Located in Central Asia, the Republic of Uzbekistan, simply referred to as Uzbekistan is one of the most stable economies in the region. This stability is given by the fact that the government has started implementing several changes in the legislation in order to create an open market for foreign investments and to shift from the import-based economy to the export-based one.
Foreign investors who want to start companies in Uzbekistan will be interested to know that Uzbekistan in one of the largest cotton producers in the world and it also has the largest gold mine on a global scale. Also, Uzbekistan is one of the most important natural gas producers in the world. Enterprisers interested in setting up companies in Uzbekistan can start their businesses in any of the industries above.
Below, our company formation consultants in Uzbekistan will explain the procedure for registering a business in this country.
Types of companies which can be established in Uzbekistan
There are several solutions available for those who want to set up a company in Uzbekistan. According to the law, foreign investors can choose between the following structures:
- the limited liability company;
- the joint stock company;
- the free zone limited liability company;
- the limited liability partnership.
Foreign companies interested in expanding their activities in Uzbekistan can rely on the foreign legal entity and the representative office as business forms.
Requirements to open a company in Uzbekistan
The company registration process in Uzbekistan cannot begin without first complying with a few requirements related to the company’s shareholding structure, the share capital and the appointment of the directors or managers of the company.
An Uzbek company must have at least one shareholder and one resident director. With respect to the share capital, it will depend on the type of company the businessman wants to open. For a private limited liability company, the minimum amount of money is close to 1,800 USD, while in the case of a public company, it is 400,000 USD.
Company formation steps in Uzbekistan
Those who want to open a company in Uzbekistan must complete the following steps:
- prepare the company’s incorporation documents;
- make a company seal;
- open a corporate bank account;
- pay the company registration fee;
- file the documents with the Trade Register.
It should be noted that starting with 2017, the Uzbekistan company formation procedure has been simplified, the procedure being concluded online in a matter of days.
For full information and assistance in opening a company in this country, please contact our company formation agents in Uzbekistan.