Tashkent, Uzbekistan (UzDaily.com) -- The resolution of the President "On measures to further improve the legal framework for corporate relations" was adopted.

In accordance with the resolution, from 1 December 2022, the following requirements are canceled in the activities of commercial organizations:

- creation of internal audit services in the following organizations:

- limited liability companies;

- joint-stock companies with a state share of 50 percent or more and state unitary enterprises, the balance sheet value of whose assets is less than one hundred thousand times the size of the FBM;

- state registration of the founding agreement of LLC;

- notarization of the power of attorney issued to representatives of LLC participants for participation in the general meeting;

- setting the size of the reserve fund when it is created in LLC at least 15 percent of their authorized fund.

From 1 March 2023, the creation of a legal entity in the form of a unitary enterprise or an additional liability company is terminated.

From 1 April 2023:

- non-monetary contributions to the charter fund of an LLC with a value of more than ten thousandth of the basic estimated value are evaluated by an appraisal organization and cannot exceed the appraised value;

- in case of reorganization of legal entities, the rights and obligations of enterprises are considered transferred to the reorganized legal entity.

From 1 July 2023, information on the creation of branches, representative offices and the formation of an authorized fund (authorized capital), as well as initiating a case on the insolvency of a business entity, is published on the Unified Portal of Interactive Public Services.