Business Feasibility in Poland
Business Feasibility in Poland
“Will it work in Poland?” is the question every prospective investor eventually has to answer with hard evidence. A business model that thrives in Frankfurt may struggle in Warsaw because Polish consumers behave differently, the regulatory framework differs, and the unit economics of operating in Poland have their own particularities. A feasibility study is how you find this out before committing capital.
Zalewski Consulting has produced feasibility studies for foreign investors entering Poland for almost 30 years — across manufacturing, retail, financial services, real estate, technology, professional services, and the licensed-fintech sector our firm specialises in. This page covers what we actually do in a feasibility engagement, what the deliverable looks like, and what makes our approach different from a generic “market research” report.
What a Feasibility Study Tells You That Market Research Does Not
Market research aggregates secondary data: industry reports, surveys, statistics. It tells you the size of a market and how it is segmented. A feasibility study answers a different question: given my specific business model, my specific costs, my specific entry strategy, will this work in this market and what would it take to make it work?
The two are complementary. We use market research as one input — we are heavy users of GUS (Statistics Poland), Eurostat, NBP (National Bank of Poland), and sector-specific Polish associations. But the feasibility output is much narrower: it is a recommendation specific to your project.
The format we use is adapted from the TELOS framework (Technical, Economic, Legal, Operational, Scheduling), a standard tool in feasibility analysis. In our experience the categories that most often determine whether a project goes forward are Economic (does the unit economics work in Poland?), Legal (are there blocking regulatory issues?), and Scheduling (can the timeline work given Polish administrative realities?). Technical and operational issues, when they fail, usually fail quietly during planning rather than at the feasibility stage.
What We Deliver
The output of a feasibility engagement is a written report — typically 40-80 pages depending on scope — covering market, regulatory, financial, operational, and risk dimensions for a specific business plan. It ends with one of three Go/No-Go recommendations: proceed as planned, proceed with modifications (specifying what changes are required), or do not proceed.
The report includes:
Executive summary — 2-3 page synthesis of findings and recommendation, written so a non-Polish reader can understand the business case and key risks without reading the rest.
Polish market analysis — TAM/SAM/SOM sizing using GUS and Eurostat data, competitive landscape, customer segmentation, distribution channels, pricing benchmarks, and demand drivers. Where third-party data is thin (which is common for niche markets), we conduct primary research — competitor mystery shopping, customer interviews, expert calls.
Regulatory and legal assessment — full mapping of all permits, licences, concessions, and certifications required for the proposed business activity. This is where our work materially differs from generic market research. Polish regulatory specifics for the most common sectors:
- Financial services: KNF (Komisja Nadzoru Finansowego) supervision, with specific licensing under the PSD2 regime (payment institutions), AML Act 2018 (VASP), Insurance and Reinsurance Act, and the new Crypto-Asset Market Act under MiCA
- Food and pharmaceuticals: GIS (Główny Inspektorat Sanitarny) for food, GIF (Główny Inspektorat Farmaceutyczny) for pharmaceuticals, GMO authorities for biotechnology
- Transport and logistics: GITD (Główny Inspektorat Transportu Drogowego) for road transport, UTK (Urząd Transportu Kolejowego) for rail, ULC (Urząd Lotnictwa Cywilnego) for aviation
- Energy: URE (Urząd Regulacji Energetyki) — concessions for fuel trading, electricity, gas, renewable sources
- Construction and real estate: PINB (Powiatowy Inspektorat Nadzoru Budowlanego) for building permits, with environmental review by RDOŚ (Regionalna Dyrekcja Ochrony Środowiska)
- Telecommunications: UKE (Urząd Komunikacji Elektronicznej) for spectrum and operator authorisations
- Online gambling and gaming: Ministry of Finance — exclusive state monopoly on most categories, with specific exceptions
Financial projections — 3-5 year P&L, cash flow, and balance sheet projections. Polish-specific cost structures must be modelled correctly: corporate income tax (CIT) at 19% standard or 9% reduced for small taxpayers; VAT at 23%/8%/5%; PIT (personal income tax) on payroll; ZUS (social insurance) employer contributions of approximately 19-22% on top of gross salary; PFRON disability fund obligations for employers above 25 staff; local property tax (podatek od nieruchomości); and various sector-specific levies. We model PLN-denominated cash flows with sensitivity to EUR/PLN, USD/PLN, and key input cost variables.
Capital and funding requirements — total initial investment, working capital build, and 12-18 month funding need with a buffer. We assess applicable funding sources: equity, bank debt (which Polish banks lend to foreign-owned subsidiaries with 6-24 month track records, faster with parent guarantees), Polish development bank (BGK) products, EU regional development grants (ERDF), national R&D grants (NCBR), and Polish Investment Zone (PSI) tax exemptions for qualifying investments.
Risk assessment — identified risks with probability/impact ratings and mitigation recommendations. Currency risk, regulatory change risk, talent acquisition difficulty (Polish labour market has been tight, particularly in IT and engineering), inflation pass-through capacity, and macroeconomic factors all get individually assessed.
Implementation roadmap — recommended legal structure (typically Polish sp. z o.o. for most cases), suggested location (with substance considerations for tax structuring), staffing plan, and a timeline from decision through to operational launch.
Sectors We Cover
Across the past three decades we have produced feasibility studies in: manufacturing and assembly (automotive parts, electronics, food processing, construction materials), licensed financial services (the area most other Polish consultancies do not cover — we run feasibility for VASP, EMI, API, SPI, forex, and gaming licence acquisitions), real estate and construction, retail and e-commerce, professional services (BPO/SSC hub establishment), technology and software (with specific attention to Polish IP transfer rules and tech R&D incentives), logistics and warehousing, renewable energy, and agriculture and food production.
Engagement Process
Scoping (week 0). 60-90 minute confidential conversation about your business model, target Polish market, capital range, and timeline. We return with a proposed engagement structure, scope, fee, and timeline within a week.
Information gathering (weeks 1-2). We collect business model documentation from you, conduct sector-specific desk research, and run initial regulatory mapping for your activity. Expert interviews start during this phase — we maintain a network of Polish industry contacts across sectors that we draw on.
Primary research (weeks 2-4). Where data is needed that is not available secondarily — competitive intelligence, customer behaviour testing, supplier capability checks — we conduct it. This is the part of the work that distinguishes substantive feasibility from desk-research-only studies.
Financial modelling (weeks 3-5). Detailed projections with sensitivity analysis. We typically build 3-5 scenarios (base, conservative, optimistic, plus stress cases for key risks).
Synthesis and recommendation (weeks 5-6). Findings consolidated, recommendation framed, report drafted. Internal peer review by senior team members.
Deliverable and briefing (week 6). Written report delivered. Live briefing (in-person in Warsaw or video conference) covering findings and recommendation. Q&A session. Follow-up support during decision-making period included.
Typical Engagement Types
| Engagement Type | Timeline | Scope |
|---|---|---|
| Preliminary Assessment | 1-2 weeks | Quick market sizing, key regulatory issues, initial Go/No-Go signal — used to decide whether a full study is warranted |
| Standard Feasibility Study | 4-6 weeks | Full market, regulatory, financial, and risk analysis with implementation roadmap |
| Comprehensive Investment Study | 8-12 weeks | Standard study plus deep primary research, multiple site visits, partner identification, EU grant assessment |
| Sector-specific feasibility (licensed financial services) | 6-10 weeks | Specialised due diligence on Polish regulatory constraints, target acquisition feasibility, post-licence operational plan |
What Makes Our Work Different
Two practical things, after observing many engagements:
We deliver No-Go recommendations when the analysis warrants it. This sounds like a low bar but is not. Most consulting incentives push toward “proceed with modifications” because that recommendation continues client engagement. Our model is different — we work with international clients across multiple service lines, and the trust we build by telling clients when something will not work in Poland is worth more to us than a single feasibility-to-implementation transition. About 12-15% of the studies we have done over the years have ended in clear No-Go recommendations. Several of those clients have come back later for different ventures.
We integrate with the rest of the implementation work. Most feasibility studies produced in Poland are produced by firms that hand over the report and walk away. Implementation then has to be reconstructed by another firm, with a learning curve and scope-handover gaps. Because our practice covers company formation, banking, accounting, legal, tax, and operational support, the same team that wrote the recommendation can implement it. This shortens implementation timelines materially.
Related Services
- Business Research — broader market intelligence beyond a specific feasibility question
- Supply Chain — operational sourcing and distribution analysis
- Invest in Poland — broader investment advisory
- Legal Advisory — Polish regulatory and contract law support
- Why Poland — economic context for the country
Frequently Asked Questions
What does a business feasibility study include?
A specific recommendation on whether your business plan should proceed in Poland, supported by a written report covering: Polish market analysis, regulatory and legal assessment, financial projections (3-5 years), risk assessment, recommended legal structure, capital requirements with funding options, and an implementation roadmap. The report ends with one of three recommendations: proceed as planned, proceed with modifications, or do not proceed.
How long does a feasibility study take?
4-6 weeks for a standard study; 8-12 weeks for a comprehensive engagement with deep primary research and site visits. A preliminary assessment (1-2 weeks) is often used as a precursor to decide whether the full study is worth commissioning.
What is the typical cost?
We do not publish indicative pricing because scope varies significantly between engagements — the cost of a study for a €5 million manufacturing investment is materially different from one for a €500,000 e-commerce launch. Pricing is shared during scoping based on the agreed scope. For confidential commercial reasons we do not discuss specific past engagement fees publicly.
How do you ensure objectivity?
Three structural things. First, we charge a fixed engagement fee independent of recommendation outcome — there is no incentive to recommend “proceed” over “do not proceed”. Second, we have refused engagements where the prospective client made it clear they wanted endorsement of a decision already made rather than independent analysis. Third, our broader client relationships across multiple services are based on trust developed over years — the cost of a bad recommendation to a client far exceeds any single fee.
Can you help with EU grants and tax incentives?
Yes. The Polish Investment Zone (PSI) provides corporate income tax exemption of up to 70% of qualifying investment costs over 10-15 years for manufacturing and modern services investments meeting threshold criteria. EU regional development grants (ERDF) cover capital investment, R&D, and digital transformation, with specific calls scheduled annually. Our team coordinates with specialist grant advisors for application execution.
Do you cover specific industry feasibility questions in licensed financial services?
Yes — this is one of our specialisations. The current Polish regulatory environment for crypto/VASP/CASP, payment institutions, EMI, forex, and gaming has significant complexity (the Crypto-Asset Market Act is still subject to presidential veto; CASP licensing is currently blocked in Poland; legacy VASPs operate under MiCA grandfathering until July 2026). We provide feasibility analysis specifically scoped to these realities. See our crypto licensing page and ready-made licensed companies for context.
Need a feasibility study for Poland? Contact us for a confidential scoping conversation. We will return within a week with a proposed engagement structure.
