Investment law overview by  Law Firm

STATUTORY FUNDS ARE NO LONGER THE SAME AS THE OLD ONES

STATUTORY FUNDS ARE NO LONGER THE SAME AS THE OLD ONES

In connection with undertaken moves on the liberalization of the foreign currency policy of the Republic of Uzbekistan (Decree No.УП-5917 of the President of the Republic of Uzbekistan dated September 29, 2017 “On introduction of changes and amendments into certain acts of the President of the Republic of Uzbekistan”, which lost their force), as well as on measures on saturation of the market with goods and commodities and development of competitive environment (Decree №-5303 of the President of the Republic of Uzbekistan dated January 16, 2018 “On measures on further securing the country’s food safety”) changes have been introduced into a number of legal acts related to requirements as regards minimum amount of statutory fund of individual entrepreneurial entities.

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Foreign Currency Accounts and Settlements.

Foreign Currency Accounts and Settlements.

Reforming the foreign exchange market was launched in compliance with the Presidential Decree №УП-5177 dated the 2nd of September 2017 “On priority measures on liberalization of foreign exchange policy” . The following can be stated after summarizing the changes that affected the procedure for maintaining accounts and mutual settlements in foreign currency on the territory of the Republic of Uzbekistan.

1. Amendments introduced into the “Order for maintaining accounts in foreign currency by commercial banks” (reg. №511 of the Ministry of Justice dated the 22nd of October 1998).
Firstly, changes have been introduced related to permissible sources of transfer of foreign currency amounts to accounts of legal entities-residents of Uzbekistan:

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On Foreign Trade

On Foreign Trade

The Resolution №ПП-3351 of the President dated the 3rd of November 2017 “On measures on further liberalization of external trade activities and support of entities of entrepreneurship” had significantly reviewed the legal regulation of external economic operations, in particular, the order of calculations on export.

Regarding the export
As of the 1st of December 2017:
1. A single deadline shall be established, after which the accounts receivable on export contracts shall be considered overdue, these include 120 calendar days. The term shall be calculated in the following way:

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On the Export of Fruits and Vegetables

On the Export of Fruits and Vegetables

The ongoing reforms indicate that the Government aims to turn Uzbekistan into one of the largest global exporters of fresh and processed fruit and vegetable products. The Action Strategy on 5 priority directions of Uzbekistan’s development for 2017-2021, approved by the President of the Republic of Uzbekistan on the 7th of February 2017, envisages the implementation of 434 projects aimed at modernization and intensive development of rural economy. It also provides for setting up 14 trade and logistical centers in the provinces for processing, storage, packaging and exporting fruit and vegetable products with a capacity of more than 310 thousand tons till the year 2020. Availability of relevant infrastructure, which would secure high quality delivery, storage, sorting, grading, packaging, certification as well as exporting, will have to be taken into consideration in the process of their establishment. This is the expected way to achieve a 1,4 times increase in the production of food products, double the output of processed fruit and vegetable products and 2,3 times growth in the export of fruit and vegetable products in 2017-2021.

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