President signed the Measures to further improve the legal framework for corporate relations Decree. According to the Decree, the following requirements shall be canceled from December 1, 2022.
- state registration of an incorporation deed of a LLC;
- notarization of power of attorney issued to the representatives of the LLC for participation in a general meeting;
- when creating a reserve fund in an LLC, setting its size at least 15 percent of charter fund.
- organization of internal audit in the following entities:
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limited liability companies;
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joint-stock companies and state unitary enterprises with a book value of assets of less than 100,000 Basic settlement units (BSU), with a state share of 50 percent or more;
Creation of legal entities in the form of a unitary enterprise or an additional liability company shall be suspended from March 1, 2023.
From April 1, 2023:
Non-monetary contributions made to charter fund of an LLC, the value of which is more than 10 thousand BSUs, shall be evaluated by an appraisal organization and cannot be higher than the appraised value;
When legal entities are being reorganized, the rights and obligations of enterprises shall be transferred to the reorganized legal entity.
From July 1, 2023, information on the creation of branches and representative offices of a business entity, the formation of its authorized capital, the initiation of an insolvency case, shall be be posted on the Single Portal of Interactive Public Services (my.gov.uz).
