State registration of the founding agreement of an LLC is terminated

A Presidential Decree "On measures for further improvement of the legal basis for corporate relations" has been adopted.

Pursuant to the decree, the following requirements are abolished for commercial organisations as of 1 December 2022:

organisation of internal audit in the following organisations:

limited liability companies;
balance sheet value of assets of less than 100,000 times BRW, state-owned 50% or more of joint stock companies and state unitary enterprises
state registration of the foundation agreement of a limited liability company;
notarisation of powers of attorney issued to LLC representatives for participation in general meetings;
Establishment of a reserve fund in the LLC must not be less than 15% of the charter capital.
From 1 March 2023 the establishment of a legal entity in the form of a unitary enterprise or an additional liability company will be terminated.

From 1 April 2023:

non-cash contributions made to the statutory fund of a limited liability company, the value of which exceeds 10,000 BRW, shall be assessed by an appraisal organisation and may not be higher than the appraised value;
in the case of reorganisation of legal entities, the rights and obligations of undertakings are deemed to be transferred to the reorganised legal entity.
From 1 July 2023 information on the establishment of branches and representative offices of a business entity, formation of its statutory fund and initiation of insolvency proceedings shall be posted on the Unified Portal of Interactive Government Services (my.gov.uz).