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THE CONCEPT OF ENTERPRISES WITH FOREIGN INVESTMENTS AND THEIR FEATURES.
Under the Law "On Investments and Investment Activity" [https://lex.uz/ru/docs/4664144] (hereinafter - the Law on Investments), an enterprise with foreign investments in the territory of the Republic of Uzbekistan (hereinafter - EFI) are enterprises in which foreign investment constitutes at least fifteen percent (15%) of shares in the statutory funds. Under the Decree of the President "On measures to substantially improve the investment climate in the Republic of Uzbekistan" [https://lex.uz/docs/3845276], the minimal size of the statutory fund of EFI is 400 million UZS. It is important to note that the Republic of Uzbekistan, in order to attract foreign investment, provides several privileges for EFI. These include:
- Rights of investor.
First of all, the Law on Investment provides privileges for EFI by granting certain rights to the investor. According to the art. 10 of the Law on Investments, investors have a right to:
- freely exercise investment activities that do not contradict the legislation of the Republic of Uzbekistan;
- contract both with legal entities and individuals;
- possess, use and dispose of their investments and the results of investment activities, as well as sell and transfer the results of investment activities;
- independently and freely dispose of the income, upon payment of all necessary payments provided by law;
- manage the property and owned property rights;
- Attract credits and loans;
- Receive compensation for losses in cases of illegal actions or inaction and decisions of public administration, and public authorities, as well as obtaining adequate compensation in the event of requisition (expropriation) of his investments and other assets.
- EFI privileges.
Under Article 51 of the Law on Investment, EFI enjoys such rights as:
- possessing, using, and disposing of their accounts in any currency, in any bank on the territory of the Republic of Uzbekistan and abroad;
- opportunity to form subsidiaries, branches, as well as associations, and other business associations on the territory of Uzbekistan.
- THE PROCEDURE FOR THE FORMATION AND STATE REGISTRATION OF EFI
EFI itself does not represent one of the legal forms of legal entities, and most often they are created in the form of an LLC in the Republic of Uzbekistan. Thus, the norms specified in the Law on LLC are also applicable to them and they must be registered under the law to obtain the above privileges. 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 Regulation) the applicant (representative of EFI) fill in the form through 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:
| In-person Application |
Online Application |
- Original decision on the formation of LLC and the approval of constituent documents.
- Original constituent documents (Charter and Deed of incorporation) in the state language (one copy).
- A copy of the payment document for the state fee in the amount of 10 basic estimate amounts (UZS 2 700 000 – approx. USD 252);
- Identity document and power of attorney, if the documents for registration are submitted by the founder's representative;
- Registration period - in real-time, but not more than 30 minutes.
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- E-version of constituent documents in the state language;
- E-version of the decision on the formation of LLC and the approval of constituent documents.
- Payment of the state duty in the amount of 5 basic estimate amounts (UZS 1 350 000 – approx. USD 126);
- consent of each founder to become a member of the founders (confirmation by e-mail).
- sign the request with the e-signature of all foreign founders.
- Time of registration - within 30 minutes after the payment of the state fee.
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