As the weeks go by, it gets increasingly easier and faster to start a business in Uzbekistan. The article looks at how to launch a company and at the legal entities commonplace across the country.
The local legislation does not impose any restrictions on doing business in the country's territory on foreign legal entities, except for the registration of a subsidiary. A legal entity can be opened and operated through a limited liability company, an LLC, a representative office, or a branch. However, each type has its own limitations.
LLC
One of the most popular forms of doing business in Uzbekistan for foreign entrepreneurs is an LLC. Consider the following to make certain you have what it takes:
Registration:
- the company is created for an indefinite period;
- members of the company are legal entities and/or individuals;
- the number of participants should be no more than fifty (from 1 to 50);
- the size of the authorised capital of an LLC is not limited;
- registration takes 1 to 2 business days after the documents are submitted.
Steps:
- adopt Resolution/Minutes on the LLC registration;
- prepare LLC foundation docs (article of association / the charter / regulations);
- prepare documents confirming the address / location (the rent agreement or a letter of guarantee issued by the tenant and confirming their intention to rent an office (indicating the terms of the lease);
- reserve the LLC name in the central database of the State Committee For Statistics of the Uzbekistan Republic (stat.uz);
- prepare primary documents (orders, labour contracts etc.), receipt of electronic digital signature (EDS) if necessary;
- open a bank account;
- wire the charter capital payment to the bank account (receipt of a payment certificate);
- obtain a sketch of the seal (the sketch is made by a stamping company);
- file the documents for registration (possible via EDS online, fo.birdarcha.uz or my.gov.uz);
- registre the company in tax authorities;
- have the stamp made according to the sketch;
- complete the registration.
Application:
- through an registration system (my.gov.uz / fo.birdarcha.uz);
- at the "Centre of State Services", operating in all regions and cities of the Republic.
Registration Steps (after preparing a package of documents):
- pay the state duty – 1 basic calculated value (270 000 UZS/approx.27 USD);
- apply for registration and submit the said documents;
- complete registration;
- open a bank account and ready the seal.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.