Uzbekistan

Starting a Business in

Uzbekistan

Below is a detailed summary of the bureaucratic and legal hurdles faced by entrepreneurs wishing to incorporate and register a new firm in Uzbekistan. It examines the procedures, time and cost involved in launching a commercial or industrial firm with up to 50 employees and start-up capital of 10 times the economy's per-capita gross national income.

This information was collected as part of the Doing Business project, which measures and compares regulations relevant to the life cycle of a small- to medium-sized domestic business in 189 economies. The most recent round of data collection was completed in June 2014.

Compare Uzbekistan to 188 other economies.

  • Standardized Company

  • Legal form: Limited Liability Company
  • Paid in minimum capital requirement: UZS 0
  • City: Tashkent
No. Procedure Time to Complete Associated Costs
1 Register the name of the company
Agency: State Statistic Committee

There has been an online system for company name registration since June 1, 2011, pursuant to the Decree of the President of the Republic of Uzbekistan "On measures on further improvement of order of organization and state registration of subjects of entrepreneurship" # PP 1529 dated May 12, 2011. The applicant submits the application through the website, and after 4 hours the agency will provide the answer of whether or not the chosen name can be registered. The agency will then reserve the name for the applicant. This reservation is valid for 60 days.
Less than one day (online procedure) no charge
2 Make a company seal
Agency: Specialized seal-making company

The company’s seal must be made by a specialized seal-making company. The cost can vary between USZ 30,000 and UZS 50,000.
1 day UZS 30,000 to 50,000
3 Register with the local authority (khokimiyat) and obtain the certificate of state registration
Agency: Inspectorate for Registration of Entrepreneurial Entities (Khokimiyat)

The following documents must be submitted to the relevant local authority (khokimiyat):
• standard application form;
• two counterparts of the constitutive documents: the shareholders agreement and the charter (for LLC). Please note that the requirement to notarize the constitutive documents for the procedure of state registration has been eliminated in Uzbekistan for companies owned by domestic founders. Also note that domestic companies may be registered basing on the standard form of constitutive documents.
• a bank document confirming payment of the state registration fee;
• two samples of the corporate seal and stamp, approved at the first meeting of the company;
• the unique login and password, confirming reservation of the company’s name in the centralized database.
After verification of the documents the registering body shall certify the samples of the company’s seal and stamp. Thereby the company can make the seal and stamp without the official permit, on the basis of certified samples.

For the company's state registration, the local registering authority must verify the documents submitted. If the documents are satisfactory, the authority must: (i) the assignment to the LLC of a statistical code (according to the National Nomenclature of Enterprises and Organizations) and a taxpayer identification number; (ii) certify the samples of company's seal and stamp; (iii) the input of data on the state registration of the LLC in the State Register of Legal Entities; and (iv) the issuance of certificate on the state registration of the LLC. After the LLC is registered, the local registering authority shall also provide the data on the registered LLC to the state statistics authorities, state tax authorities and internal affairs agencies at place of location of the LLC.
In case the local registering authority finds the documents submitted for registration unsatisfactory, it shall make a decision on refusal to register the LLC and submit such decision to the applicant within 3 working hours of the time the documents were submitted for registration.

Upon issuing the company’s official registration certificate, the registering agency must grant an original charter and foundation agreement with a registration note on the title page, along with all registration documents and permits filed with the one-stop system.
2 days UZS 96,105 (equal to one minimum wage salary)
4 Open a permanent bank account with a local bank
Agency: Commercial Bank

The documents required to open a permanent bank account are:
a. Decision of the newly registered company on nomination of the director of the company and the accountant.
b. Copy of the registration certificate (Guvokhnome)
c. Founding documents of the company (e.g. copy of Founding agreement)
1 day no charge
5 Register with the Tax Authority
Agency: State Tax Committee of the Republic of Uzbekistan

Newly registered companies should register with the Tax Authority. After opening a permanent bank account, the company within 10 days has register with the Tax Authority. Business entrepreneurs must submit the following required documents: a) permanent bank account information b) the decision on the nomination of the director of the company c) Guokhname (registration certificate) d) other founding documents
1 day no charge
* 6 Register with the Statistics Agency
Agency: The State Committee of the Republic of Uzbekistan on Statistics

Newly registered companies have to register with the Statistics Authority within 10 days of being registered by Khokimiat. Business founders must submit the following required documents: a) permanent bank account information b) the decision on the nomination of the director of the company c) Guokhname (registration certificate) d) other founding documents
1 day (simultaneous with previous procedure) no charge
* 7 Register with the National Bank (Xalq Bank)
Agency: The National Bank (Xalq Bank)

Newly registered companies should register with the National Bank (Xalq Bank). All pension fund payments are handled by this bank and all employees are required to have personal pension accounts at the Xalq Bank. The required documents to register are: a) permanent bank account information b) the decision on the nomination of the director of the company c) Guokhname (registration certificate) d) other founding documents
1 day (simultaneous with procedure 5) no charge
* Takes place simultaneously with another procedure.

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