Uzbekistan plans to rise to 20th place in Doing Business rating
By Abdul Kerimkhanov
Uzbekistan plans to rise to 20th place in the Doing Business ranking of the World Bank (WB) and the International Finance Corporation by 2022.
This is stipulated by the Presidential Decree "On additional measures to improve the rating of Uzbekistan in the annual report of the World Bank and the Doing Business International Finance Corporation".
The document approved the "roadmap" to improve the rating, developed with the World Bank and other international financial institutions participation.
The head of Uzbekistan approved amendments to legislation that will come into force on March 1, 2019.
According to the new procedure, banks can remotely open bank accounts for legal entities whose founders are Uzbek residents and individual entrepreneurs in the process of their state registration if the necessary conditions exist for remote identification of applicants as required by the Financial Action Task Force on Money Laundering (FATF).
The procedure for determining the exclusive purpose of land plots is canceled when they are issued through an auction on the electronic trading platform E-IJRO AUKSION with the obligatory indication of an exhaustive list of the types of objects whose construction is prohibited or permitted on a specific land plot.
The construction authorities are given the functions of architectural and town planning councils for coordinating design estimates, preserving only advice for coordinating design estimates for objects erected in historical zones, including in protected zones of cultural heritage monuments, as well as state objects.
The cost of updating the topographic and special surveys carried out after the construction object is put into operation on land plots sold through an auction on the electronic trading platform “E-IJRO AUKSION” is paid within the funds received from the sale of the land plot without interference with the activities or any burden of land and real estate owners.
The act of acceptance into operation of completed buildings and structures is issued simultaneously with an extract from the certificate of state registration of rights to the property.
Shareholders are granted the right to hold the interested member of the supervisory board liable for damages caused to the company as a result of a major transaction and a transaction with affiliates, the amount of which is 10 percent or more of the company's net assets.
The conflict situation that has arisen due to failure to reach an agreement on any issue of a limited or additional liability company due to the lack of a sufficient number of votes to make a decision is resolved in a court of law, the resolution says.
The mechanism of payment of accrued dividends on shares through the Central Securities Depository or investment intermediaries is being introduced.
From March 1, an order is introduced allowing for a pre-trial hearing at the economic court as a method for resolving disputes. A unified electronic system of accounting and payment by the population of all payments in criminal and civil courts, administrative and economic courts, including the state duty, is also being introduced.
The Doing Business project provides objective measures of business regulations and their enforcement across 190 economies and selected cities at the subnational and regional level.
The Doing Business project, launched in 2002, looks at domestic small and medium-size companies and measures the regulations applying to them through their life cycle.
Doing Business encourages economies to compete towards more efficient regulation; offers measurable benchmarks for reform; and serves as a resource for academics, journalists, private sector researchers and others interested in the business climate of each economy.
In addition, Doing Business offers detailed subnational reports, which exhaustively cover business regulation and reform in different cities and regions within a nation.
The first Doing Business report, published in 2003, covered five indicator sets and 133 economies.
Report of 2019 covers 11 indicator sets and 190 economies. Most indicator sets refer to a case scenario in the largest business city of each economy, except for 11 economies that have a population of more than 100 million as of 2013 (Bangladesh, Brazil, China, India, Indonesia, Japan, Mexico, Nigeria, Pakistan, the Russian Federation and the United States) where Doing Business, also collected data for the second largest business city. The data for these 11 economies are a population-weighted average for the two largest business cities.
The project has benefited from feedback from governments, academics, practitioners and reviewers. The initial goal remains to provide an objective basis for understanding and improving the regulatory environment for business around the world.
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Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94
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