Business registration in Uzbekistan

Registration of business in Uzbekistan

Taking into account the global situation, many entrepreneurs are looking for options to transfer their business to other markets. A large number of companies are interested in transferring their employees to Uzbekistan. This is due to the fact that Europe is closed to Russian business. About 40 million people live on the territory of Uzbekistan, the range of services and products on the market is not very extensive and varied, and the level of competition is minimal.

Forms of ownership and differences between them

There are several forms of ownership in Uzbekistan:

1. Individual entrepreneur. This is an individual who can carry out entrepreneurial activities without obtaining the status of a legal entity. The basis in this case is the property, which must be registered on the right of ownership.
2. LLC. The founder can be one or more persons. The authorized fund must be officially divided into shares. They are determined by the constituent documents. Participants in a limited liability company will not bear the risks of losses that may arise as a result of the company’s activities within the limits of the shares contributed.
3. FE LLC. The founders may include foreign individuals or legal entities. Important requirement: the authorized fund cannot be less than 400 million soums.

The choice of organizational and legal form when registering a business in Uzbekistan depends on the size of the authorized fund, the number of founders and scale.

Taxation system in Uzbekistan

The tax policy in Uzbekistan provides for the following rates:

1. Sales tax. It is applicable to legal entities and individual entrepreneurs. The calculation is made on the basis of total income for a certain tax period.
2. Generally established VAT tax of 12%. According to the law, value added tax payers are companies that are engaged in import or whose sales volume exceeds 1 billion soums per year.
3. Income tax of 15%. This is a single rate that applies to representatives of certain industries.

You can get detailed advice from a specialist of our company. S/he will help you choose the optimal taxation option for your company.

List of documents required to open an LLC

If, during the registration of an LLC, the participant is an individual, it is necessary to prepare the following package of documents:

• scanned copies of the passport of each founder;
• colour photograph in electronic form on a white background in 3x4 format;
• a power of attorney, which is drawn up by the founder and authorizes an employee of our company to carry out all registration issues for obtaining an individual personal identification number (IPIN) (it is required to the original, which is notarized);

It is also possible to register an LLC when a legal entity is a participant. In this case, the following documentation will be required:

1. Extract from the trade register for the legal entity or another document confirming the activities of the legal entity (the extract shall contain: the full name of the legal entity, location, data of the person authorized to sign on behalf of this legal entity.
2. A power of attorney issued for our employee (to represent the interests of the legal entity in Uzbekistan), notarized and provided with an apostille (if the notary is not from the CIS).
3. A copy of the registration certificate.
4. A copy of the charter of the company.
5. A copy of the articles of association (to be submitted if this document is available).

Information required for the new company:

• name of the future company;
• kind of activity;
• tax regime;
• e-mail;
• phone number (Uzb.)
• postal address with the cadastral number of the property;
• amount of the authorized fund;
• scanned copy of the director’s passport.

The document preparation stage is the most important. Specialists of our company will help you create a complete package of documents.