On Additional Measures to Attract Foreign Investors to Joint-Stock Companies

Source of amendments

Source of official publication

30.04.2021

28.09.2020

19.03.2020

05.04.2018

21.08.2017

28.12.2015

[ Classifier Codes: 1. 03.00.00.00 Civil Legislation / 03.03.00.00 Legal Entities / 03.03.05.00 Business Companies and Societies / 03.03.05.05 Joint-Stock Companies] [ Classification System: 1. Civil Legislation. Entrepreneurship / Organizational and Legal Form of Legal Entities]

Resolution of the President of the Republic of Uzbekistan

On Additional Measures to Attract Foreign Investors to Joint-Stock Companies

In order to create favorable conditions for the active participation of foreign investors and managers in joint-stock companies, in corporate governance, in modernization of production, in technical and technological re-equipment, in organizing the production of high-quality, competitive products and bringing them to external markets, as well as to fundamentally reduce the state's participation in the economy by reducing state assets and shares in the authorized capital of joint-stock companies:

(Paragraph 1 lost force based on Decree No. PF-5968 of the President of the Republic of Uzbekistan dated March 18, 2020 — National Database of Legislative Documents, 19.03.2020, No. 06/20/5968/0331)

(Paragraph 2 lost force based on Decree No. PF-5968 of the President of the Republic of Uzbekistan dated March 18, 2020 — National Database of Legislative Documents, 19.03.2020, No. 06/20/5968/0331)

[ Classifier Codes: 1. 03.00.00.00 Civil Legislation / 03.03.00.00 Legal Entities / 03.03.05.00 Business Companies and Societies / 03.03.05.05 Joint-Stock Companies]

3. The Commission on Improving the Efficiency of Joint-Stock Companies and Improving the Corporate Governance System (R. Azimov) and the complexes of the Cabinet of Ministers shall be assigned the following tasks:

ensure strict control over aligning existing joint-stock companies with the requirements of this Resolution within the established deadlines;

develop and approve within one month a schedule for valuation and putting up for trade the shares of joint-stock companies that must be sold to foreign investors;

carry out continuous monitoring of the organization of work on attracting foreign investors to joint-stock companies;

develop and submit proposals on a systematic basis for continuing the sale of the share of state and economic management bodies in the authorized capital of joint-stock companies.

[ Classifier Codes: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.07.00.00 Other Issues of the Budget System / 07.07.02.00 State Funds / 07.07.02.03 Road and Other State Funds; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.09.00.00 Tax Legislation / 07.09.03.00 Taxes and Fees; 3. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (see also 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.07.00 Enterprises with Foreign Investors]

4. The benefits granted by Decree No. PF-3594 of the President of the Republic of Uzbekistan dated April 11, 2005 to enterprises with foreign investment on payment of profit tax of legal entities, property tax, single tax payment, as well as mandatory allocations to the Republic Road Fund, depending on the volume of investments made by the foreign investor, shall be applied in a differentiated manner to joint-stock companies where the foreign investor's share ranges from 15 percent to 33 percent of the authorized capital.

(Paragraph 4 in the edition of Decree No. PF-5398 of the President of the Republic of Uzbekistan dated April 4, 2018 — National Database of Legislative Documents, 05.04.2018, No. 06/18/5398/1004)

[ Classifier Codes: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.09.00.00 Tax Legislation / 07.09.03.00 Taxes and Fees; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.18.00.00 State Duty / 07.18.03.00 Privileges on State Duty; 3. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.07 Dividends on Securities]

5. The following shall be exempted:

from payment of tax on income received in the form of dividends from shares belonging to them in joint-stock companies by foreign investors until January 1, 2020;

from payment of state duty when applying to the court with a claim application in case of violation of the rights and legitimate interests of joint-stock companies with foreign investment, subsequently the state duty shall be recovered from the party found guilty by the relevant court decision.

6. The Ministry of Foreign Affairs of the Republic of Uzbekistan, together with the Ministry of Internal Affairs, the Ministry of Investment and Foreign Trade, shall assist in formalizing documents permitting entry and stay in the Republic of Uzbekistan for foreign specialists involved in visiting locations to study the financial and economic condition of joint-stock companies.

(Paragraph 6 in the edition of Decree No. PF-6075 of the President of the Republic of Uzbekistan dated September 27, 2020 — National Database of Legislative Documents, 28.09.2020, No. 06/20/6075/1330)

[ Classifier Codes: 1. 21.00.00.00 Documents of Complex Nature on Introducing Amendments and Additions / 21.02.00.00 Decrees and Resolutions of the President of the Republic of Uzbekistan]

7. Amendments and additions shall be made to certain resolutions of the President of the Republic of Uzbekistan in accordance with the Annex.

8. The State Committee of the Republic of Uzbekistan on Privatization, De-monopolization and Development of Competition, the Ministry of Economy and the Ministry of Finance, together with the Ministry of Justice and other interested ministries and departments, shall submit proposals to the Cabinet of Ministers on amendments and additions to legislative documents arising from this Resolution within two months.

9. Control over the execution of this Resolution shall be assigned to the Prime Minister of the Republic of Uzbekistan Sh. Mirziyoyev.

President of the Republic of Uzbekistan I. KARIMOV

Tashkent city,

December 21, 2015,

No. PQ-2454

ANNEX to the Resolution of the President of the Republic of Uzbekistan dated December 21, 2015 No. PQ-2454

Amendments and Additions to Be Made to Certain Resolutions of the President of the Republic of Uzbekistan

1. Paragraph 6 of the Resolution of the President of the Republic of Uzbekistan dated April 28, 2015 No. PQ-2340 "On Measures to Increase the Share and Importance of Private Property in the Economy" shall be supplemented with the following headings:

"Share packages of joint-stock companies with less than 15 percent foreign capital included in Annex 2 shall be sold only to foreign investors;

commercial organizations with a share of state and economic management bodies shall be organized only in the form of a joint-stock company or a limited liability company.".

(Paragraph 2 lost force based on Decree No. PF-6218 of the President of the Republic of Uzbekistan dated April 30, 2021 — National Database of Legislation, 30.04.2021, No. 06/21/6218/0398)

(Collection of Legislation of the Republic of Uzbekistan, 2015, No. 51, Article 633; National Database of Legislative Documents, 05.04.2018, No. 06/18/5398/1004; 19.03.2020, No. 06/20/5968/0331; 28.09.2020, No. 06/20/6075/1330; National Database of Legislation, 30.04.2021, No. 06/21/6218/0398)