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Uzbekistan company registration

DOING BUSINESS IN UZBEKISTAN IN 2022

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For over a decade, Bejarano ADF Consultants Group PLC efficiently and effectively assists our Clients on Uzbekistan company incorporation:

Compare different Uzbekistan entities LLC Fast business setup solution Free zone LLC Joint stock company LLP Representative office Foreign legal entity
Also known as LLC LLC FTZ LLC JSC LLP RO FE
Best use of company? All products and services Close a customer deal now Manufacturing and export trading To secure public funding Professional services Marketing & research Restricted products and services
How soon can you invoice Clients/sign sales contracts? 5 weeks 2 weeks 5 weeks 5 weeks 5 weeks Cannot 4 weeks
How soon can you hire staff? 5 weeks 2 weeks 5 weeks 5 weeks 5 weeks 8 weeks 4 weeks
How soon can you sign a lease agreement? Immediately Immediately Immediately Immediately Immediately Immediately Immediately
How long to supply corporate bank account numbers? 4 weeks 2 weeks 4 weeks 4 weeks 4 weeks 4 weeks 4 weeks
How long to supply company registration/tax numbers? 5 weeks 2 weeks 5 weeks 5 weeks 5 weeks 8 weeks 5 weeks
Corporate tax rate on annual net profits? 7.5% 7.5% 0% 7.5% 7.5% 0% 10%
Limited liability entity? Yes Yes Yes Yes Yes No No
Government grants available? Yes Yes Yes Yes Yes No Yes
Government approval required for foreign owners? Yes Yes Yes Yes Yes Yes Yes
Resident director/partner/manager/ legal representative required? Yes Yes Yes Yes Yes Yes Yes
Minimum paid up share capital? US$1,800 US$1,800 US$1,800 US$400,000 US$2,250 None None
Can bid for Government contracts? Yes Yes Yes Yes Yes No Yes
Corporate bank account location? Asaka Bank Asia Alliance Bank Turon Bank Aloqa Bank Asia Alliance Bank Turon Bank Asaka Bank
Can secure trade finance? Yes Yes Yes Yes Yes No Yes
VAT payable on sales to local customers? 20% 20% 0 20% 20% 0 20%
Average total business set up engagement costs? US$15,620 Inquire a proposal US$16,600 US$16,600 US$13,620 US$14,990 US$5,010
Average total engagement period? 3 months 4 months 3 months 3 months 3 months 4 months 2 months

See full table

Accounting and tax considerations LLC Fast business setup solution Free zone LLC Joint stock company LLP Representative office Foreign legal entity
Statutory corporate tax payable? 7.5% Immediately 7.5% 7.5% 7.5% 0% 7.5%
Legally tax exempt if properly structured? No No No No No No No
Group HQ tax incentives? Yes Yes Yes Yes Yes No No
Must file an annual tax return? Yes Yes Yes Yes Yes No Yes
Must file annual financial statements? Yes Yes Yes Yes Yes No Yes
Must appoint an auditor? No No No Yes No No No
Access to double taxation treaties? Yes Yes Yes Yes Yes No Yes
Withholding tax on payments to foreign shareholders? 10% 10% 10% 0% 10% None 10%
Company Registration LLC Fast business setup solution Free zone LLC Joint stock company LLP Representative office Foreign legal entity
Resident director/partner/manager/ legal representative required? Yes Yes Yes Yes Yes Yes Yes
Minimum number of shareholders/partners? 1 1 1 2 1 Parent company Parent company
Maximum shareholding for foreigners? 100% 100% 100% 100% 100% 100% 100%
Minimum statutory paid up share capital? US$1,800 US$1,800 US$1,800 US$400,000 US$2,250 None Parent company share capital
Security deposit to be kept with Government? No No No No No No No
Shelf companies available? Yes Yes Yes Yes Yes No Yes
Time to incorporate a new entity? 5 weeks 2 weeks 5 weeks 5 weeks 5 weeks 5 weeks 5 weeks
Can easily convert to a JSC? Yes Yes Yes Yes No No No
Public register of shareholders and directors? Yes Yes Yes Yes Yes Yes Yes
Can have preference shareholders? Yes Yes Yes Yes Yes No No
Business Considerations LLC Fast business setup solution Free zone LLC Joint stock company LLP Representative office Foreign legal entity
Good entity for trademark registration? Yes Yes Yes Yes Yes Yes Yes
Can secure an import and export license? Yes Yes Yes Yes Yes No Yes

Sponsorship by a local citizen required? No
Our Client needs to travel to Uzbekistan for business set up? No
Temporary physical office solutions available? Yes
You need a local resident as bank signatory? Yes
Can be wholly foreign owned? Yes
The entity will likely be regulated by? Local Inspectorate (Khokimiyat)
Minimum number of directors/managers? 1
Monthly VAT reporting to the Government? Yes
Must sign an office lease agreement during incorporation? Yes
Shareholders & directors documents to be attested/translated? Yes
Each foreign director needs a personal income tax number? Yes
Foreign director needs a residence visa? Yes
Maximum number of staff allowed? No maximum
Expatriate to local staff ratio? 5:1
Can secure residence visa for business owner? Yes
Other useful information
What will be included in my customer sales invoice? Click link
This country has signed free trade agreements? Yes
This country is a member of WIPO/TRIPS? Yes
This country is a member of the ICSID? Yes
Average custom duties suffered? 30%
Government foreign investment approval required? Yes, for companies with high capital
Average monthly office rental? (US$ per sq m) US$200
Minimum statutory monthly salary (US$)? US$40
Average monthly US$ salary for local skilled employees? US$124
US$ deposit interest rate? (1 year average) 7%
Overseas remittance currency controls? Yes
Banking considerations
Multi-currency bank accounts available? Yes
Corporate visa debit cards available? Yes
Quality of e-banking platform? Fair
Crowd funding available in this country? Yes

Uzbekistan business setup summary

Press the link headings below to read detailed, relevant, up to date information.

  • Advantages and disadvantages

    Advantages of Uzbekistan company registration

    business registration in Uzbekistan

    1. Our Clients may enjoy certain benefits when registering their businesses in Uzbekistan including:
      • Uzbekistan has seen consistently high growth over the past decade, with annual growth rates between 7-10% every year since 2004. Demand for foreign expertise to help manage the rapidly expanding manufacturing and resource-processing industries is at an all-time high;
      • Uzbekistan has a corporate tax rate of just 8%, with no capital duty or capital acquisitions tax. A withholding tax rate of 10% on dividends and interest exists, but may be significantly reduced thanks to existing tax treaties. Capital gains are only taxed if income is derived through commercial activity;
      • Compared to countries of the western world, Uzbekistan is very cheap, including food, transport, utilities, rent, wages, etc. Specifically, office rental and utility costs tend to be a fraction of what they are in most western cities;
      • While Uzbekistan is landlocked, it is very close to two major markets – China and Russia. Uzbekistan has established strong trade relationships with both of these countries, as well as other emerging markets in Asia such as South Korea and Kazakhstan;
      • The government of Uzbekistan has declared attracting foreign direct investment a priority and is especially welcoming of investments in line with its export-oriented industrialization policies. Uzbekistan company formation processes have been sped up such that incorporation can be completed in just two weeks and minimum share capital has been reduced to under US$400.

    Disadvantages of Uzbekistan company registration

    1. Each Uzbek company must have a resident director. Only the resident director may be the bank signatory.
    2. Uzbekistan suffers from high corruption which can act as a barrier to completing many standard business practices. Uzbekistan is ranked 158th in the 2018 Corruption Perceptions Index by Transparency International. Entrepreneurs should expect under-the-table bribes in order to expedite business operations;
    3. Trade in Uzbekistan is made difficult due to high tariffs that are unfairly distributed to certain companies at the government’s discretion. In addition, exporting goods often requires stiff bribes to be paid to border guards and custom officers on a regular basis;
    4. English is spoken by only a small minority of locals, with Uzbek and Tajik being the most common languages. Though more than half of the country speaks Russian as either a first or second language, most government documents must be translated into Uzbek;
    5. Uzbekistan’s court system is still underdeveloped with property ownership being one of the few widely respected legal rights. The judiciary in Uzbekistan is highly inefficient and entrepreneurs run the risk of dealing with expropriation by public figures that act with impunity;
    6. Uzbekistan lacks investment and financial freedom, being ranked 166th in the 2019 Index of Economic Freedom by Heritage Foundation. The Uzbekistan investment policies fail to allow for efficiency or transparency and the financial sector restricts private sector growth through the limited banking sector;
    7. While utilities are cheap, access to electricity is limited to only the most populated areas of Uzbekistan. Setting up electricity in more rural areas of Uzbekistan can cost in excess of US$30,000 and would be an extra cost for starting a company in Uzbekistan.

  • Best uses for an Uzbekistan company

    1. Uzbekistan has a wealth of natural resources. Uzbekistan is the 7th largest gold produce in the world, and deposits of, copper, lead, zinc, tungsten, and uranium are also abundant. The mining industry represents nearly one third of Uzbekistan’s exports and the burgeoning industry offers plenty of opportunity for foreign investment and encourage Uzbekistan business formation.

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Useful links for Uzbekistan

Contact us

For additional information on our company registration services in Uzbekistan, please contact our in-house country expert, Ms. Yekaterina Li, directly:
Consultant at HC - katya
  • Ms. Yekaterina Li
  • Senior Client Relationship Manager
  • Contact me!
immigrant-visas chamber Uzbekistan Central Bank
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