Physical exchange office
in Poland

Kantor is a currency exchange service in Poland that involves exchanging foreign currencies for zloty or vice versa, but in some cases the exchange can be made between the currencies of other countries. Such activities must be registered in the register of foreign exchange activities under the supervision of the National Bank of Poland. Entry into the register usually does not take more than 1 month.

Who can open a Cantor?

Currency exchange activities can be carried out by an individual or legal entity who has not been convicted of offenses for the purpose of material profit, or for offenses in the tax area. This also implies annual confirmation from the founders of no criminal record in these aspects.

What are the requirements for this type of business?

1. Accounting. The exchange office must establish a record of all transactions that lead to a change in the state of the currency value or the Polish currency.
2. Continuity of work. During the opening hours of the exchange office, it must carry out the continuous purchase and sale of foreign currency assets. The exchange office must also provide access to current announcements of the National Bank of Poland containing information about the currencies being traded.
3. Evidence of purchase and sale. The Cantor must issue a document itself that proves  the purchase and sale for each transaction concerning  currency assets
4. Premises and equipment. Must meet the technical and organizational conditions necessary for the safe and proper performance of actions directly related to the activities of the exchange office:

• placed outside, in a visible place, having  name “exchange office” indicating the address, as well as days and hours of operation;
• information board, which presents a list of purchased and sold currency values and current prices (rates) for purchase and sale; 
• information on the issuance of evidence of purchase and sale of foreign currency, registers of purchased and sold currency values;
• the Cantor must have forms confirming the purchase and sale of currency valuables containing all the necessary information.

What documents do I need to provide to obtain a license?

1. Statements:

• about the compliance and completeness of the data provided;
• on fulfillment of the requirements for carrying out the activities of the exchange office;
• on the presence of a valid certificate of good conduct.

2. Documents confirming the qualifications required by the provisions of the Law of July 27, 2002 – Foreign Exchange Law (we will provide).

3. Stamp duty for entry into the register.

4. Declaration of compliance with the requirements for education/experience and criminal record of cashiers at the time of commencement of activity (we will provide):

• Certificates of good conduct from the director of the company, cashier/s (a certificate of good conduct from Poland is sufficient, we will provide);
• A document confirming the professional training of the cashier.

Start the process today!

What to begin with?

First, we will help the founders of your company to obtain a PESEL tax number and an electronic signature in the Polish state ePUAP profile. Founders who are not directors must also obtain an ePUAP or electronic digital signature.

After this, we will be able to register the company in the register of legal entities of Poland, as well as arrange an apostille of corporate documents (charter and extract from the register) and translation into English.

The further opening process is described above and we will be happy to take on all the legal concerns so that you can focus on scaling your business.