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Importance of the topic. A corporate enterprise is a self-managing entity with the rights of a legal entity that possesses, uses and disposes of its property on the title of collective ownership. The main difference of the corporate enterprise from other forms of business is the simple form of membership of its participants. Land and other natural resources are provided for use to corporate enterprises. The corporate enterprise’s property is fixed assets, working capital, mutual contributions, as well as other values, which are reflected in the corporate enterprise’s independent balance sheet. Activities of production corporate enterprise are based on personal labour participation of its members and hired workers. The corporate enterprise has its own charter and collective governing body.
Since 2017, Uzbekistan has proclaimed significant economic reforms aimed at liberalization of the economy, increasing its attractiveness for investment, drafting and adopting legal acts that simplify doing business in Uzbekistan. All statements led to a significant increase of the foreign investors' interest in doing business and making corporate enterprises in Uzbekistan.
Uzbekistan has demonstrated stable economic development in recent years, reporting 6.6% GDP growth in 20201. The government of the country is continuing to introduce large-scale economic reform policies aimed at boosting development by modernizing state-owned monopolies and establishing a favorable environment for private and corporate enterprise.
The legislative system of the Republic of Uzbekistan is based on continental law. According to the World Bank report on Doing Business 2019, ease of starting a business in Uzbekistan is ranked in 12th place by the World Bank Group in the world across 190 economies2. Adoption of legislative acts in 2016–2017 reduced the time for registration of legal entities to several hours.
In accordance with the legislation of the Republic of Uzbekistan, in the territory of the Republic of Uzbekistan, citizens, including foreign citizens, can carry out business activities without forming a legal entity as corporate enterprise, as well as through the establishment of a legal entity. Business activity can be carried out after state registration3.
In addition, it is necessary to draw the attention of entrepreneurs that on June 26, 2018, according to the Decree of the President of the Republic of Uzbekistan No. 5468 the Tax concept of the Republic of Uzbekistan was adopted. In accordance with this concept, new edition of the Tax code will be adopted.
According to Uzbekistan law a corporate enterprise is a legal entity whose main purpose is to make a profit. Basically, these organizations can carry out any activities not prohibited by law, but they are required to obtain a licence for certain type of entrepreneurial activities. Charter and Foundation Agreement - The latter depending on the number of founders and the legal form of the legal entity are the constituent document of the corporate enterprise.
The legal status of corporate enterprise and the procedures associated with their establishment, management, implementation of economic activities, distribution of profits (payment of dividends) and liquidation are regulated by the following laws and regulations4:
Constitution of the Republic of Uzbekistan;
Law No. 223-I of 26.04.1996 on Joint-Stock Companies and Protection of Shareholders’ Rights (New Edition);
Law No. 295-XII of 06.14.1991 on Cooperation;
Law No. 308-II of 06.12.2001 on Business Partnerships;
Law No. 310-II of 06.12.2001 on Limited and Additional Liability Companies;
Law No. 69-II of 25.05.2000 on Guarantees of Entrepreneurial Activity;
Resolution of the Cabinet of Ministers No. 215 of 16.10.2006 on Measures to Ensure Effective Management of Enterprises with a State Share in the Authorized Capital and Proper Accounting of State Property;
Resolution of the Cabinet of Ministers No. 66 of 9.02.2017 on Measures to Implement the Resolution of the President No. PP-2646 of 28.10.2016 On Improving the System of State Registration and Registration of Business Entities;
Resolution of the Cabinet of Ministers № 704 of 21.08.2019 on Approval of Provisions on the Voluntary Liquidation and Termination of Activity of Business Entities and Exclusion from the State Register of Persons not Engaged in Financial and Economic Activity;
Resolution of the Cabinet of Ministers No. 398 of 12.10.1995 on the Approval of the Regulations on Holdings;
Decree of the President No. UP-5739 of 06.07.2019 on Measures to Simplify the Procedure for the Liquidation of Business Entities.
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