News & Insights
News & Insights
Changes in Business Regulation in Uzbekistan in March
Uzbekistan has implemented cutting-edge reforms in the area of intellectual property protection, security market regulation, corporate laws, taxation, and taxation & incentives in the area of agriculture. Leges Advokat law firm has prepared the following bulletin with updates on the business matters of the Republic of Uzbekistan.
Legal forms of business entities in the Republic of Uzbekistan
As it is stated in Article 39 of the Civil Code of the Republic of Uzbekistan, a legal entity is an organization that has separate property in its ownership, economic or operational management, and is liable for its obligations with its property. A legal entity, on its behalf, may acquire and exercise property and personal non-property rights, bear responsibilities, as well as act as plaintiff and defendant in court. Legal entities must have an independent balance sheet or an estimate.
Corporate lawPrivate Enterprises in the Republic of Uzbekistan
A private enterprise is a commercial organization formed and managed by the owner - one individual. Private enterprise has in the property separate property can own and exercise property and personal non-property rights, bear responsibilities, be a plaintiff and defendant in court by its name. Moreover, the owner of the private enterprise under the legislation bears subsidiary responsibility belonging to his/her property for the obligations of the private enterprises with insufficient assets of the enterprise.
Corporate LawLimited Liability and Additional Liability Companies in Uzbekistan
In accordance with the Law on “Limited and Additional liability companies” a Limited Liability Company is a business entity founded by one or more persons. The statutory fund of an LLC is divided into shares of the sizes determined by the constituent documents. It is also interesting to mention that LLC is one of the most common forms of entrepreneur activity.
Corporate LawEnterprises with Foreign Investments in Uzbekistan
An enterprise with foreign investments in the territory of the Republic of Uzbekistan are enterprises in which foreign investment constitutes at least fifteen percent (15%) of shares or statutory funds. Under the Decree of the President "On measures to substantially improve the investment climate in the Republic of Uzbekistan", the minimal size of the statutory fund of EFI is 400 million UZS.
Corporate Law