Opening a Bank Account for an LLC or IE in Uzbekistan: Documents and Deadlines

Main and secondary accounts

For settlements a business opens demand deposit accounts — the usual “current account”. The Instruction distinguishes the main account from secondary accounts (para 3).

• the main account is the first demand deposit account in national currency opened after state registration;
• secondary accounts are all demand accounts opened after the main one, in national and foreign currency; a company’s foreign currency account is always secondary;
• besides demand accounts, clients may open savings and term deposit, metal, escrow and other deposit accounts (para 2);
• data on opening, transferring to another bank and closing accounts is generated in the National Database of Bank Depositors and passed to the Tax Committee the same day (para 4) — there is no need to notify the tax authority separately.

Documents for resident LLCs and IEs

To open a demand account in national and foreign currency, a resident legal entity engaged in business, an IE or a dehkan farm submits to the bank (para 11):

• an application to open a bank account;
• two signature specimen cards;
• the identity document of the person authorised to sign payment documents (biometric passport, ID card or new-style driving licence) — original or electronic form via the Single Portal of Interactive Public Services or the “Ijtimoiy karta” app.
• Banks are prohibited from requesting documents beyond those in the Instruction (para 6) and from requiring businesses to stamp documents with a seal (para 5).
• The bank account agreement is concluded in writing, electronically or by accepting an offer through remote banking (para 5).

Opening deadlines

• for residents the bank must open the account no later than the next business day after the documents are submitted (para 6);
• for non-residents — individuals and legal entities — no later than fifteen days after all documents are submitted (para 6);
• exceptions apply only where provided by law;
• the client is responsible for the authenticity of the documents (para 6).

Remote opening, including at registration

Where conditions exist for remote identification under know-your-customer and AML/CFT systems in line with FATF requirements, accounts can be opened remotely by legal entities whose founders are residents of Uzbekistan, by IEs, and by IT Park residents with a non-resident founder (para 8).

• at state registration the account is opened remotely by accepting the bank account offer in the Automated System for Registration of Business Entities or on the bank’s website;
• if the persons making payments are identified and their e-signatures or specimen signatures are captured electronically, no paper signature card is needed (para 8);
• companies with a foreign founder (other than IT Park residents) are not covered — their documents are submitted to the bank by an authorised person (para 6).

Account for capital contributions before registration

Before state registration of a legal entity, at the founders’ request, account 29801 “Settlements with clients” may be opened in national and/or foreign currency for the founders’ initial contributions to charter capital (para 14). The founders’ representative submits an application, a signature card and an identity document.

• after registration the main account is opened, funds in account 29801 are transferred to it on the company’s instruction, and account 29801 is closed (para 15);
• this is convenient when a foreign participant pays its contribution in cash before registration.

Companies with foreign participation and non-residents

An LLC registered in Uzbekistan with a foreign founder is a resident and follows the general para 11 list. A separate list (para 16) applies to non-residents operating in Uzbekistan: representative offices of foreign organisations not engaged in commercial activity, permanent establishments, foreign participants in exchange trading and others.

• an application and a copy of the TIN certificate issued by the tax authority (unless the law provides otherwise);
• a signature card and the signatory’s identity document;
• the non-resident’s constituent documents (founding agreement, charter) with amendments — as a copy certified by a consulate or notary;
• for exchange trading participants — a copy of the brokerage agreement;
• the bank may refuse to open an account based on anti-money laundering, counter-terrorist financing and counter-proliferation financing law (para 7).

Checklist before visiting the bank

• check that the signatory has a valid biometric passport or ID card — or prepare the electronic form via the public services portal;
• decide in advance who will sign payment documents and document their authority;
• if you plan foreign currency operations, ask straight away for a secondary account in that currency;
• for a company with foreign participation and no IT Park status, plan for a representative to visit the bank — remote opening is not available to it;
• compare banks’ account fees: charges are set in the bank account agreement (para 5 of the Instruction).