Friday, 02, December, 2022

Uzbekistan plans to enter the Top -20 countries in the Ease of Doing Business Index of the World Bank by 2022, the presidential decree said.

Uzbekistan ranked 74th in the latest Ease of Doing Business-2018 ranking.

An action plan has been developed in order to improve in the ranking, with regulatory reforms envisaged in the following subindices:

• Starting a business - banks will be able to remotely open bank accounts for registering business subject to existence for distance identification of applicant;

• Dealing with construction permits – procedure of exclusive purpose of land plots is canceled when they are placed on E-IJRO AUKSION trading platform;

• Getting electricity- sanctions are applied for unauthorized disconnecting from electricity;

• Registering property- request for property registration can be filed on an extraterritorial basis;

• Protecting investors- investors are entitled to sue the supervisory board member liable for damages caused to the company as a result of transactions with affiliates, which amount to 10% or more of the company's net assets; dividends payment mechanism through the Central Securities Depository or investment intermediaries is being introduced;

• Trading across borders- Chamber of Commerce, along with the Ministry of Investment and Foreign Trade, will be allowed to issue certificate of origin of goods;

• Enforcing contracts - an order is introduced that allows a pre-trial hearing in the economic court as a method for resolving disputes; a unified electronic system of accounting and payment by the public of all payments in the courts is being introduced;

In addition, before April 1, 2019, the Ministry of Finance, together with other departments, will create the Ease of Doing Business in Uzbekistan website, which will provide comprehensive information on 10 subindices of the World Bank’s Ease of Doing Business report.

Also, through the website, business entities will be able to make proposals for improving regulations.

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