Tashkent, Uzbekistan (UzDaily.com) — During its 55th plenary session, the Senate reviewed and approved the "Law on the Adoption of the Entrepreneurial Code of the Republic of Uzbekistan."

The new code aims to unify over 100 legislative acts regulating entrepreneurial activity. Its primary goal is to establish a legal framework for this sector, create guarantees and conditions for citizens’ free participation in entrepreneurship, and protect private property, as well as the rights and legitimate interests of entrepreneurs.

The code enshrines key principles of entrepreneurial activity, such as legality, freedom of entrepreneurship, equality of business entities, fair competition, and freedom from corruption. Notably, it introduces a classification of business entities into small, medium, and large enterprises, whereas previously only the small business category existed.

The document also outlines types of activities that are off-limits to individual entrepreneurs, while granting them the right to engage in any activity not prohibited by law.

The code defines the boundaries of state regulation of entrepreneurship and introduces forms of such regulation. It also includes measures to support women’s and youth entrepreneurship in line with international standards, as well as mechanisms to support social entrepreneurship and socially vulnerable groups.

The document establishes the legal status, goals, and objectives of business incubators and introduces a ban on providing state benefits and preferences that restrict competition.

The adoption of the Entrepreneurial Code aims to consolidate fragmented legislative acts into a single document, stabilize legislation in the field of entrepreneurship, reduce state interference, and establish a unified approach to business law.

The law was approved by senators following active discussion.