Business entities in Uzbekistan in 2023
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
- 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? | 15% | 15% | 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 |
| Draft invoice | View invoice PDF | Contact us | View invoice PDF |
