Company registration in Uzbekistan. Service offer

In Uzbekistan, LLCs that have foreign founders can be broadly divided into 2 types:

• Limited Liability Company formed as an “enterprise with foreign participation” (LLC EFP) (that did not apply for a special status because of the foreign investment); and
• Limited Liability Company that has obtained a special status of an “enterprise with foreign investment” (LLC EFI).

An LLC EFP can be established in Uzbekistan subject to the following conditions:

• Both individuals and legal entities can act as founders. There are no requirements for their residency.
• An LLC must have at least 1 director. The director can be one of the founders or another person. The director of the company must be either a resident of Uzbekistan or a foreigner who will need to apply for permission to work in Uzbekistan.
• There are no requirements for the size of the authorized capital, but the authorized capital must be paid up within one year from the company’s registration date.
• Uzbekistan does not allow “nominal” addresses; a company must have a physical address and keep its financial and corporate documents there.
• Accounting records keeping, annual financial statements filing, and audit are mandatory.

Registration of a company takes around 10 working days.

Together with obtaining the PINFL*, all registration procedures should be completed in approximately 14 working days.

*PINFL – a personal identification number of an individual. The number remains unchanged during the individual’s lifetime and allows the individual to carry out any legally significant actions in the country (which includes opening a bank account and buying real estate).

• several company names to be checked for availability. The name check takes 24 hours from the receipt of the request;
• notarized copies of passport / ID and proof of address for the directors / founders;
• notarized power of attorney for a representative in Uzbekistan authorizing him / her to freely interact with government authorities;
• detailed description of the company’s proposed activities;
• geography of business;
• occupation of directors / shareholders / attorneys / beneficial owners;
• source of funds for doing business;
• identity verification during a visit to our company’s office or via a video call.

If any of the above documents are not available, a new list will be agreed separately with your GSL consultant.

Companies engaged in business activity in Uzbekistan are required to pay taxes under the general taxation system. An LLC EFP usually has the same tax regime as legal entities established by residents. An LLC EFI is entitled to tax benefits.

Turnover tax is paid by companies whose total income in the tax period does not exceed UZS 1 billion.

The basic tax rate for turnover tax for all industries is 4%.

For corporate income tax, the rate for most types of income is 15%.

You will be provided with a turnkey offer for accounting, preparation of accounts, and interaction with local tax authorities.

Registration for VAT is mandatory for all companies if their activities fall under the registration requirements.

The standard VAT rate is 12%.

To assess the company’s tax burden, we recommend consulting a tax specialist (which can be arranged upon request).

[1] The fees are valid as of October 2024.