April 4, 2022
Opening of a bank account in Uzbekistan by a non-resident legal entity
Due to the growing number of foreign entities willing to enter the territory of the Republic of Uzbekistan, our team has prepared a short guide to opening a bank account in Uzbekistan by non-residents.[1]
Non–resident legal entities can open bank accounts in the Republic of Uzbekistan by:
– permanent establishment;
– representative office;
– being participants in open electronic trading of commodity exchanges;
– being foreign investors who sell (acquire) shares at organized auctions.
The above-mentioned non-residents can open the following accounts in both national and foreign currency:
- demand deposit accounts;
- savings deposit accounts;
- term deposit accounts.
To open a demand deposit account in both national and foreign currencies, a non-resident must submit the following documents to the bank:
- application for opening an account;
- a copy of the certificate of obtaining TIN number;
- two copies of cards with signature samples and a seal impression in the form prescribed by law;
- a document certifying the identity of a person (passport or a document replacing it) who has the authority to sign monetary settlement documents on behalf of a non-resident legal entity. A copy is accepted by the bank upon presentation of the original identity document;
- copies of constituent documents certified by the consulate or notary (Memorandum of association, charter) and amendments and additions made to them of non–resident legal entities operating in the Republic of Uzbekistan;
- a copy of the agreement on the provision of brokerage services between a non-resident legal entity – a participant in open electronic trading of a commodity exchange and a stock broker;
- a copy of the agreement on the provision of brokerage services between non-resident legal entities – foreign investors who sell (purchase) shares at organized auctions, and an investment intermediary.[2]
At the same time, to open secondary, savings and term deposit accounts in the bank servicing the main account, an application for opening an account is submitted. This application can also be submitted in electronic form. However, when opening secondary demand, term, savings deposit accounts with other banks, non-residents must submit all documents submitted for opening the main account (listed above).
Information on the procedure for suspending operations on the main account and its closure can be found here.
[1] It is important to note that the guide includes information only about business entities and their divisions. The guide does not contain information on opening bank accounts by individuals.
[2] This list may not be exhaustive due to the request by some banks for additional documents within the framework of the internal control policy in practice.