NEWS AND EVENTS
May 4, 2012
President signs amendments to law “On guarantees of freedom of entrepreneurship activity”
President of Uzbekistan Islam Karimov signed a law “On introduction of changes and amendments to law of Uzbekistan “On guarantees of freedom of entrepreneurship activity” on 2 May 2012.
Legislative Chamber of Oliy Majlis of Uzbekistan passed the law on 29 February 2012 and Senate was approved it on 23 March 2012.
The document was developed in order to create maximum favourable conditions for further developing entrepreneurship activity, providing preferences and guarantees to business entities, including state support.
One of main novelties of the law is establishing of principle on priority of rights of business entities. In line with the norms, any contradictions and vagueness of the legislation will be interpreted in favour of business entities.
According to amendments, the businesses now should set the size of salary for workers, who work on contract, equal to the minimal size of salary and insure own civil liability.
The document said that the state registration of businesses is conducted on principle of “one-stop-shop” and as a rule on notification order, set by the legislation.
Business entities now can submit their reports on paper and/or in electronic form. If the report is submitted in electronic form, the reports should be confirmed with digital signature.
Now legal entities can conduct business, which is not included in their charter capital. But individual entrepreneurs can operate only in those areas, set by the Cabinet of Ministers.
According to the document, if violation of legislation revealed in the activity of small businesses, the state bodies and their responsible officials can carry out measures only within their responsibility and directed to elimination of concrete violation.
The law said state bodies and other organizations, as well as their officials, cannot interfere to activities of commercial banks, including in appointment of heads of their branches, as well as request to carry out various payments from the banking accounts.
Law enforcement bodies and controlling bodies also banned to interfere to activities of the banks on management of entrepreneurship risks, connected with forming of loan portfolio and assets of the banks.
According to the law, losses of the small businesses, caused by the illegal decision of state bodies and other organization or actions (inactivity), will be compensated by the state or other organizations, based on the decision of the court.
In line with the amendments, controlling bodies should send written notification to businesses on upcoming inspection. The notification should be sent 30 days before start of inspections. The notification should include date and object of inspection.
Businesses now have right to refuse to admit inspectors, who does not have basis for conducting inspection.
Responsible persons of law enforcement and controlling bodies should adhere to commercial, service and other secrets, protected by the law, and should not disclose information about businesses.
The law also said that funds can be created in Uzbekistan to support and stimulate business activities. (Source: UzDaily.com)