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Understand the Jurisdictions Setup Requirement Before Proceed Your Uzbekistan Company Incorporation Services
With a plethora of natural resources and diversification activities going in the country, Uzbekistan is an attractive choice for foreign investors. And in this article, we look at how you, or your company incorporation services provider can start a company in Uzbekistan.
Besides producing and exporting cotton, Uzbekistan has plenty more to offer to foreign investors interested in the textile industry. Besides that, the country is laden with favourable climate and soil conditions. Hence, it is little wonder that Uzbekistan produces fresh fruits and vegetables. It also has a systematic production of silkworms, making it another enticing factor for textiles or fashion industry investors.
Uzbekistan’s political stability is exceptional, and its current economic condition is due to well-implemented economic reforms. It is progressively and actively making foreign direct investment key to its development and focused on creating a set of incentives for foreign investors to start and sustain their businesses in the country.
Your Uzbekistan Company
Before you head on to incorporate your Uzbekistan company, let’s see the options you have.
Limited Liability Company (LLC)
A limited liability company is the fastest way for a foreign investor to run a business in Uzbekistan. Any foreign investor can incorporate an LLC with one shareholder and one director. The Uzbek government allows foreigners to be shareholders, but the director has to be an Uzbek resident.
Joint Stock Company
A foreign investor can also incorporate a joint stock company in Uzbekistan. The country’s business regulation allows for one shareholder, a non-resident individual or an entity. The share capital for a joint stock company is way higher, and the business owner must deposit it within one year from the date of incorporation. The law allows a joint stock company to issue shares to the public. But it can also enlist on the stock exchange without issuing any public shares.
Some foreign investors are looking to invest via their existing foreign companies. These investors are likely to open a representative office in Uzbekistan. A representative office does not carry out income-generating activities and must appoint an authorised agent of an Uzbek resident. Nevertheless, a recent law in Uzbekistan allows the representative office to conduct income-generating activities only if it registers as a permanent establishment for taxation purposes.
Incorporating The Company of Choice
If you desire to set up your company quickly and without much fuss, speak to your Uzbekistan company incorporation services to incorporate an LLC. To get things started, decide on a unique name and also ensure you have five alternatives. Investors can make a name reservation electronically. Next is preparing the relevant documents such as shareholders’ passports, valid ID, company constitutive documents, the authorised capital amount, business activities, and the chosen bank in Uzbekistan, including the types of accounts to open there.
If you require assistance or consultation, please feel free to get in touch with us and we will promptly reply to you within 24 hours.