Uzbekistan employment visas
In addition to assisting with Uzbekistan company formation, Healy Consultants offers visa assistance service for our Clients. If our Clients engage us to provide this service, Healy Consultants will i) complete the visa application documents and ii) submit them to the various Uzbekistan consular offices abroad. Our fee for this service is US$3,950. Various applicable visa are as follows:
- This visa applies to Clients who wish to immigrate to Uzbekistan to manage their own local business. For this purpose, our Client will apply for work permit from the Uzbek consulate, which will be forwarded to the Ministry of Foreign Affairs;
- For this purpose, following documents will be submitted: i) a valid passport ii) completed visa application form iii) certificate of Uzbekistan company formation iv) proof of investment and v) company letter;
- Once approved, the residence permit will be valid for up to 1 year, after which our Client will may apply for renewal. Also, our Client will need to register with the local authorities within 72 hours of their arrival in Uzbekistan.
- Our Clients wishing to hire foreign workers will apply for an ‘E visa’. For this purpose, our Client will first apply for an employment permit from the local Labor Agency;
- Thereafter, the employee will apply for the visa from the local Uzbek consulate. For this purpose, he/she must submit the following documents: i) a valid passport ii) completed visa application form iii) sponsorship letter from the company iv) employee credentials and v) certificate of Uzbekistan company formation;
- Once approved, the residence permit will be valid for up to 1 year, after which our Client will may apply for renewal. Also, our Client will need to register with the local authorities within 72 hours of their arrival in Uzbekistan
- A short-term visa can be granted for the following purposes: i) tourism and ii) business. Documents to be submitted for this visa will include: i) valid passport copy ii) completed application form iii) letter of invitation and iv) copies of airline ticket;
- A short-term visa is generally issued for a period of 6 months. However, it is possible the visa may be issued for up to 1 year.
Corporate banking options
Further to assisting with business formation, Healy Consultants will also assist our Clients to open a corporate bank account in Uzbekistan. Our services include i) liaising with the bank officers ii) preparing all the necessary documents for Client’s signature iii) submitting them to the bank and iv) if possible, attending bank meetings on our Client’s behalf. Our fee for this purpose is US$3,950. For more information, please refer to the points below.
Uzbekistan banking sector
- Uzbekistan’s banking sector comprises generally comprises of a central bank and 30 commercial banks. A majority banks are either wholly or partly locally owned. The Uzbekistan banking sector is still untapped by many reputable international banks;
- Base our Client’s business activity, Healy Consultants will assist with opening corporate bank accounts with reputable local banks including National Bank of Uzbekistan, Xalq Bank and Asaka Bank. All three banks hold majority of assets in the Uzbekistan banking sector;
- Uzbekistan’s banking industry continues to be undeveloped. Consequently, our Clients will have access to a limited range of corporate banking products. Furthermore, internet banking facilities and customer care service will generally be of a poor standard;
- Uzbekistan banks do not offer multi-currency corporate bank accounts. So, Healy Consultants recommends foreign entrepreneurs to open a UZS denominated account (for conducting local transactions) and a USD denominated account (for foreign transactions)
Healy Consultants services
- As mentioned previously, our banking services include assisting our Clients with i) preparing bank account opening documents and ii) meeting with the bank officers (if required). Our experienced banking team can complete this process within 4 weeks;
- Unfortunately, only resident director(s) of Uzbek companies can be appointed as bank signatories of an Uzbekistan corporate bank account. Consequently, all foreign bank signatories are required to secure a work permit in Uzbekistan. In addition, all local banks will also request the bank signatory to sign in front of the bank officer.
- Following account opening approval, the bank will directly and independently email our Client the corporate bank account number.
Foreign Exchange Controls
- Uzbekistan currency (UZS) is not easily converted into US$ in local and domestic markets. This is also exacerbated by the fact that the UZS is struggling due to the economic slowdown in China and fall in the Russian ruble;
- Local companies (with foreign investment) must convert 50% of their US$ denominated amount into UZS. This conversion will be completed through the local authorized financial institutions;
- Foreign remittances can only be effected by approved local financial institutions. Furthermore, there are restrictions on foreign individuals remitting currency from the country.