At the session, it was noted that Uzbekistan pays great attention to development of small and private businesses. The country reformed the legislation to improve business climate.

Uzbekistan introduced new legislative norms, which says that any contradictions in laws will be used in favour of businesses. The move is directed at further improving business activities in Uzbekistan. And above-mentioned law is developed to introduce corresponding changes to legislative acts of Uzbekistan. The country also cut number of registration procedures for businesses by twice and court expenses for businesses by 2.5 times.

Uzbekistan also introduced new terms on registration of businesses and formation of charter capital. However, the business entities should form their charter capital within a year from the date of registration.

New law will also oblige public companies to disclose important information on their activities via website of authorized state body, which regulates securities market.

The Criminal Code of Uzbekistan will be also amended with the law. In particular, amendments will abolish responsibility of employees of banks and financial institutions for non-execution of liabilities of the business entities within the loan or service agreement.

The law also sets new rule that criminal cases for violations against legal entities can be opened only with application of legal entity, owner of authorized body.

The document also introduces amendments to cut customs procedures and levying tax debts. In particular, it says that customs bodies should register goods and transports within three days after submission of customs declaration and other necessary documents (earlier it was ten days).

The participants of the meeting shared their opinion on further improving the draft law.