Business entities in Uzbekistan in 2022

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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

  • Setting up an LLC in Uzbekistan can be achieved by 1 director and 1 shareholder. While the shareholder can be of any nationality, the director must be a Uzbek resident;
  • 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 Glance LLC JSC Rep office
How long to set the company up? 5 weeks 8 weeks 5 weeks
How long to open company bank account? 4 weeks 4 weeks 4 weeks
Minimum share capital required at incorporation US$1,800 US$400,000 0
Allowed to sign sales contracts with local Clients? Yes Yes No
Allowed to invoice Uzbekistan Clients? Yes Yes No
Corporate tax payable in Uzbekistan? 8% 8% No
Corporate bank account Asaka Bank Asia Alliance Bank Turon Bank
Can rent office in Uzbekistan? Yes Yes Yes
Tenancy agreement required before incorporation? No No No
Allowed to import raw materials? Yes Yes No
Allowed to export goods? Yes Yes No
Can the entity hire expatriate staff in Uzbekistan? Yes Yes Yes
Do you visit Uzbekistan for company incorporation? No No No
Resident director/manager/agent required? Yes Yes Yes
Resident shareholder required? No No No
Minimum number of directors 1 9 1
Minimum number of shareholders 1 2 Parent Company
Individual shareholders allowed? Yes Yes No
Corporate shareholders allowed? Yes Yes Yes
Corporate director(s) allowed? No No No
Public register of shareholders and directors Yes Yes Yes
Statutory audit required? No Yes No
Annual tax return to be submitted? Yes Yes Yes
Total business setup costs in Year 1 US$15,620 US$16,600 US$13,990
Subsequent annual costs (incl. accounting & tax) US$3,060 US$8,460 US$3,060
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Contact us

For additional information on our business setup 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