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NEWS AND EVENTS
April 30, 2012
Islam Karimov signs law “On family entrepreneurship”
President of Uzbekistan Islam Karimov signed a law “On family entrepreneurship” on 26 April 2012.

Legislative Chamber of Oliy Majlis of Uzbekistan passed the law on 16 March 2012 and Senate approved it on 23 March 2012.

The document was developed in line with the programme of measures on realization of the concept on further deepening democratic reforms and forming civil society in Uzbekistan in further deepening democratic market reforms and liberalization of economy.

The law is aimed at creating necessary legal base for developing family business in various sectors of economy as important form of small and private business, strengthen legal guarantees for family business and creation of new jobs.

The law consists of seven chapters and 35 articles. Family entrepreneurship is initiative activity, conducted by family members, to receive income on their own risk and under their own property.

Family entrepreneurship is based on voluntary participation. Family entrepreneurship can be conducted with creation of legal entity and without it. Organizational-legal form of Family entrepreneurship with formation of family business is family enterprise.

Family enterprise is subject of small business, created by its participants on voluntary basis on the base of property, owned by members of the enterprise. The activity of family enterprise is based on personal labour of its members.

Family enterprise has own property, can purchase and use property and personal non-property rights, has liabilities, can be plaintiff and defendant at court. Family enterprise is responsible for its property, which can be imposed a penalty on them in line with the legislation.

Family enterprise can hire workers in line with the legislation.

Total number of employees of the family enterprise cannot exceed number of workers of small enterprises, set by the legislation. At the same time, number of employees of family enterprise should be at least two persons.

Head of family and spouse, children and grandchildren, parents other relatives at able-bodied age (spouses of children and grandchildren, blood and stepbrothers or stepsisters, their spouses and children, uncles and aunts) can be members of the family enterprise.

The document said that officials of the state bodies and other people, who cannot conduct entrepreneurship activity, cannot be members of the family business.

Members of one family enterprise cannot be participant of other family business, the law said.

Head of family enterprise represent its interests in interaction with legal entities and individuals. Head of family enterprise can be one of its members, who received support of other members.

The charter capital of the family enterprise is formed due to money resources, securities, properties, including property rights, etc. Only house (flat) cannot be included to the charter capital of the family enterprise.

The charter capital of the enterprise should be equal to 10 size of minimal salary, set in Uzbekistan, set on the date of registration of the enterprise.

The law said that financial-economic activity of family enterprise could be inspected once in four years. Newly created enterprises will not be inspected within three years from the registration date. (Source: UzDaily.com)


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