Uzbekistan is one of the post-Soviet countries where many companies with international founders have been opening recently. Registering a company in Uzbekistan provides an opportunity to work with international suppliers and buyers amid increasing sanctions pressure.
Why Register a Company in Uzbekistan?
Uzbekistan is becoming an attractive destination for businesses due to reforms, an improved business climate, and favorable taxation. Key advantages include:
- Fast-growing economy – GDP is steadily increasing, attracting international investors.
- Tax benefits – Tax holidays and incentives for startups and IT companies.
- Access to CIS and Asian markets – Uzbekistan signs advantageous trade agreements.
- Affordable labor force – The average wage is lower than in neighboring countries.
Company Registration Process in Uzbekistan
Registering a company in Uzbekistan involves several steps:
1. Choosing a Legal Structure
In Uzbekistan, businesses can be registered in different forms:
- LLC (Limited Liability Company) – The most common structure for small and medium-sized businesses.
- JSC (Joint Stock Company) – Suitable for large investors.
- Branches and Representative Offices – For international corporations.
2. Company Name Registration
The company name must be unique and can be checked in the Unified State Register (EGR).
3. Preparation of Founding Documents
Required documents include:
- Articles of Association
- Minutes of the Founders’ Meeting (if multiple founders)
- Lease Agreement for the legal address
- Passport details of the founders
4. Tax Registration
Once documents are submitted, the company automatically receives a Taxpayer Identification Number (TIN) and is registered with the tax authorities.
5. Obtaining Licenses and Permits
Certain activities (financial services, alcohol production, pharmaceuticals) require additional permits.
Opening a Corporate Bank Account in Uzbekistan
Registering a company in Uzbekistan takes only a few days, after which the corporate account opening process begins. Below is detailed information on opening an account and examples of banking fees and conditions.
Steps to Open a Corporate Bank Account
- Choosing a Bank – Entrepreneurs should select a bank based on reputation, services, fees, and ease of use.
- Preparing Documents – A standard set of company documents is required.
- Submitting an Application – A bank-provided application form must be filled out.
- Review and Verification – The bank checks the documents and may request additional details.
- Account Activation – If approved, the bank provides account details for transactions.
Bank Fees and Conditions in Uzbekistan
- KDB Bank Uzbekistan
- Account opening and maintenance: Free
- Available currencies: UZS, USD, EUR, GBP, CNY, RUB, JPY
- Additional services: Current, term deposit, and savings accounts in local and foreign currencies
- InfinBank
- Standard Package
- Cost: 0 UZS
- Transfers within InfinBank: 0%
- Corporate card deposit fee: 0.5%
- Transfers to other banks:
- Up to 10 million UZS: 0.3% per payment
- Over 10 million UZS: 0.2% per payment
- Over 30 million UZS: 0.1% per payment
- VIP Package
- Cost: 40 million UZS
- Transfers to other banks: 0%
- Corporate card deposit fee: No commission
- Cash withdrawals: No commission
- International transfers (SWIFT): 0% from 9:00 to 17:00 (foreign bank fees may apply)
- Standard Package
- Hamkorbank
- Account opening: Free
- Internal bank transfers: 0%
- 24/7 online banking access: Available
- Kapitalbank
- “All for 0” Package
- Cost: 0 UZS
- Internal bank transfers: 0%
- External bank transfers: 0%
- Corporate card service: 0 UZS
- “All for 0” Package
- Asaka Bank
- Cash withdrawals:
- Payroll accounts: Free
- Other purposes: 0.5%
- Exporting companies: 0.2%
- Letter of credit service: 2% per year
- Currency exchange fees:
- Selling USD: 0.3% (0.5% for other currencies)
- Buying any currency: 0.1%
- Cash withdrawals:
Additional Banking Information
- Account opening timeframe – As per Cabinet Resolution No. 1080 (10.11.2001), banks must open an account within one business day of receiving the full set of documents.
- Tax authority notification – The bank must inform tax authorities of the new account by the next business day.
Company Taxes in Uzbekistan
Key taxes businesses must consider:
- Corporate Income Tax – 15%
- VAT – 12%
- Social Tax – 12%
- Personal Income Tax for Employees – 12%
- Property Tax – 2%
- Import and Export Duties – Vary by product type
There are also tax benefits available for IT companies and startups.
Simplified Tax System (STS) in Uzbekistan
The STS is designed to reduce tax burdens and simplify accounting for small businesses. It replaces multiple state and local taxes with a single turnover tax.
Key Features of STS
- Tax rate – The standard rate is 4% of gross revenue, but it may range from 1% to 15% based on the type of business and location.
- Eligibility – Micro and small businesses meeting criteria for workforce size and annual turnover (between 100 million and 1 billion UZS) can apply.
Benefits of STS
- Lower tax burden – Consolidates multiple taxes into one, simplifying calculations and reducing overall tax payments.
- Simplified bookkeeping – Requires less documentation and reporting, which is beneficial for small businesses.
- Flexible taxation options – Businesses can choose between general taxation and STS based on their needs and financial performance.
Restrictions and Exclusions
Not all businesses qualify for STS. Companies producing excisable goods or engaged in certain activities may be excluded.
Transition to STS
Businesses must submit an application to the State Tax Service to switch to STS. The submission deadlines and procedures are regulated by current legislation.
STS is a useful option for small businesses looking to optimize tax obligations and simplify accounting, but it is not suitable for large enterprises.
Reporting and Accounting Requirements
Companies in Uzbekistan must submit the following reports:
- Tax reports – Monthly or quarterly
- Financial reports – Annually
- Social Security and Pension Fund reports – Monthly
Larger companies are subject to audit requirements.
Uzbekistan offers an attractive business environment with relatively low taxes, a simplified taxation system for small businesses, and straightforward registration procedures. It provides excellent opportunities for entrepreneurs looking to work with foreign markets while benefiting from favorable economic conditions.
Alternatives to Registering a Company in Uzbekistan
Choosing the right country for starting a small business is a crucial factor in its success. Uzbekistan is one of the most promising countries in the region for entrepreneurs, but neighboring countries such as Kyrgyzstan, Armenia, and Kazakhstan also offer favorable conditions. Below, we compare small business conditions in these countries, including tax benefits for the Simplified Tax System (STS) and the IT sector.
Kyrgyzstan
Advantages
- Simplified tax system – A single tax rate of 2-4% or a patent system simplifies tax obligations.
- Liberal currency regulations – No strict restrictions on currency exchange.
- Easy access to the EAEU market – Kyrgyzstan is a Eurasian Economic Union (EAEU) member, facilitating trade with Russia, Kazakhstan, and other member states.
- Low operational costs – Rent and salaries are relatively affordable.
- Remote company registration – No need for personal presence.
Disadvantages
- Political instability – Frequent government changes can impact businesses.
- Limited domestic market – A small population means lower consumer demand.
Business Incentives
- STS (Single Tax) – 4% of revenue
- 0% VAT for IT companies registered in the Tech Park.
- Preferential loans for small businesses
One of Kyrgyzstan’s biggest advantages over Uzbekistan is the lack of revenue limits for STS users. As of February 2025, Uzbekistan has a $77,000 revenue cap for STS. Another key benefit is remote LLC registration, which is available in Kyrgyzstan.
Armenia
Advantages
- Favorable tax system for IT companies – Tech startups can qualify for tax holidays.
- Simple company registration – Foreigners can register a company within 1–3 days.
- Access to international financial tools – Opportunities to secure investments from European and US funds.
Disadvantages
- Limited domestic market – A smaller population compared to Uzbekistan.
- Geopolitical risks – Potential instability due to regional conflicts.
Business Incentives
- STS – Fixed tax rate of 1% to 5% of revenue
- IT companies are exempt from corporate tax
- No VAT on foreign client transactions
Kazakhstan
Advantages
- High investment appeal – A strong business climate and government support.
- Simple company registration – Can be done within 2–3 days.
- Developed financial system – Easy access to loans and investment opportunities.
Disadvantages
- High competition – Especially in large cities.
- Higher business costs – Rent, salaries, and taxes are higher than in Kyrgyzstan and Armenia.
Business Incentives
- STS – 3% of revenue for microbusinesses
- IT companies registered in the AIFC (Astana International Financial Centre) are exempt from corporate tax
- Special funding programs for startups
We Offer Remote Company Registration in Armenia, Kyrgyzstan, and Kazakhstan
Contact us for assistance.
Frequently Asked Questions About LLC Registration in Uzbekistan
1. How long does it take to register an LLC?
The official registration process takes 1 to 3 business days after submitting all required documents to the Unified Registration Center.
2. What documents are required for company registration?
You will need:
- Company charter
- Passport details of the founders
- Lease agreement for the legal address
- Minutes of the founders’ meeting
3. Can an LLC have foreign founders?
Yes, foreign citizens can be LLC founders in Uzbekistan. They must provide a notarized translation of their passport.
4. What is the minimum required share capital?
Most LLCs do not have a minimum capital requirement, but some industries (financial services, etc.) may have specific capital requirements.
5. What licenses may be needed?
Certain businesses (banking, pharmaceuticals, construction) require licenses. The official government website provides a list of regulated industries.
6. Can an LLC operate without a physical office?
A legal address is mandatory, but virtual office services or leasing an address from a service provider are possible solutions.
Conclusion
The best country for small business registration depends on an entrepreneur’s specific goals.
- Kyrgyzstan is attractive for low taxes and access to the EAEU.
- Armenia provides excellent conditions for IT companies.
- Kazakhstan offers stability and investment opportunities.
- Uzbekistan provides tax benefits and a growing market.
Each entrepreneur should consider these factors before making a decision.