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Uzbek Government Intends to Abolish the Obligation to Sell Foreigners 15% Stake in Joint-Stock Companies

The draft of the Decree ‘On measures to further improve the activities of joint-stock companies’ has been published for discussion on the legal portal.

According to the document, the procedure will be abolished in Uzbekistan, according to which the share of a foreign investor in the authorized capital of joint-stock companies should be at least 15 percent, with the preservation of privileges and preferences for joint-stock companies.
In addition, the document provides for the reduction of the minimum amount of the authorized capital of the joint-stock company from $ 400 thousand in equivalent to 500 times the minimum wage.

Also, before January 1, 2025, it is planned to exempt individuals and legal entities from paying taxes on income (profits) received in the form of dividends and interest on securities.

These measures are planned to be adopted ‘with a view to further supporting the development of joint-stock companies, eliminating restrictions and barriers that do not meet the current requirements of the country’s economic development, hampering the attraction by investors of free investors’ funds through the issuance and placement of shares, improving corporate governance systems, and further improving the investment climate and business environment.’

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