Entrepreneurs receive additional support

ENTREPRENEURS RECEIVE ADDITIONAL SUPPORT

President of Uzbekistan Islam Karimov signed a resolution on 12 May on improvement of the order of organization and state registration of the entrepreneurship entities.

The document, signed in accordance with the State Program “Year of Small Business and Private Entrepreneurship”, aims to create additional favorable conditions for wide development of the entrepreneurship activity, as well as improvement of the order and lowering the costs of state registration of new entrepreneurship entities.

The resolution of the head of the state approves the proposals of the economy, justice and finance ministries on expansion from 1 June of the list of activities where the maximal yearly average quantity of employees of small enterprises is increased from 50 to 100 persons.

Moreover, starting from next month, the minimum size of the charter capital for newly created limited and additional liability companies is set at 40 minimum salaries.

In accordance with the new order, the state registration of the entrepreneurship subjects can be implemented on their application on the basis of the set founding documents.

The size of the state duty for registration of entrepreneurship entities at city and district administrations has been set at one minimum salary.

Besides, the state registration now does not require notarial authentication of the founding documents, except for enterprises with foreign investments and other enterprises with foreign capital.