Business entities in Uzbekistan

Business entities in Uzbekistan

In Uzbekistan, most of our Clients prefer the limited liability company (LLC). However, if our Clients wish, Healy Consultants will also assist with setting up the joint stock company (JSC) or the representative office. For more details, kindly refer to the information and table below:

Limited Liability Company

    business setup requirements in Uzbekistan
  • This Uzbekistan business setup may be setup by 1 shareholder, who may be a non-resident foreigner. Furthermore, the company may be managed by 1 or more directors, who may or may not be Uzbek residents or nationals;
  • The minimum share capital for an LLC is approximately US$1,800 (or 40 times the monthly minimum wage). A foreign owned LLC will benefit from tax privileges if its initial share capital is higher than US$150,000.

Joint Stock Company

  • A JSC can be setup with 1 shareholder, who can be non-resident individual or entity. The minimum requisite share capital will be US$400,000 and this amount will be deposited within 1 year from the date of registration;
  • This Uzbekistan business setup is preferred when our Client plans to issue shares to the public. However, it is possible for a JSC to be operate as private entity and list on the stock exchange.

Representative office

  • Our Clients, who do not wish to carry out income generating activities in Uzbekistan, may a representative office of their pre-existing company. Such an entity will be required to appoint an authorized agent who will be resident in Uzbekistan;
  • Under the new law, it is possible for a representative office to carry income generating activities if it registers as a “permanent establishment” for taxation purposes. Thereafter, the representative office will be subject to corporate tax in Uzbekistan;

Comparison of Uzbekistan business entities

Summary at a GlanceLLCJSCRep office
How long to set the company up?5 weeks8 weeks5 weeks
How long to open company bank account?4 weeks4 weeks4 weeks
Minimum share capital required at incorporationUS$1,800US$400,0000
Allowed to sign sales contracts with local Clients?YesYesNo
Allowed to invoice Uzbekistan Clients?YesYesNo
Corporate tax payable in Uzbekistan?8%8%No
Corporate bank accountAsaka BankAsia Alliance BankTuron Bank
Can rent office in Uzbekistan?YesYesYes
Tenancy agreement required before incorporation?NoNoNo
Allowed to import raw materials?YesYesNo
Allowed to export goods?YesYesNo
Can the entity hire expatriate staff in Uzbekistan?YesYesYes
Do you visit Uzbekistan for company incorporation?NoNoNo
Resident director/manager/agent required?NoNoYes
Resident shareholder required?NoNoNo
Minimum number of directors191
Minimum number of shareholders12Parent Company
Individual shareholders allowed?YesYesNo
Corporate shareholders allowed?YesYesYes
Corporate director(s) allowed?NoNoNo
Public register of shareholders and directorsYesYesYes
Statutory audit required?NoYesNo
Annual tax return to be submitted?YesYesYes
Total business setup costs in Year 1US$13,770US$16,600US$14,140
Subsequent annual costs (incl. accounting & tax)US$4,160US$8,460US$4,160
Draft invoiceUzbekistan LLC invoiceContact UsUzbekistan Rep office invoice

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Contact us

For additional information on our business setup services in Uzbekistan, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Ms. Zhang Yi, directly:
client relationship officer - Zhang Yi
immigrant-visas chamber Uzbekistan Central Bank