Useful articles

Commencement of insolvency proceedings

Creditors should be able to initiate insolvency proceedings against a defaulting debtor fairly quickly and via straightforward actions.
It is important that the barriers to entry into insolvency proceedings are not too high and provide internal checks against fraudulent filing.
The assessment looked at criteria required for creditors to file an insolvency action. In particular usually is considered (i) the length of time creditors must wait before filing after the debt is past due and (ii) the procedural requirements, such as written documents which must be produced by the creditor or specific procedural steps which must be taken to commence proceedings.
Positive marks were given to regimes that do not unduly restrict a good faith action by a creditor to commence insolvency by imposing, for example, long time periods before filing, minimum debt amounts or overly burdensome proofs of existing claims. The assessment shows that most countries have relatively straightforward procedures, with 15 countries receiving a completely positive score. Bosnia and Herzegovina, for example, allows a creditor to file an insolvency action against a debtor who fails to pay a due debt for 30 days or more.
However, there are a number of countries that impose a range of unnecessary restrictions on creditors filing insolvency actions. For example, some insolvency regimes impose an overly long waiting period before creditors may file for bankruptcy. Russia, for example, requires that three months must pass before a creditor is allowed to file. Similar time periods are set by Albania, Kazakhstan and Lithuania.
 

Early transition countries (ETC)

The ETC Initiative was launched by the EBRD in 2004 to help address transition objectives and reduce poverty in the poorest countries of operations, which comprise Armenia, Azerbaijan, Georgia, the Kyrgyz Republic, Moldova, Mongolia, Tajikistan and Uzbekistan (see Chart 4 for TC commitments in 2009). Coordinated TC and grant support for these countries from the donor community is mainly channelled through the untied multi-donor ETC Fund. Contributors to the Fund are Canada, Finland, Germany, Ireland, Japan, Korea, Luxembourg, the Netherlands, Norway, Spain, Sweden, Switzerland, Taipei China and the United Kingdom.

Average annual interest rate on term deposits in soums in May made up 16.45%, AFS-Research said in its monthly report “Uzbekistan: Interest rates on bank deposits for May”.
Average interest rate on checking accounts in soums in May comprised 3.20%. The interest rate fallen 0.23 points in past month.
Average interest rate on 3-month soums deposit increased by 1.79 points and in May made up 15.90%.
 

By the results of stock trades on Republican stock exchange «Toshkent» (UZSE) of last month the volume of deals with shares increased in sum terms in 2 times comparing to the previous month and made 1,549 mlrd. sum (USD 991,18 th. CBU rate).
Volume of Repo deals made 1,027 mlrd. sum (USD 656,65 th. CBU rate).
There were no USD deals with shares on UzSE in April.
 

The World Bank Group  will offer free access to more than 2,000 financial, business, health, economic and human development statistics that had mostly been available only to paying subscribers.

The decision─part of a larger effort to increase access to information at the World Bank─means that researchers, journalists, nongovernmental organizations (NGOs), entrepreneurs and school children alike will be able to tap into the World Bank's databases via a new website, data.worldbank.org.

The WDI database, launched along with the World Bank’s Open Data initiative to provide free data to all users, includes more than 900 indicators documenting the state of all the world’s economies. The WDI covers education, health, poverty, environment, economy, trade, and much more.

This year’s WDI focuses on the Millennium Development Goals (MDGs), now in their 10th year. It shows that considerable progress has been made in reaching these challenging goals. Despite the economic and financial crisis that has swept over the globe, the target to reduce by half the proportion of people living in extreme poverty is still within reach in several developing regions. Home to the most people living on less than $1.25 a day, Asia has accounted for much of this remarkable achievement. Sub-Saharan Africa meanwhile remains off track to meet the income poverty goal.
But progress has been uneven at the country level. Only 49 of 87 countries with data are on track to achieve the poverty target. Some 41 percent of the people in low- and middle-income countries live in countries that are unlikely to achieve the target. And 12 percent live in the 60 countries for which there are insufficient data to assess progress.
 

Economies are ranked on their ease of doing business, from 1 – 183, with first place being the best. A high ranking on the ease of doing business index means the regulatory environment is conducive to the operation of business. This index averages the country's percentile rankings on 10 topics, made up of a variety of indicators, giving equal weight to each topic. The rankings are from the Doing Business 2010 report, covering the period June 2008 through May 2009.

This is the fifth year that the World Bank Group’s Doing Business project has included the "paying taxes" indicator. The indicator measures the ease of paying taxes in 183 economies around the world. Besides paying taxes, the Doing Business project provides quantitative measures of regulations in nine other areas: starting a business, dealing with construction permits, employing workers, registering property, getting credit, protecting investors, trading across borders, enforcing contracts, and closing a business.
The paying taxes indicator measures tax systems from the point of view of a domestic company complying with the different tax laws and regulations in each economy. The case study company is a small to medium-size manufacturer and retailer, deliberately chosen to ensure that its business can be identified with and compared worldwide.
 

Since 2004 Doing Business has been tracking regulatory reforms aimed at improving the ease of doing business. Despite the challenges presented by the financial crisis, the number of reforms hit a record level in 2009. Between June 2008 and May 2009, 287 reforms were recorded in 131 economies, 20% more than the year before. Reformers focused on making it easier to start and operate a business, strengthening property rights and improving the efficiency of commercial dispute resolution and bankruptcy procedures.
Two regions were particularly active: Eastern Europe and Central Asia and the Middle East and North Africa. In Eastern Europe and Central Asia, 26 of the region’s 27 economies reformed business regulation in at least one area covered by Doing Business. Governments in the Middle East and North Africa are reforming at a similar rate, with 17 of 19 reforming in 2008/09. In both cases, competition among neighbors helped inspire widespread reform.
 

REGISTERING A COMPANY

Inspectorates for Registration of Entrepreneurial Entities under district and city khokimiyates are responsible for government registration
of newly created companies in Uzbekistan. Since 2006 a notification procedure of business entity registration was introduced with
the concurrent registration with state tax and statistical authorities.
Enterprises with foreign investment (EFI) are registered with the Ministry of Justice of the Republic of Uzbekistan, Republic of Karakalpakstan,
regional Departments of Justice and Department of Justice of Tashkent city. Enterprises with foreign investment shall comply
with the following requirements:
1) Authorized capital should equal at least USD 150 thousand in equivalent;
2) One of the founders is a foreign legal entity;
3) Share of foreign investment should be at least 30 percent of the authorized capital...