Uzbekistan to simplify procedure for liquidation of business entities

On September 27, 2019, a regular meeting of the “Milliy Tiklanish” Democratic Party (DP) faction in the Legislative Chamber of Oliy Majlis took place.

Deputies considered a number of bills proposed for consideration at the next meeting of the Legislative Chamber.

During the meeting, the draft law “On amendments and addenda to the legislative acts of Uzbekistan in connection with improving the procedure for elimination of entrepreneurship entities” was considered. The bill has become the subject of heated debate and discussion.

The following provisions are proposed to be introduced into the bill:

- to establish the period, after which the business entity is considered invalid, at 9 months;

- inactive business entities, as advised by the tax authority, are transferred by the registering authority to the inactive mode for a period of 3 years;

- if inactive business entities do not resume their activities within 3 years, the registration body removes them from the Single State Register of business entities.

Members of the faction noted that adoption of this bill is aimed at simplifying and ensuring transparency in the process of eliminating inactive business entities.

At the meeting, proposals of the faction deputies on agenda items were heard and appropriate decisions were made.