News / It’s here! Green Book published.
Today during the press conference “Family Foundations”, the Ministry of Entrepreneurship and Technology published a Green Book containing assumptions for potential introduction of the family foundation institution to our domestic legal system. Accordingly, the Ministry confirmed that the introduction of this institution was very important for facilitation of the succession of Polish family businesses.
The family foundation Green Book is a collection of assumptions that bring this institution closer and closer. Its publication is a milestone for the work and considerations being underway and aiming to design solutions enabling effective succession of Polish family businesses. The study contains answers to questions such as “what is a family foundation?”, “why to establish a family foundation?”. Moreover, the Green Book presents legal and comparative analyses of family foundation regulations applicable in other countries. The publication of the Green Book is a kind of invitation for business entities, organisations uniting family businesses, representatives of academic circles, and representatives of the state administration to further discussions and consultations.
The Ożóg Tomczykowski Law Firm together with the members of the Council of Family Businesses at the Lewiatan Confederation and the actively participating Ministry of Entrepreneurship and Technology have been since 2017 working on a solution to be a next step in facilitating succession in Poland. During those more than a dozen months, a number of working meetings were held, also attended by representatives of the Ministry of Finance and the Ministry of Justice. The outcome of that work is a Bill, prepared by our Law Firm, introducing a family foundation in the Polish legal system. The purpose of the regulation is to enable the owners of Polish family businesses to use a solution that would guarantee business continuity without the risk of the business being uncontrollably divided by potential heirs and with the interests being secured of the persons closest to the owner. Furthermore, a family foundation - in addition to enormous importance for the entrepreneurs themselves - will positively affect the rate of Poland’s economic development by way of limiting the outflow of capital from the country; business owners will not have to seek foreign alternatives. The publication of the Green Book officially starts a public discussion about the Polish family foundation.