In accordance with art. 3 of the Law “On Private Enterprise” No. 558- II dated 11.12.2003 [https://lex.uz/docs/53152] (hereinafter - the “Law on PE”) a private enterprise (hereinafter - the “PE”) 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.
The advantage of this legal form of business entity is that there is no minimum amount of the statutory fund, and the owner himself determines its size. Also, the owner, as the head of the enterprise, manages the enterprise solely.
The statutory fund of the PE shall be determined by the owner himself and the contribution to the statutory fund of the PE may be money, securities, other property or property rights, or other alienable rights having monetary value. The amount of the statutory fund may be increased or decreased by the decision of the owner. But if at the end of the second and each subsequent fiscal year, the value of net assets of the PE will be less than its statutory fund, the PE shall reduce its statutory fund to an amount not exceeding the value of its net assets.
A private enterprise is formed by the owner, who gives the enterprise the corresponding property and approves its charter. The Charter of the private enterprise must comply with the requirements of art. 10 of the Law on PE.
A private enterprise acquires the status of a legal entity from the moment of its state registration. Consequently, according to paragraph 10 of the Regulations on the procedure of state registration of business entities approved by Decree the Cabinet of Ministers On measures to implement the presidential decree No. 2646 dated 28.10.2016 "On improvement of state registration and registration of business entities" No. 66 dated 09.02.2017 [https://lex.uz/docs/3111342#3111673] (hereinafter – the “Regulation”) the applicant fills the form via the automated system of state registration and registration of business entities (hereinafter - the “System”) [https://my.gov.uz/ru/service/57] or applies in-person. So, the following requirements and conditions shall be met:
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