partner

tel. +48 601 879 889
Andrzej Sałamacha


tel. +48 606 524 752
dr Adam Barcikowski


tel. +48 22 625 16 36


Warsaw, Poland

Panasiuk & Partners sp.k.
Nowogrodzka 10/8
00-511 Warszawa

Agno, Switzerland

Panasiuk & Partners sp.k. Representative Office
Via Lugano 13 , 6982 Agno

Tel: +41 (0) 91 610 25 09



Panasiuk & Partners LP, 10 Nowogrodzka Street, Office 8, Warsaw, Poland;
District Court for the Capital City of Warsaw, 13th Economy Division of the National Court Register
KRS 0000465801, VAT PL 7010384537

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