Some of the most notable legal developments in Uzbekistan in November 2022 were the adoption of the Laws “On the Registration of Rights to Immovable Property” and “On Standardization”; changes aimed at liberalizing and simplifying the corporate legislation and some general regulatory requirements for business entities; and measures for incentivizing trade on national commodity exchanges.
A Law “On the Registration of Rights to the Immovable Property”, unifying and systematising the relevant rules and procedures, has been adopted. The Law applies to such types of immovable property as land plots; buildings and structures, including objects under construction; perennial plantings; and property complexes (i.e. in simple terms, total assets of an enterprise transferred as a whole). The Law enters into force on 1 March 2023 and, among others, provides for the following:
A new edition of the Law on Standardization has been adopted. It will enter into force on 5 November 2023 and, among others, provides for the following novelties:
The President has signed a Resolution providing for changes in the corporate legislation, including the following:
(a) starting from 1 December 2022, the following requirements will, among others, be abolished:
(b) starting from 1 March 2023, it is no longer permitted to establish additional liability companies and unitary enterprises; the Ministry of Justice and some other state bodies are instructed to develop a plan ensuring the reorganization of legal entities who operate in these forms till 1 January 2025;
(c) starting from 1 April 2023:
(d) starting from 1 July 2023, information on the establishment of branches and representative offices; the full payment of the charter capital; and the initiation of insolvency proceedings will be published on the Single Portal for Interactive Public Services;
(e) starting from 1 October 2023:
(f) a roadmap for further improvement of the corporate legislation has been approved (Annex to the Resolution). It, among others, provides for the following:
A Presidential Decree on measures to liberalise regulatory control over business entities has been issued. The following is, among others, provided by the Decree:
(a) starting from 1 January 2023:
(b) starting from 1 March 2023:
(c) till 1 June 2025, a Single Electronic Register of Mandatory Requirements in the Area of Entrepreneurship will be gradually launched. Business entities will be exempted from responsibility for violating requirements for their activity if such requirements are not included in the Register.
Presidential Decree No. UP-244 of 9 November 2022
The President has signed a Resolution simplifying rules for submitting and storing financial, tax, and statistical reports. It, among others, provides for the following:
(a) legal entities no longer have to store and transfer to archives the following documents:
(b) starting from 1 January 2023:
(c) starting from 1 May 2023:
The President has signed a Resolution on the improvement of trade on national commodity exchanges. The following measures are, among others, envisaged:
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Kosta Legal Law Firm