Business and registration to get easier from 1 March

The Resolution laid the groundwork for an improved entrepreneurship-related legal framework and a business-friendly environment.

Registration

Self-employed individuals and companies founded by Uzbek residents will be able to open accounts online.

Construction permits

Those bidding for land plots on E-IJRO AUKSION, a trading platform, will be able to do so without stating the purpose of future use or listing the types of prohibited buildings.

Construction authorities will take the role of councils that will approve buildings to be built in historical zones and culture heritage areas.

Measurements of land plots sold via E-IJRO AUKSION will be paid for from funds received as a result of the sale.

Commission deeds for finished buildings will be issued alongside notices of title registration.

Link-up with electrical supply 

Unauthorized power cuts will be penalized with fines.

Property registration

Applications for land title registration may be applied extraterritorially.

Notaries certifying sales of real estate will have to file applications with relevant authorities that will register transfers of title.

Cadastral files will now be issued electronically.

Minority stockholder protection

Stockholders will be able to bring claims against Supervisory Board members for losses incurred by major deals with affiliated parties exceeding 10% of the equity.

Any conflict arising from a failure to agree on a certain issue will be resolved in courts.

Dividends will be paid out via the Central Securities Depository or brokers.

International Trade

Certificates of origin may be issued both by the Ministry of Foreign Trade and Investment, and by the Chamber of Commerce and Industry within a day.

Enforcement of contracts

Disputes may be resolved by negotiations ahead of their hearings in economic courts.

Business will also be released of their duties to stamp their documents, apply for construction permits (replaced by notices), or sign contracts with regulators (replaced by public offers).