Journal

The Law Firm ‘LEGATE’ provides brief information on the procedure for the formation and registration of a commercial enterprise in the form of a limited liability company, which is the most common legal form in the Republic of Uzbekistan.
By the Law of the Republic of Uzbekistan “On Limited and Additional Liability Companies”, a limited liability company is a company established by one or several persons (individuals or legal entities), whose authorized capital is divided into shares of the sizes determined by the constituent documents. Participants in a limited liability company are not liable for its obligations and bear the risk of losses associated with the activities of the company, to the extent of the value of their contributions.

In the context of recent events related to the spread of coronavirus (COVID-19), including the adoption of various types of restrictions by state authorities, many entrepreneurs have faced the inability to fulfill their contractual obligations, both on their part and on the part of their contractors. We will not describe for a long time how and how much the current situation affects the economy as a whole and each entrepreneur, but will try to understand it by applying the legal norms of the Republic of Uzbekistan.

On November 20, 2019, the Decree of the President of the Republic of Uzbekistan "On measures to further improve the business environment and improve the system of support for entrepreneurship in the country" was adopted, which emphasizes the protection of property and the rights of entities acquiring state assets.
Let's see what is new in this Decree concerning the protection of the rights of entities acquiring state property.

On October 1, 2019, the Law “On Personal Data” enters into force. The Law regulates all matters relating to the processing and protection of personal data, regardless of the processing means used, including information technology.
Heretofore matters relating to personal data processing in Uzbekistan were not regulated by any domestic legislation.

Adoption of the Resolution of the President of the Republic of Uzbekistan №PR 3832 “On measures on the development of digital economy of the Republic of Uzbekistan” on July 3, 2018 determined indroduction and development of the activities in the field of crypto-assets turnover, including mining, smart contracts, consulting, issuance, exchange, storage, distribution, management, insurance, crowdfunding, as well as blockchain technologies to diversify various forms of investment and entrepreneurial activities as one of the prior objectives for the digital economy development.
The Resolution has outlined the following basic aspects:

Problems related to property law have become in recent years probably the most pressing issues for our compatriots, as well as foreign investors.
These cover also the procedure for legal regulation of the use of production facilities by entrepreneurs.

Resolution of the Cabinet of Ministers of the Republic of Uzbekistan No.244 dated March 25, 2019 in pursuance of the Resolution of the President No. PP-4008 of November 7, 2018 “On measures on the creation of favorable conditions for carrying out of labor activities on the territory of the Republic of Uzbekistan by qualified specialists from foreign states” passed the Regulation dated March 25, 2019 of the Cabinet of Ministers of the Republic of Uzbekistan on the approval of Provisions “On the procedure for attracting and usage of labor force in the Republic of Uzbekistan”.

Amendments were introduced earlier into the Civil Code in compliance with the Law of the Republic of Uzbekistan dated October 18, 2018, which raised the issue of the procedure for execution of contracts for the sale of real estate. In particular, it was established that the sale of any real estate,

Amendments had been introduced into the “Procedure for maintaining non-residents’ accounts in national currency by commercial banks of the Republic of Uzbekistan” (Reg. No.510 of the Ministry of Justice dated 1998.10.22) and the “Procedure for maintaining accounts in foreign currency by commercial banks” (Reg. No.511 of the Ministry of Justice dated 1998.12.10). The Central the bank introduced those changes, published on the 25th of March, 2019
In compliance with the introduced amendments: