Cerberus Legal | Uzbekistan

We are pleased to present the third article in the #DoingBusinessin_Uzbekistan section. On the Nordic Star website, Managing Partner Andrei Gusev and Cerberus Legal | Uzbekistan Managing Partner Vagif Kazimov share their views on current trends in Uzbekistan's agricultural sector. Uzbekistan has vast agricultural land and is actively modernising its agricultural sector, making it one of the leading players in Central Asia. The transition to sustainable agriculture and the development of fertiliser production are creating new opportunities for businesses and investors. However, successful implementation of these initiatives requires careful consideration of the complex economic and legal factors affecting the industry. Read more on the Nordic Star website https://lnkd.in/d7Q_4iWP

#Legal #News: Based on a new Decree of the Cabinet of Ministers of the Republic if Uzbekistan, following rules, terms and conditions will need to be considered, during licensing process for #Online #Gambling (Online #Casino), #Bookmaking and #Lottery activities: - Unified state register of #rates and #games will be established. - Some restrictions, spending limits and other #regulations will be adopted. To obtain a #license, a legal entity must be a resident of #Uzbekistan, as well as have an #electronic platform on servers hosted in the #Republic. License will be given for a 5-year term. Licensed service #provider will be allowed to use just 1 domain name. It is prohibited: - Payment to a person under the age of 18. - Creation of stationary or mobile #gaming halls, #casinos, #slot #machine halls or other #gaming establishments designed to conduct games based on the #risk, except for #lottery #ticket sales points. - Accepting bets on: a) Events in Uzbekistan and with the participation of citizens of the Republic (#sports #games and #competitions, political processes, contests, and others), with the exception of sports games and international events held with the participation of spectators, with proper training, control and judging based on the rules of international federations. b) Children's and youth sports competitions. #Financial part: #Bookmaking activity #license will cost 187.500.000 Uzbek sums, which equals approx. 15.500 USD. License #modification will cost 50% of above-mentioned amount or approx. 7.700 USD. The authorized #capital amount of #bookmaking #company will have to be minimum 56.250.000.000 Uzbek sums, which equals to approx. 4.380.000 USD. (NOTE: Replenishment period not indicated yet). The authorized capital amount of a #lottery company will have to be minimum 20.625.000.000 Uzbek sums, which equals to approx. 1.606.000 USD. (NOTE: Replenishment period not indicated yet). Also, there must be established a #reserve #fund for #bookmaking and #lottery activities that must be kept in a bank account. For bookmaking and #online #gaming, the amount is 28.125.000.000 Uzbek sums which equals to approx. 2.190.000 USD. For #lottery activity, the amount is 15.000.000.000 Uzbek sums which equals to approx. 1.168.000 USD. These provisions come into force after the relevant amendments and additions to the #licensing, authorization and notification procedures act regarding the licensing of #bookmaking activities. Whole process of establishing those #regulations might take approx. 30-60 days.

#Doing_Business_in_Uzbekistan (Second Edition) #Mining #Sector and #Natural #Resources by Nordic Star Law Offices and Cerberus Legal | Uzbekistan

#LEGAL #NEWS: According to the Presidential Resolution № PP 357, on measures for further #development of the #ecosystem of #startup projects and #venture #financing, there is going to be a #digital startup program, aimed to support startup projects in digital #technology fields. Participants of this program have to be legal entities (residents of #Uzbekistan) and meet following criteria’s. Startup projects will have to meet following requirements: active (6 months to 7 years) business, total calendar year income may not exceed 10 billion Uzbekistani sums (approx. 780.000 USD), documented confirmation of completion of incubation and acceleration programs, digital-based business model availability with the potential to accelerate development and expansion to #foreign markets, registration with ecosystem of startup projects platform.   Startup ecosystem participants such as venture #funds and private #investors, as well as business entities providing services for organization of incubation and acceleration programs for startup projects.   Program participants are entitled to following support mechanisms:   Allocation of investment funds for startup projects that have attracted investments from foreign venture funds, managing investment #assets worth more than 50 million USD, in the amount commensurate with these investments, but not exceeding the equivalent of 100.000 USD.   Compensation of following expenses: - Expenses related to participation in leading international acceleration programs that have been implemented for more than 5 years and have attracted investments of at least 100 million USD, as well as training in entrepreneurship, business and corporate governance courses in accordance with the list approved by the Ministry of Digital Technologies, in the amount of up to 50% of these expenses, but not exceeding the equivalent of 20.000 USD. - Costs associated with attracting mentors and trainers to #business entities implementing incubation and acceleration programs in the amount of up to 50% of these costs, but not exceeding the equivalent of 50.000 USD. - Expenses associated for #patents and registration of #intellectual activity and #trademarks.   Allocation of borrowed funds by the #venture #fund at the IT park for startup projects without collateral in the amount of up to 300 million sums (approx. 23.000 USD) at a rate exceeding the main rate of the Central Bank by 4% points.   Issuance of IT-Visa to founders (participants) and specialists of startup projects.   Also, it is anticipated the establishment of Venture Fund at the IT Park with an authorized fund equal to the equivalent of 10 million USD, at the expense of funds allocated to the Program in order to #finance startup projects in the field of digital #technologies. Finally, reorganization of the National Venture Fund "UzVC" into a "Fund of Funds" to finance the activities of venture funds will be applied. For more information, please contact Cerberus Legal | Uzbekistan

#Doing_Business_in_Uzbekistan by Nordic Star Law Offices and Cerberus Legal | Uzbekistan

On January 18, 2024, in the City of #Kampala, The Republic of #Uzbekistan and The Republic of #Uganda established #diplomatic relationship. Both countries expressed an interest to intensify interaction to find #beneficial areas of bilateral #cooperation.  On October 16, 2024, Uganda’s first-ever #Ambassador to Uzbekistan, has officially assumed his duties in #Tashkent. The historic diplomatic #milestone was marked by a meeting with Uzbekistan’s Minister of Foreign Affairs. Minister of Foreign Affairs of the Republic of Uzbekistan praised Uganda’s successful #chairmanship of the NON-ALIGNED MOVEMENT (NAM) and expressed gratitude for Uganda’s support of Uzbekistan’s upcoming chairmanship of the #NAM. Same day, Uganda’s first-ever #Ambassador to Uzbekistan met Deputy Chairman of Chamber of Commerce and Industry of Uzbekistan, who congratulated the ambassador on his appointment and expressed wishes for success in strengthening #friendship and strategic #partnership between Uzbekistan and Uganda. The parties discussed the prospects for bilateral #cooperation, placing particular emphasis on the #agro-#industrial sector and the #development of #trade and #economic ties. At the end of the #negotiations, it was decided to hold an #online meeting between the #Chambers of #Commerce of the two countries to further discuss interaction issues. The establishment of diplomatic relations between Uzbekistan and Uganda, marked an important step toward #long-term #cooperation.  Today, we are thrilled to announce our professional cooperation with Shonubi, Musoke & Co. Advocates, one of the leading #law firms in #Uganda and East #African Region.               Shonubi, Musoke & Co. Advocates is a highly ranked #law firm with #top #tier #ranking by #IFLR1000, #Chamber & Partners and #Legal500 in #Corporate (M&A), #Banking, #Finance, #Energy, #Mining, #Oil & #Gas, #Telecommunications, #Tax & #Security, #Litigation and #Arbitration as well as #International work. Shonubi, Musoke & Co. Advocates is associated with Norton Rose Fulbright, a #global law firm with more than 3,000 lawyers advising clients across more than 50 #locations #worldwide. Special thanks to Ms. Brigitte Kusiima, a rising star by #IFLR1000 and a Partner at Shonubi, Musoke & Co. Advocates, and Mr. Vagif Kazimov , a managing partner of Cerberus Legal | Uzbekistan for a hard work and implementation of this #cooperation. We are confident that #Uganda and #Uzbekistan have a lot of #collaboration #opportunities and both Shonubi, Musoke & Co. Advocates and Cerberus Legal | Uzbekistan are going to do everything possible to successfully protect current and prospective client’s interests in any fields of #Law in both #regions.

#Legal #News: On December 31, 2022, a new #Law of the Republic of #Uzbekistan “On #Electronic #Commerce” entered into legal force, regulating relations in e-commerce field.     General provisions include following definitions:   #digital products (electronic copies of #intellectual #property objects), as well as execution of certain actions in the electronic information environment or the implementation of certain activities that do not have a tangible result, including services for the purchase and subscription to #cloud #technology services;   #electronic #trading platform, an information system that allows the purchase and sale of goods (#services) #remotely;   electronic #trading #platform #operator, a legal entity providing electronic trading platform services to #ecommerce participants;   e-commerce, the purchase and sale of goods according to an #agreement concluded through an electronic trading platform, using information systems within the framework of #business activity;   e-commerce #operator, a #legal entity providing services related to the circulation of #electronic documents and electronic messages; e-commerce entities, e-commerce participants and/or e-commerce operators.   Main principals of e-commerce include #freedom of doing #business in e-commerce field, voluntary conclusion of e-commerce #contracts, equality of conditions for participation in e-commerce, #protection of rights and legitimate interests of e-commerce entities, proper #quality of goods (works, services), openness and transparency of e-commerce processes as well as information security. E-Commerce Law also covers government regulations of e-commerce activity including powers of the Cabinet of Minster of the Republic of Uzbekistan and the Ministry of Digital Technologies of the Republic of Uzbekistan. Moreover, it clearly specifies #payment methods in e-commerce fields, certain specifics in terms of #making payments, system of #deposition (#escrow) of #funds as well as features of goods #delivery, goods #replacement with defects and/or #elimination of those defects and terms of a #refund.

#Legal #News: According to the #Law of the Republic of #Uzbekistan № LRU 988 “On Amendments to the #Criminal Code of the Republic of Uzbekistan for the Aim of #Prevention of #Corruption in the Field of #Sports”, starting from November 4, 2024, the illegal receipt by an #athlete, #coach, sports #referee or other participants and organizers of sports #competitions of material values or #property benefits for the performance or non-performance of a certain action in the interests of the person engaged in #bribery, which they should have or could have committed in order to intentionally change the results or course of sports competitions is punishable by a fine from approx. 1450 USD to 2900 USD or deprivation of a certain right for up to 3 years or restriction of freedom from 1 year to 3 years or imprisonment from 1 year to 3 years. Additionally, if the same actions will be committed repeatedly, on a large scale, by extortion or by prior agreement of a group of persons are punishable by a #fine from approx. 2900 USD to 8800 USD or deprivation of a certain right from 3 to 5 years or restriction of freedom from 3 to 5 years or imprisonment from 3 to 5years. The same actions committed on a particularly large scale by an organized group or in its interests will be punishable by a fine from approx. 8800 USD to 17500 USD or imprisonment from five to eight years. A person who provided material values or property benefits is released from liability if extortion of material values or property benefits took place against him and this person voluntarily declared the incident within thirty days after committing criminal acts, sincerely repented and actively contributed to the disclosure of the crime. This Law will serve to improve #national #legislation taking into account modern #international #standards and advanced #foreign #experience, form an uncompromising attitude towards corruption, ensure the inevitability of responsibility for crimes in the field of sports, as well as strengthen the image of the #country in the #international arena.

#LEGAL #NEWS: According to the Presidential Resolution «on Accession to #International #Treaties» № RP 362, in accordance with article 23 of the #Law of the Republic of Uzbekistan «On International Treaties of the Republic of Uzbekistan», #Uzbekistan intends to join: - The Second Additional Protocol to the General Regulations of the #Universal #Postal #Union (#Addis #Ababa);   - The Third Additional Protocol to the General #Regulations of the Universal Postal Union (#Abidjan); - Universal Postal #Convention (Abidjan); - The Final Protocol of the Universal Postal Convention (Abidjan); - #Agreement on Postal #Payment #Services (Abidjan); - The Final Protocol of the Agreement on Postal Payment Services (Abidjan). The Ministry of Digital Technologies of the Republic of Uzbekistan is going to be the competent authority responsible for the implementation of these #international #agreements. The Ministry of Foreign Affairs of the Republic of Uzbekistan shall send to the Director General of the International Bureau of the Universal Postal Union a corresponding notification on the accession of the Republic of #Uzbekistan to the specified #international #treaties. The #Cabinet of #Ministers and the heads of relevant ministries and departments, after the entry into force of these #international treaties, in accordance with the established procedure, shall ensure control over the #implementation of their #provisions.

#Legal #News: According to the Presidential Decree № DP 109 «On Measures to Accelerate the Development of Factoring Services Market», starting from January 2025 it is allowed to establish #factoring organizations engaged in #financial activities for the assignment of #monetary claims. Factoring organization’s activity will be carried out after #registration at the Central Bank of the Republic of #Uzbekistan, carried out by entering it into the registry as a non-bank #credit organization. Starting from January 2025, it will be allowed to: - carry out factoring operations in #foreign #currency, if the client's counterparty is a non-resident; - to resell (#refactoring) monetary #claims acquired under factoring #agreements to credit #institutions. #Liability for #violation of the prohibition on assignment of a monetary claim will be #revoked. In order to ensure the priority of claims for the assigned rights, notifications of the assignment of monetary claims are going to be registered in a #collateral registry. Change of #currency of monetary obligations and the country of #payment without the consent of the #debtor will not be allowed. Introduction of #electronic platform for #factoring #services was also approved by the President. Factoring #platform will have following features: - introduction by #business entities of information and documents on monetary requirements for the use of factoring #services; - automation of #financing process by verifying the authenticity of documents that are the basis of monetary claims, as well as ensuring the prompt #collection of information about debtors and its #analysis in real time; - providing a convenient, fast and secure technological #infrastructure for the provision of #factoring services by #credit institutions to participants in the supply #chain. In order to popularize and develop factoring services, develop #industry standards, and strengthen ties between factoring #market participants, based on initiative of #commercial banks and #microfinance organizations a National Factoring #Association will be established. In order to create #opportunities for the widespread use of factoring in the implementation of #foreign #trade operations starting from January 1, 2025 on the basis of an agreement on the acquisition of #receivables under an #export contract: - if the credit institutions providing factoring services (#financial agents) are residents, information about them is entered into the Unified electronic information system for foreign trade #operations as a recipient of foreign currency #funds under the export #contract and these financial agents are responsible for ensuring the fulfillment of the requirement to repatriate #assets; - If the financial #agents are non-residents, the obligation to enforce the asset repatriation requirement remains with the #exporter. For more information please contact Cerberus Legal | Uzbekistan by visiting www.cerberus.legal