Understand the Jurisdiction’s Company Registration Process In Uzbekistan
Uzbekistan has come a long way to become a developed economy today. It is blossoming with various businesses and companies, both locally and foreign-owned. If you desire to register a company in Uzbekistan, you can expect to complete the process in four to five weeks.
This article looks at the several steps involved in registering a company in Uzbekistan.
Reserving and Acquiring A Company Name
Your company name should be unique and not be deemed inappropriate. Furthermore, though there is no regulation, it should be as close as possible to the business nature for easier correspondence. As you decide on the name, you must submit it to the Uzbekistan State Statistics Committee to reserve it for two months.
Deciding on the Corporate Structure
As a foreigner, you can open a joint stock company, limited liability company, representative office, or go for a permanent establishment of foreign entities. Once you decide on the legal entity, you must prepare company incorporation documents such as a shareholder agreement, company charter, and an online application form and also design the company seal.
If you have signed a lease for your office premises, it is best to include it in the company incorporation documents. Otherwise, you can find out how you could utilize a virtual office address. The applicant will have to sign and have the documents notarized.
Submission to Companies Registrar
Once everything is signed, you will submit the incorporation to the Companies Registrar with a registration fee. This is when the company will receive a certificate of incorporation.
Opening the Bank Account
With a certificate of incorporation, you can now open a corporate bank account with the local Uzbek banks. For this, you must submit the company’s documents and shareholder’s and director’s identification.
Even if the company is founded by a foreigner and all the shareholders are foreigners, the Uzbek legislation only allows a resident to become the company bank signatory. The signatory has to be present at the bank to open an account.
Getting Bank Details
After you open an account, the bank will email the company’s account details and internet banking. You or your respected shareholder can now deposit the share capital as agreed in the shareholder agreement.
Register for Tax
The next step for the newly incorporated company is to register for taxes. After obtaining the tax number, the company can begin its business conduct and invoicing clients. The corporate tax rate in Uzbekistan is 8%.
Apply for Visa
As with all foreigners intending to do business in Uzbekistan, the business owners must apply for a working visa. Applicants must submit a copy of the company incorporation certificate, proof of investment, valid passport, completed visa application, and company letter to the Ministry of Foreign Affairs.
If you desire to hire foreigners for their company employees, you must apply for an employment permit from the Labor Agency.
The application must be supported with a valid passport, completed visa application, sponsorship letter from the company, employee credentials and Uzbekistan company incorporation certificate. Both types of visas are suitable for one year and renewable.
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